SOUTH KOREA TRAINS EFCC OPERATIVES ON BLOCKCHAIN, ASSET TRACING

The Economic and Financial Crimes Commission (EFCC) has commenced a 10-day specialised training programme on asset tracing and cryptocurrency investigations in partnership with the South Korean Police, aimed at strengthening the commission’s capacity to tackle sophisticated financial crimes.

The EFCC South Korean Police cryptocurrency training began on Tuesday, October 13, 2026, at the EFCC Academy in Karu, Abuja, with more than 30 operatives of the commission participating .

THE TRAINING

Speaking through the Acting Commandant of the EFCC Academy, Assistant Commander Joseph Ogwiji, the commission’s Executive Chairman, Ola Olukoyede, said the growing use of digital financial services and virtual assets had made continuous training essential for investigators.

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“The increasing use of digital financial services and virtual assets requires investigators to continually develop their knowledge and skills,” Olukoyede said.

“While these technologies support legitimate economic activity, they can also be exploited to facilitate fraud, transfer criminal proceeds and conceal the identities of those involved. Our response must be informed, technically competent and grounded in lawful investigative procedures”.

He explained that the ability to interpret transaction records, follow funds across different platforms and connect digital evidence to individuals under investigation was essential for combating economic and financial crimes across the globe .

THE KOREAN PARTNERSHIP

The Consul and Police Attaché at the Embassy of the Republic of Korea in Nigeria, Eun-pyo Hong, said the programme was the first of its kind organised by the Korean Government in Africa.

Hong explained that the training also marked the first anniversary of a Memorandum of Understanding signed by the EFCC and the Korean National Police Agency (KNPA) in Seoul, South Korea, in October 2025.

The agreement, signed by Olukoyede and the KNPA Deputy Commissioner General, Park Seong-Ju, provides a framework for information exchange, capacity building, asset recovery coordination, research collaboration, training exchanges and broader international cooperation.

The Korean training delegation, led by Woosung Kwon of the Korean Police Investigation Academy, includes Inspector Kim Sung Jae and Sergeant Jung Youngmo .Kwon said the increasing use of cryptocurrency, cross-chain tools and the dark web by criminals had made international cooperation critical to investigating and recovering illicit funds.

He added that participants would receive practical training in open-source investigation techniques and cryptocurrency tracing, covering the process from identifying initial leads to asset seizure and preparing evidence for court proceedings.

THE EFCC’S POSITION

The EFCC Head of External Cooperation, Aliyu Wali, said strengthening investigators’ ability to trace and analyse virtual asset transactions had become imperative as financial criminals increasingly exploited emerging technologies.

Wali expressed confidence that the programme would improve officers’ technical capabilities, strengthen investigations into cyber-enabled financial crimes and support the recovery of criminal proceeds.

WHY IT MATTERS

Cryptocurrency has become a preferred tool for money laundering, fraud and illicit financial flows across borders. Its pseudo-anonymous nature and the speed of transactions make it difficult to trace without specialised skills.

The EFCC has acknowledged this challenge. In 2025, the commission secured the forfeiture of $22,417.91 worth of Bitcoin, 1,001,301.87 USDT in digital assets, and $5.6 million linked to the CBEX scheme.

It also prosecuted and deported 192 foreign nationals arrested for cyber-terrorism and cryptocurrency fraud.

The partnership with South Korea, a global leader in digital forensics and blockchain analysis, signals that the EFCC is preparing for a future in which financial crimes will be increasingly digital.

ValidViewNetwork reports that the training will run for 10 days at the EFCC Academy in Karu, Abuja.