The Economic and Financial Crimes Commission (EFCC) has taken another step towards strengthening the capacity of officers of the Commission to combat sophisticated financial crimes with the opening of a 10-day specialised training programme on Asset Tracing and Cryptocurrency Investigation.
The training, packaged in partnership with the South Korean Police for over thirty operatives of the EFCC, commenced on Tuesday 13 October, 2026 at the EFCC Academy, Karu, Abuja.
The Executive Chairman of the EFCC, Ola Olukoyede, who spoke through the Acting Commandant, EFCC Academy, Assistant Commander of EFCC, ACE1 Joseph Ogwiji, said, “The increasing use of digital financial services and virtual assets requires investigators to continually develop their knowledge and skills.”
“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 following the trending dimension of cross-border crimes and money laundering, the ability to interpret transaction records, follow funds across different platforms and connect digital evidence to the conduct of individuals under investigation is required for combating all forms of economic and financial crimes across the globe.
The Consul and Police Attaché at the Embassy of the Republic of Korea in Nigeria, Mr Eun-pyo Hong in his remark said the training, which is the first of its kind to be conducted by the Korean Government in Africa, marks the first anniversary of a Memorandum of Understanding (MoU) signed between the EFCC and the Korean National Police Agency (KNPA) in October 2025 in Seoul, South Korea.
“I am especially pleased that our first programme in Africa is taking place here in Nigeria, a leading country in West Africa. And I am also very pleased to start this programme with the EFCC, one of Nigeria’s most respected law-enforcement institutions” he said.
The MoU which was signed by Olukoyede and the Deputy Commissioner General of KNPA, Park Seong-Ju, focuses on information exchange, best practices sharing, capacity building, institutional strengthening, research collaboration, asset recovery coordination, public education, a mutual support platform, training exchange, international cooperation, and flexible expansion.
Woosung Kwon, leader of the Training team from the Korean Police Investigation Academy of the Korean National Police Agency, which includes Inspector Kim Sung Jae, Sergeant Jung Youngmo thanked the EFCC management and the organizing team for their hospitality and cooperation.
According to Kwon, “Financial crime is changing fast, criminals now use crypto, cross-chain tools, and the dark web to hide money…. We came to learn from your cases and your experience. Crypto crime has no borders, so our cooperation must have no borders, too.”
He further explained that the training will cover hands-on practice on open-source investigation techniques, from cryptocurrency tracing, from finding the first clue to seizing the assets and preparing evidence for court.
The Head, External Cooperation, EFCC, Aliyu Wali in his remark said “As financial crimes increasingly exploit virtual assets and emerging technologies, strengthening the capacity of our investigators to trace, analyse and investigate virtual asset transactions has become imperative. This training will enhance our officers’ technical capabilities and further strengthen our efforts to combat cyber-enabled financial crimes and recover the proceeds of crime.”
Wali, who spoke through Assistant Commander of EFCC, ACE 11 Michael Kayang, further encouraged the participants to take full advantage of the opportunity to engage actively with their Korean colleagues and apply the knowledge acquired to their operational responsibilities.
