The Economic and Financial Crimes Commission (EFCC) has taken another step towards strengthening its officers’ capacity to combat sophisticated financial crimes with the commencement of a 10-day specialised training programme on asset tracing and cryptocurrency investigations.
The training, organised in partnership with the South Korean Police for more than 30 EFCC operatives, commenced on Tuesday, October 13, 2026, at the EFCC Academy, Karu, Abuja.
The Executive Chairman of the EFCC, Ola Olukoyede, who spoke through the Acting Commandant of the EFCC Academy, Assistant Commander of the EFCC (ACE I) Joseph Ogwiji, said the increasing use of digital financial services and virtual assets required 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 said.
He explained that, given the growing prevalence of cross-border crimes and money laundering, the ability to interpret transaction records, trace funds across different platforms and link digital evidence to the activities of individuals under investigation was essential to combating economic and financial crimes globally.
The Consul and Police Attaché at the Embassy of the Republic of Korea in Nigeria, Mr Eun-pyo Hong, said the training, described as the first of its kind to be conducted by the Korean Government in Africa, marked the first anniversary of a memorandum of understanding (MoU) signed between the EFCC and the Korean National Police Agency (KNPA) in Seoul, South Korea, in October 2025.
“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, signed by Olukoyede and the Deputy Commissioner General of the KNPA, Park Seong-Ju, focuses on information exchange, sharing of best practices, capacity building, institutional strengthening, research collaboration, asset recovery coordination, public education, mutual support, training exchanges and international cooperation, among other areas.
Woosung Kwon, leader of the training team from the Korean Police Investigation Academy of the KNPA, alongside Inspector Kim Sung Jae and Sergeant Jung Youngmo, thanked the EFCC management and the organising 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 would include practical sessions on open-source investigation techniques and cryptocurrency tracing, from identifying initial leads to seizing assets and preparing evidence for court.
The Head of External Cooperation at the EFCC, Aliyu Wali, said the growing exploitation of virtual assets and emerging technologies by financial criminals had made it imperative to strengthen investigators’ capacity to trace, analyse and investigate virtual asset transactions.
“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,” he said.
Wali, who spoke through Assistant Commander of the EFCC (ACE II) Michael Kayang, encouraged participants to take full advantage of the opportunity to engage actively with their Korean counterparts and apply the knowledge acquired to their operational responsibilities.
