The fast growing world of cryptocurrency in Nigeria has once again become the backdrop for a major fraud case, this time involving claims of political influence at the highest level of government. The Economic and Financial Crimes Commission has arraigned a man identified as Igoin Tokoni Peter before the Federal High Court in Abuja over allegations that he impersonated a senior presidential aide in order to defraud unsuspecting companies of millions of naira under the pretense of securing official approval for cryptocurrency operations.
According to the anti corruption agency, the defendant allegedly presented himself as a Special Assistant to the President of the Federal Republic of Nigeria on ICT Development and Digital Innovations. With Nigeria’s growing interest in regulating digital assets and blockchain technology, such a position would naturally carry significant influence, especially in matters relating to crypto licensing and policy approvals. Investigators say Peter allegedly exploited this perception to gain the trust of companies operating in the digital finance sector.
Alleged False Identity Used to Gain Trust
The EFCC told the court that the accused carefully constructed a false identity, positioning himself as someone with direct access to the Presidency and the authority to influence regulatory decisions. This claim, according to prosecutors, was central to how he was able to convince companies that he could help them obtain official cryptocurrency exchange operational licenses.
At a time when many fintech and digital asset firms are eager to operate legally within Nigeria’s evolving regulatory framework, the promise of fast track access through a presidential aide was reportedly very attractive. This made it easier for the suspect to allegedly convince his targets that he had the right connections to deliver what they needed.
However, the EFCC maintains that the entire representation was false and deliberately designed to deceive investors and business owners.
Read more on: Amaechi Rejects ADC Presidential Primary Outcome, Calls It A “Sham”
Details of the Alleged Fraud Scheme
In the charges filed before the court, the EFCC outlined a series of transactions said to have taken place between August 2024 and October 2025. During this period, Peter allegedly targeted a company identified as Dontown Assets Limited, convincing them that he could use his supposed influence within government to secure a cryptocurrency exchange license.
Based on this promise, the company allegedly transferred a total sum of ₦25,941,787.00 to accounts linked to the defendant’s network. Investigators further disclosed that the funds were paid into a corporate account with Zenith Bank belonging to a company known as Smartz Skyward Energy Limited.
The anti graft agency also revealed that a second company, Jeriod Limited, was allegedly defrauded using a similar approach. In that instance, the company is said to have parted with ₦19,806,500.00 after being promised regulatory assistance in obtaining crypto related approvals.
The EFCC emphasized that in both cases, the defendant was fully aware that he held no official position within the Presidency and had no authority whatsoever to facilitate or influence the issuance of cryptocurrency licenses.
According to excerpts from the charge sheet presented in court, the accused is said to have intentionally misrepresented himself with the aim of obtaining financial benefit, an act which falls under provisions of the Advance Fee Fraud and Other Related Offences Act.
Read more on: Tinubu Reassures Nigerians on Security, Urges Unity and Renewed Hope for National Progress
Court Proceedings in Abuja
The case was heard at the Federal High Court in Abuja before Justice Obiora Egwuatu. During the proceedings, the EFCC presented its allegations, outlining how the defendant allegedly operated a structured scheme that relied heavily on impersonation and deception.
While the prosecution detailed how the alleged fraud was carried out over an extended period, the court proceedings marked the formal beginning of what is expected to be a closely followed trial. The EFCC is seeking strict penalties as provided under Nigerian law for offences involving impersonation of public officials and obtaining money under false pretences.
The charges against Peter are said to carry significant legal consequences if proven, including potential long term imprisonment under the relevant fraud statutes.
Rising Concerns in Nigeria’s Crypto and Fintech Space
Beyond the courtroom drama, the case highlights a broader concern within Nigeria’s rapidly expanding digital financial ecosystem. As cryptocurrency adoption continues to grow and regulatory frameworks become more defined, there has also been an increase in individuals exploiting the industry’s complexity to defraud investors and companies.
Many startups and financial firms are eager to comply with government regulations and secure the necessary licenses to operate legally. However, this urgency has created opportunities for fraudulent actors who claim to have insider access to regulatory bodies or political offices.
The EFCC has repeatedly warned businesses to be cautious of individuals who promise shortcuts to official approvals, especially those who claim to have connections within the Presidency, the Central Bank of Nigeria, or the Securities and Exchange Commission.
Authorities stress that legitimate licensing processes must follow official government channels and cannot be bypassed through personal influence or unofficial intermediaries.
Read more on: FG and World Bank Cancel $717.7 Million Power Sector Loan as Reform Programme Ends Early
A Cautionary Lesson for Investors and Companies
This latest case serves as another reminder of the risks associated with unverified intermediaries in Nigeria’s financial and technological sectors. While the promise of quick regulatory approval may seem attractive to companies eager to enter the market, such shortcuts often lead to significant financial losses and legal complications.
The EFCC has reiterated that it will continue to pursue individuals involved in impersonation and financial fraud, particularly those who take advantage of the country’s evolving digital economy.
As the trial continues, attention will remain focused on how the case unfolds and what it signals for both enforcement efforts and investor awareness within Nigeria’s crypto industry.
Read more on:
