IGP Disu Warns Against Crypto Laundering, AI Fraud, Ransomware

The Inspector-General of Police, Olatunji Rilwan Disu, has warned that cryptocurrency laundering, ransomware attacks and artificial intelligence-enabled fraud pose growing threats to Nigeria’s financial system.

He urged banks and other financial institutions to report cyberattacks promptly, warning that delays could frustrate investigations and give criminals more time to conceal stolen funds.

Disu spoke through Assistant Inspector-General of Police Uche Ifeanyi Henry of the Department of Training and Development at the second edition of the International Cybersecurity Conference.

He delivered a presentation titled “From AI-Enabled Cybercrime to Cross-Border Crypto Laundering: Building Resilient Digital Investigations”.

The police chief said criminals had moved beyond conventional financial crimes to sophisticated digital operations that compromise bank accounts, penetrate financial systems and move illicit funds across international borders.

“The trend is no longer the same. The armed robbers we used to have on the streets have moved from the streets into the operational room,” he said.

Disu identified deepfakes, identity theft, phishing, business impersonation, disinformation and ransomware as methods criminals increasingly use to deceive victims and gain access to sensitive information.

He explained that artificial intelligence tools could produce convincing images, videos and voice recordings of public figures and corporate executives. Criminals could then use such material to trick unsuspecting victims into transferring money or revealing confidential information.

He expressed particular concern over ransomware, in which attackers infiltrate computer systems, encrypt valuable data and demand payment before restoring access.

The IGP warned that some financial institutions undermine efforts to contain cyberattacks when they fail to notify the relevant authorities quickly.

“When it is not reported, how can they get help?” he asked.

He said early reporting would help investigators trace suspicious transactions, assist affected customers and prevent further losses. It would also improve the chances of recovering stolen assets and containing damage to compromised systems.

Disu cautioned institutions against assuming that ransom payments would guarantee the recovery of encrypted data or stolen assets. He compared ransomware to kidnapping, where criminals hold people or valuable assets hostage to extract payment.

He added that such attacks could destroy critical information, disrupt essential services and expose sensitive data, extending the damage beyond immediate financial losses.

The police chief called for stronger cooperation among law enforcement agencies, financial institutions and technology providers to improve incident response and build the technical capacity needed to tackle sophisticated cybercrime.

On cryptocurrency-related offences, he identified crypto mixers and tumblers as major obstacles to investigations. These services can combine or rearrange transactions, making it harder to trace the origins of digital assets and identify those who benefit from illicit funds.

He said criminals could also exploit the cross-border nature of cryptocurrency transactions to move stolen money through several jurisdictions before investigators intervene.

“The speed of financial crime today is astronomical, and the victims are not limited by borders, whereas our law enforcement response is slow,” Disu said.

He attributed some investigative difficulties to bureaucratic procedures and delays in international cooperation. He urged security agencies to strengthen cross-border partnerships and simplify procedures for tracing and recovering stolen assets.

Disu also warned that criminal networks were becoming more organised, using advanced technology and specialised personnel to evade detection.

He expressed concern about the recruitment of young people, including minors, into cybercrime, stressing the need for sustained enforcement, public awareness and preventive measures.

Beyond financial losses, he said cybercrime could weaken public confidence in digital transactions, discourage investment, stifle innovation and undermine financial inclusion.

“Trust is invisible, yet every financial transaction depends on it,” he said.

Disu called for greater investment in digital forensics, intelligence sharing and technology-driven investigations. He said security agencies must adopt advanced tools to detect suspicious activities, anticipate threats and intervene before attacks escalate.

“Our response must be predictive, not just reactive; automated, not just manual; and intelligence-driven, not just word-based,” he said.

He urged stakeholders to prioritise proactive threat detection rather than relying solely on responses after attacks occur. He maintained that timely reporting, technical expertise and sustained collaboration remained essential to tackling AI-enabled cybercrime and cross-border cryptocurrency laundering.