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Terrorists Exploiting Young Cryptocurrency Traders in Nigeria, Says EFCC Chairman

 

Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), has raised alarm over terrorists exploiting young cryptocurrency traders in Nigeria to fund their nefarious activities.

Speaking at an event organized by civil society organizations in Abuja, Olukoyede revealed the alarming trend of terrorists using unsuspecting cryptocurrency traders to finance their operations.

During the “Multi-stakeholders’ National Dialogue on Preventing Terrorism Financing and Violent Extremism” at Transcorp Hilton Hotels, Abuja, Olukoyede highlighted that several of the 1,146 bank accounts recently frozen by the EFCC were linked to terrorism funding.

Olukoyede explained, “Some of you are aware of our activities in the area of investigating virtual currency trading and the like of cryptocurrencies. They are potential platforms to fund terrorism. A lot of us don’t understand that. Some of our discoveries during the investigation of some of these platforms were mind-boggling.”

The EFCC chairman singled out Binance among the platforms under scrutiny and revealed ongoing prosecution. He emphasized that many young traders unwittingly received funds from individuals involved in terrorism financing.

He stressed the urgency of adopting technological advancements to track funds used for terrorism, citing a conversation with an assistant director at the US Federal Bureau of Investigation (FBI), who claimed the ability to track every printed dollar worldwide.

Olukoyede underscored the importance for Nigeria to develop similar technological capabilities to effectively trace naira notes used for terrorism financing.

The revelation highlights the need for robust measures to combat terrorism financing in Nigeria’s evolving financial landscape, particularly within the cryptocurrency sector.

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