The Economic and Financial Crimes Commission (EFCC) has raised alarms over the use of cryptocurrency for the illegal importation of arms into Nigeria, exacerbating security threats such as insurgency, banditry, and kidnapping.
EFCC Chairman Ola Olukoyede revealed this while addressing participants of the Executive Intelligence Management Course (EIMC) 18, stressing the urgent need for stricter monitoring of crypto transactions.
“We are beginning to see the likelihood that many people are into the illegal importation of arms using cryptocurrency. This is an area that must interest all of us.”
Olukoyede also expressed concerns over non-state actors, including some local and international NGOs operating in conflict zones, who may be contributing to security and corruption challenges.
He emphasized that the Special Control Unit against Money Laundering (SCUML) now mandates NGO registration and monitoring of cash flows.
In a separate effort to combat financial crimes, the EFCC recently returned $120,548.43 and ₦70.6 million to fraud victims in the US, Spain, and Switzerland.
“This gesture demonstrates Nigeria’s resolve to ensure that financial crimes do not go unpunished.”
The EFCC continues to collaborate with international bodies to curb crypto-related financial crimes, ensuring that fraudulent practices and illicit transactions are closely tracked and prosecuted.
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