The Federal Government of Nigeria has uncovered at least N83 billion in cryptocurrency and fiat money allegedly funneled into the recent nationwide protests. According to a report by The Punch, the funds include $50 million in cryptocurrency, with $38 million blocked in four cryptocurrency wallets, and N4 billion contributed by various political actors in Abuja, Kano, Kaduna, and Katsina.
This revelation was made during a presentation by the National Security Adviser, Nuhu Ribadu, at the inaugural meeting of the Council of State, convened by President Bola Tinubu at the Aso Rock Villa in Abuja.
The meeting, which brought together key figures from the government, was held to discuss pressing national issues, including the recent #EndBadGovernance protests, national security, the economy, and food security.
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The Council of State, a critical advisory body, is composed of the President (who serves as its chairman), the Vice President, all former Presidents and Heads of State, all former Chief Justices of Nigeria, the Senate President, the Speaker of the House of Representatives, the Attorney-General of the Federation, the Secretary to the Government of the Federation, and all state governors.
During the meeting, Ribadu detailed how these significant funds were traced, emphasizing the role of cryptocurrency in facilitating financial support for the protests.
He highlighted that $38 million of the $50 million in cryptocurrency had been blocked across four wallets, effectively cutting off a major source of funding for the protesters. Additionally, N4 billion in fiat currency, allegedly contributed by political actors from key northern states, was also identified.
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The discovery of these funds has raised concerns within the government regarding the influence of political actors and external parties in the organization and sustenance of the protests. The involvement of such substantial financial resources suggests a high level of coordination and intent behind the demonstrations.
The meeting, attended by prominent figures including former Presidents Goodluck Jonathan and Muhammadu Buhari, as well as former Heads of State General Yakubu Gowon (retd.) and General Abdulsalami Abubakar (retd.), who joined virtually, underscored the gravity of the situation. Governors from Abia, Adamawa, and Akwa Ibom States were also in attendance.
President Tinubu, who presided over the meeting, stressed the need for unity and a concerted effort to address the challenges facing the nation. He called for a thorough investigation into the sources and use of the traced funds and urged the Council members to work together to safeguard national security and stability.
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The tracing of these funds marks a significant step in the government’s efforts to understand and counteract the financial underpinnings of the protests, which have drawn widespread attention both domestically and internationally.
As the investigation continues, the government is expected to take further measures to prevent similar occurrences and ensure that the nation’s security and economic stability are maintained.