The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has revealed that unbeknownst to young cryptocurrency traders in Nigeria, terrorists are using their trade to fund terrorism in the country.

The EFCC boss said some of the people who receive money to trade in cryptocurrencies do not know that their financiers are sponsors of terrorism.

He added that some of the 1,146 bank accounts recently frozen by the anti-graft agency were conduits for terrorism funding.

Olukoyede revealed the development during an event organized by some Civil Society Organizations in Abuja.

The programme, titled, “Multi-stakeholders’ national dialogue on preventing terrorism financing and violent extremism,” was held at the Transcorp Hilton Hotels, Abuja on Wednesday.

Olukoyede revealed, “Some of you are aware of our activities in the area of investigating virtual currency trading and the likes 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.

“We thought Binance was a major one. Yes, it was. We are prosecuting them. But there are other platforms we have discovered.

“They used some of these young men. Some of them don’t know that the people who gave them money to trade are people who fund terrorism.”

The EFCC boss further said there is a need to adopt technology in tracking money used to fund terrorism in the country.

Olukoyede narrated how he was informed by a friend in the US Federal Bureau of Investigation, that dollar bills across the world can be tracked with technology.

“It is important for us to adopt the use of technology,” he said.

“I was comparing notes with an assistant director in the FBI — a friend of mine. He said: ‘My brother, from our systems in the US, we can track every printed dollar anywhere in the world’,” he added.

The EFCC boss added that Nigeria must get to that stage where technology can be deployed to track naira notes used for terrorism funding.

peekspot:



https://punchng.com/terrorists-using-cryptocurrency-traders-to-fund-insecurity-efcc/

udemzyudex:
Terrorist use motorcycle, hilux etc to carry out terrorist attacks.

I'm still waiting for the government to ban these things.

Beverlyjean:
Crypto should be banned in Nigeria... We take advantage of loopholes alot... we are not mentally ready and capable of handling the don'ts of crypto... alot are so foolish not to know that pressure on crypto also affects our currency... crypto is not traded in Naira , its traded in dollars , and worse of all , it can be untraceable, its a hub for criminal activities because u don't need the conventional banks to run it

Beverlyjean:



Are u dull or what?? Or u think u are smarter than the countries that have banned crypto.... there are some sort of technology that can't be accepted in some places due to mentality... our economical system is very weak with lots of loopholes, coupled with the mentality of Nigerians .... are u dumb or what , not to understand the negative effects