EFCC Alerts on Terrorists Taking Advantage of Youthful Nigerian Cryptocurrency Traders

Ola Olukoyede, the head of the Economic and Financial Crimes Commission (EFCC) in Nigeria, has reported that terrorists are manipulating young Nigerian cryptocurrency enthusiasts into inadvertently financing their illegitimate operations.

At a forum held in Abuja by different civic organizations, Olukoyede shed light on how some crypto traders could be contributing to terrorism financing. During the “National Dialogue on Combating the Financing of Terrorism and Extremism,” he noted that individuals receiving payment for crypto transactions were, in many cases, unaware that their backers were connected to terrorist organizations.

Olukoyede also mentioned that earlier in the month, as part of the effort to investigate into links with terrorism financing, over a thousand bank accounts were suspended.

He singled out the crypto exchange Binance, amongst other platforms, as being scrutinized. He explained, “We are bringing legal action against them. However, we’ve uncovered more platforms involved. They employed some of these young traders, who are often unaware that the capital they use is sourced from individuals financing terrorist activities.”

During his discourse, the EFCC chair asserted the crucial role of sophisticated technology in tracking funds earmarked for terrorist acts. He also relayed a discussion with an FBI representative who asserted the possibility of tracing all US Dollars in circulation with high-tech tools.

For Nigeria’s success, Olukoyede emphasized that it must emulate effective policies, including a united front against corruption, to foster economic growth.