In a stern warning to Nigerian youths, the Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, revealed a disturbing truth: some are unwittingly aiding terrorism through their involvement in cryptocurrency trading.
Speaking at a national dialogue aimed at curbing terrorism financing and violent extremism, Olukoyede highlighted the nefarious exploitation of crypto trading platforms. He cautioned that many participants are oblivious to the fact that their activities are bankrolling terrorism within Nigeria.
Olukoyede emphasized the gravity of the situation, citing recent investigations that uncovered shocking revelations. “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,” he stated.
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The EFCC’s crackdown on illicit financial activities recently led to the freezing of 1,146 bank accounts suspected of being conduits for terrorism funding. Among these, some were directly linked to cryptocurrency transactions.
Acknowledging the evolving nature of financial crimes, Olukoyede stressed the importance of leveraging technology to track illicit funds. He shared insights from discussions with a counterpart at the US Federal Bureau of Investigation (FBI), revealing the FBI’s capability to trace the movement of printed dollars worldwide.
“It is important for us to adopt the use of technology,” Olukoyede remarked, underscoring the urgency of enhancing Nigeria’s capabilities in combating financial crimes.
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