Economic and Financial Crimes Commission (EFCC) has revealed that cryptocurrency is being utilized as a means of payment for the importation of illegal arms into Nigeria.
EFCC Chairman Ola Olukoyede made the disclosure on Wednesday while receiving participants of the Executive Intelligence Management Course (EIMC) 18 of the National Institute for Security Studies (NISS), led by Director of Studies Hyginus Ngele, at the Commission’s headquarters.
Olukoyede said this development is one that everybody must take seriously.
“We are beginning to see the likelihood and propensity that many people are into the illegal importation of arms into the country using cryptocurrency as a means of payment. This is an area that must interest all of us.”
He expressed surprise at how bandits and insurgents have managed to sustain their activities over the years, stressing that the flow of small arms and light weapons across borders, along with the involvement of non-state actors in the illegal exploitation of minerals, compound the security threats.
Non-state actors like NGOs under focus
He decried the fact that Nigeria has been besieged by various security challenges for nearly two decades, including insurgency, banditry, kidnapping for ransom, and farmer/herder clashes, which he partly attributed to the activities of non-state actors.
Specifically, Olukoyede noted that the role of non-state actors in exacerbating security and corruption challenges has not been fully examined.
“At the level of the EFCC, we have always been suspicious of the activities of non-state actors in areas where we face security challenges. In the Northeast, for instance, the activities of local and international NGOs have been under focus.
“This was a major impetus for the decision to mandate their registration with SCUML (Special Control Unit against Money Laundering), a department in EFCC, and a clear directive to notify the Commission on cash movements within the region,” he said.
