News
FBI warned Nigeria about scammers, kidnappers using cryptocurrency to defraud – Report
There are indications that the Nigerian government has been warned by the United States’ Federal Bureau of Investigation (FBI), about the activities of fraudsters using cryptocurrency to bring illegally obtained hundreds of millions of dollars into the country, mostly from the US.
This was said to have particularly targeted COVID-19 stimulus packages designed to cushion the impact of lockdown measures on businesses and working families in these countries.
The FBImis the US government’s main law-enforcement and domestic intelligence agency
A reliable source at the Presidency said, “These fraudsters remitted between $200 and $300 million to Nigeria every week, using cryptocurrencies.
“The central bank and the Federal Government were clearly alarmed by this development and had to act fast before irreparable damage is done to the economy.”
The sourced added that more disturbing was that intelligence reports indicated that kidnappers had switched to bitcoin for ransom payments, making it increasingly difficult to trace.
A cryptocurrency (or crypto) is a digital unregulated currency that could be used to buy goods and services, but uses an online ledger with strong cryptography to secure online transactions.
Much of the interest in the currency, not backed by any government, is to trade for profit, with speculators at times driving prices skyward.
In an interview at a Reuters’ online event last week Wednesday, President of the European Central Bank, Christine Lagarde said of bitcoin: “It’s a highly speculative asset that has led to some reprehensible activity, including money laundering, and any loopholes need to be closed.
“There has to be regulation. This has to be applied and agreed upon at a global level because if there is an escape that escape will be used.”
But the FBI was said to have discovered that fraudulent Nigerians, popularly known as yahoo boys, took control of large chunks of money released as stimulus in the wake of the devastating effects of the COVID-19, which has put many Americans out of jobs.
To avoid detection, the fraudsters had been reportedly sending millions of dollars to Nigeria through cryptocurrency.
This made it difficult for the authorities in both Nigeria and the US to trace the illicit money.
To prevent the use of the funds to destabilise the Nigerian economy, the Central Bank of Nigeria was prompted to wield the big stick.
In the last six months, Nigeria is said to have become the second country in the world with the biggest cryptocurrency transactions.
To make matters worse, investigations by FBI showed Nigeria did not have the underlining economic base to justify the massive flow of funds on a weekly basis.
To compound the issue was how the inflows were being routed, leaving investigators puzzled by the complicated channels in the digital money world of anonymity.
After the FBI tip-off that these funds being pumped into cryptocurrency were products of fraud, the Federal Government, acting through the CBN, had to ban cryptocurrencies in Nigeria.
The CBN had, at the weekend, directed banks and other financial institutions to immediately close any accounts dealing in cryptocurrency or facilitating payment for cryptocurrency exchange, with immediate effect.
The banking regulatory authorities directed banks to expose any individual and entity running such accounts, warning that failure to adhere to the directives would attract strict sanctions.
The CBN, in its circular on the issue, cautioned deposit money banks, (DMBs) non-bank financial institutions (NBFIs) and other financial institutions (OFIs) as well as members of the public on the risk associated with transactions in cryptocurrency.
The Director of Banking Supervision, Bello Hassan, and the Director of Payments System Management Department, Musa Jimoh, signed the circular.
It said, “Further to earlier regulatory directives on the subject, the Bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.
“Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.
“Please note that breaches of this directive will attract severe regulatory sanctions. This letter is with immediate effect.”
But the CBN’s action immediately attracted heavy criticisms from the Nigerian public, with a former Vice President, Alhaji Atiku Abubakar, advising the apex bank to reverse the decision, arguing that the country could not close its economy at this time.
In a statement personally signed, Atiku said the number one challenge facing Nigeria was youth unemployment, explaining that it was not just a challenge, but also an emergency, because it affected the economy, and exacerbating insecurity in the nation.
Speaking against the backdrop of the decision of the CBN to ban and restrict banks transactions in the cryptocurrencies, Atiku said, “What Nigeria needs now, perhaps more than ever, are jobs and an opening up of our economy especially, after today’s report by the National Bureau of Statistics indicated that foreign capital inflow into Nigeria is at a four year low, having plummeted from $23.9 billion in 2019, to just $9.68 billion in 2020.”
He said already, the nation had suffered severe economic losses from the border closure, and the effects of the #COVID19 pandemic.
Atiku stated, “This is definitely the wrong time to introduce policies that will restrict the inflow of capital into Nigeria, and I urge that the policy to prohibit the dealing and transaction of cryptocurrencies be revisited.
“It is possible to regulate the sub-sector and prevent any abuse that may be inimical to national security. That may be a better option, than an outright shutdown.
“There is already immense economic pressure on our youths. It must be the job of the government, therefore, to reduce that pressure, rather than adding to it.”
News
Ondo election: Again, INEC shifts collation of results to noon
Ondo election: Again, INEC shifts collation of results to noon
The Independent National Electoral Commission, INEC, has shifted the collation of results for the Ondo State governorship election from 5am to noon.
The Returning Officer, Prof Olayemi Akinwunmi, had earlier announced that collation of the remaining five council areas will resume by 5 a.m. (Sunday), but later said it commences by noon.
Prof Akinwunmi is the Vice Chancellor of the Federal University of Lokoja.
READ ALSO:
- Soldier, four others killed in Benue during suspected cultists clash
- Helen Paul excited receiving Georgia citizen award
- Ndume tells Bwala to beg Shettima for forgiveness over Muslim-Muslim ticket outburst
Akinwunmi, who announced the recess, said it is to give room for the arrival of results from the remaining council areas.
He said: “We have five more local governments but we are going to take our recess now until 5am to receive some receive from Akure North, Okitipupa and Odigbo, then Ilaje and Eseodo. We resume 5am for these local governments.”
According to results from 13 of the 18 local government areas announced so far by INEC, Aiyedatiwa has polled 259,851 votes ahead of his closest rival and candidate of the Peoples Democratic Party, PDP, Agboola Ajayi, who scored 81,031 votes.
Ondo election: Again, INEC shifts collation of results to noon
News
Ondo gov: PDP, APC bought votes, says rights group
Ondo gov: PDP, APC bought votes, says rights group
The Centre for Democracy and Development West Africa (CDD-West Africa), through its Election Analysis Centre (CDD-EAC), has said that the main opposition Peoples Democratic Party (PDP) and ruling All Progressives Congress (APC) bought votes from the electorate for as low as N3,000 and N5,000 respectively during the Saturday’s off-cycle governorship election in Ondo State.
Prof. Victor Adetula, Lead, CDD-EAC Observation Mission Ondo 2024; and Dr. Dauda Garuba, Director, CDD-West Africa, said this in CDD’s EAC preliminary statement on the conduct of the 2024 Ondo State governorship election, presented by Ms Oluseyi Awojulugbe, a member of the CDD-EAC.
The report also said that the election recorded lower incidents of disinformation and information manipulation, also referred to as fake new compared to the recently concluded off-cycle September 21 governorship election in Edo State.
“CDD-EAC notes a lot of instances of vote buying. In Okitipupa LGA, Ward 09, Unit 003 (Irowa, Ilutitun 3), voters were solicited for their votes, with APC allegedly offering ₦10,000 per voter and PDP ₦3,000.
“In Odigbo LGA, Ward 01, Unit 001 (Oja Baale, Agbabu), reports of vote-buying were noted, with APC allegedly offering ₦10,000 and PDP ₦5,000 per voter.
“Our observers also noted that some party agents started transferring money to voters to circumvent having to hold cash. In Ese-Odo, Ward 07, Unit 013 (Tari Ama Zion Ugo Community, Arogbo Ward 2), Vote-buying was observed at this polling unit, with PDP offering ₦3,000 and APC offering ₦5,000 to voters.
READ ALSO:
- Obasanjo takes jab at Tinubu govt, says Nigeria’s failing state obvious
- Dapo Abiodun ally Bidemi Rufai released from US prison
- Dismissed soldier arrested for armed robbery in Osun
“CDD observers watching the process in Ward 5, PU 001, located at St Johns Primary School, Iba Akoko South East spotted APC leaders writing down the names of those who voted for their candidate.
“Subsequently, a card was given to them and they were instructed to converge at an agreed location where cash would be disbursed to them.
“In Ward 005, PU 001, St Barnabas Primary School, Ifon, CDD-EAC observers saw policemen arguing over money shared by a party stalwart.
“The policemen reportedly frowned that about 10 of them were given N100,000 while only one official from another branch of the armed services allegedly got N15,000,” the report said.
The CDD-EAC said that the vote buying incidents and behaviour of party agents sparked multiple conflicts during the voting process, listing Idanre LGA, Ward 06, PU 004 (Methodist High School), where APC agents were accused of strategically monitoring voters’ choices, a move initially defended by security officials but later curtailed after protests.
The report, however, commended the prompt arrival of electoral officials at polling units (PUs), with 99% of CDD-EAC observers reporting that the INEC officials were at their stations before 8:30am.
Observers also reported cases of rowdiness in the polling environment with some youths disagreeing in some cases about the initiative by poll officials to allow elderly voters to cast their ballots first, leading to the disruption of the process, despite the intervention of the Divisional Police Officer (DPO) at Post Office Premises, Akungba Akoko, Akoko South West.
On disinformation and information manipulation, the report said that the numbers of false narratives, claims and counter claims in the Ondo State governorship election have been relatively low, compared to other recent polls.
It said, “In the campaign period, and on Election Day, 13 claims have so far been reported and fact checked by CDD War Room.
“This is low, compared to the 61 claims reported during the same period in the Edo election, representing a 79% increase between the two elections. While 12 of these claims have been assessed to be either false or misleading, the sole claim peddled on voting day was adjudged to be true.”
Ondo gov: PDP, APC bought votes, says rights group
News
Obasanjo takes jab at Tinubu govt, says Nigeria’s failing state obvious
Obasanjo takes jab at Tinubu govt, says Nigeria’s failing state obvious
Former President Olusegun Obasanjo has said Nigeria’s current state under President Bola Tinubu is in a terrible shape.
Indeed, he labelled the country’s status as a “failing state” marked by pervasive corruption and leadership failure.
Obasanjo gave the position during his keynote address at the Chinua Achebe Leadership Forum held at Yale University, New Haven, Connecticut, USA.
A statement released by his media aide, Kehinde Akinyemi, quoted Obasanjo as referring to President Tinubu with the epithets “Baba-go-slow” and “Emilokan,” a term popularized during Tinubu’s election campaign, to underscore what he viewed as lackluster leadership.
He stated that the nation’s dire situation was evident to “every honest person.”
Delivering a lecture titled “Leadership Failure and State Capture in Nigeria”, Obasanjo warned that the nation was sinking deeper into insecurity, division, and underdevelopment.
He attributed these issues to widespread corruption, mediocrity, and a lack of accountability.
“The more the immorality and corruption of a nation, the more the nation sinks into chaos, insecurity, conflict, and disunity,” Obasanjo said. “The failing state status of Nigeria is confirmed and glaringly indicated for all to see.”
READ ALSO:
- Dapo Abiodun ally Bidemi Rufai released from US prison
- Dismissed soldier arrested for armed robbery in Osun
- Bobrisky sues EFCC, NASS, demands N1.2bn over alleged rights violations
Drawing inspiration from Chinua Achebe’s 1983 treatise “The Trouble with Nigeria”, Obasanjo reiterated that the nation’s challenges stemmed from a failure of leadership.
He dismissed notions that cultural or environmental factors are to blame, emphasizing instead the inability of leaders to rise to the occasion.
Obasanjo also accused the political elite of engaging in state capture, a form of corruption where powerful groups manipulate national policies, laws, and resources for personal gain.
He highlighted the sale of national assets at undervalued prices and the undue influence of interest groups in shaping Nigeria’s economic and political landscape.
“State capture is one of the most pervasive forms of corruption,” Obasanjo declared.
“What is happening in Nigeria – right before our eyes – is state capture, where public institutions are subject to undue influence from vested interests.”
The former president criticized the intertwining of business and political elites through family ties, lobbying, and vote-buying, which he argued prioritized private gain over public welfare.
He warned of the long-term implications on education, healthcare, infrastructure, and economic development.
On a hopeful note, Obasanjo maintained that Nigeria’s challenges are surmountable, provided the nation’s leadership embraces accountability and reforms.
In honoring Chinua Achebe, Obasanjo praised the late literary icon for his lasting contributions to Nigerian society, describing him as “a great and distinguished Nigerian.”
The speech has sparked debate about Nigeria’s current trajectory and the responsibility of its leaders to address deep-seated challenges.
Obasanjo takes jab at Tinubu govt, says Nigeria’s failing state obvious
-
Sports3 days ago
BREAKING: Super Eagles qualify for AFCON 2025
-
Aviation3 days ago
Disaster averted as bird strike hits Abuja-Lagos Air Peace flight
-
metro2 days ago
Court orders varsity to pay lecturer N40m compensation for wrongful dismissal
-
Opinion2 days ago
Apomu king turns warmonger for PDP
-
metro21 hours ago
South-West NURTW: Why we chose Oluomo over Baruwa
-
Politics2 days ago
Ondo poll: Three gov candidates withdraw for Aiyedatiwa
-
News3 days ago
Edo Gov Okpebholo freezes govt accounts, reverses ministry’s name
-
News2 days ago
Late COAS Lagbaja gets CFR honour, buried amid tributes
You must be logged in to post a comment Login