EFCC Chairman Warns of Terrorist Use of Cryptocurrency Trading in Nigeria

Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), has revealed that terrorists are utilizing cryptocurrency trading by young traders in Nigeria to fund their activities.

Speaking at an event organized by Civil Society Organizations in Abuja, Olukoyede disclosed that some cryptocurrency traders unknowingly receive funds from sponsors of terrorism, with some of the recently frozen bank accounts found to be conduits for terrorism financing.

During the program titled “Multi-stakeholders’ national dialogue on preventing terrorism financing and violent extremism” held at Transcorp Hilton Hotels, Abuja, Olukoyede emphasized the potential of virtual currency trading platforms, including cryptocurrencies, as avenues for funding terrorism.

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He highlighted the EFCC’s investigations into these platforms, noting significant discoveries that link them to terrorism financing.

Olukoyede underscored the importance of adopting technology to track money used for terrorism financing in Nigeria.

He shared insights from a conversation with a friend at the US Federal Bureau of Investigation (FBI), who revealed the ability to track printed dollar bills worldwide using technology.

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The EFCC chairman emphasized the need for Nigeria to leverage technology to track naira notes used in terrorism financing, echoing the capabilities already employed by the FBI in tracking printed dollars globally.

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