The Federal Government of Nigeria has traced at least N83 billion in cryptocurrency and fiat money that was allegedly used to support recent nationwide protests. According to media, this includes $50 million in cryptocurrency, with $38 million blocked across four cryptocurrency wallets, and N4 billion contributed by political actors in Abuja, Kano, Kaduna, and Katsina.
The information was disclosed by the National Security Adviser, Nuhu Ribadu, during the inaugural meeting of the Council of State, led by President Bola Tinubu at the Aso Rock Villa in Abuja. Ribadu’s presentation, titled “The Nationwide Protest As It Affects National Security,” identified a European individual as the mastermind behind the use of foreign flags during the protests. This individual will soon be declared wanted by the Police.
A source, who requested anonymity, revealed that local collaborators linked to the capital city Abuja, Kaduna, and Kano have been arrested. The NSA highlighted that $50 million had been traced to crypto wallets used to fund the protests, with four wallets containing $38 million successfully blocked.
Council of State Meeting
The Council of State meeting, convened by President Tinubu, addressed issues including the recent #EndBadGovernance protests, national security, the economy, and food security. Attendees included former Presidents Goodluck Jonathan and Muhammadu Buhari, as well as former Heads of State General Yakubu Gowon and General Abdulsalami Abubakar, who joined virtually, and governors from Abia, Adamawa, and Akwa Ibom states. Former President Olusegun Obasanjo and former Head of State General Ibrahim Babangida were absent.
The meeting followed a recent one-million-man march in Abuja, marking the 10th day of protests against rising living costs in Nigeria. The protests, which began on August 1, led to property destruction and the loss of at least 17 lives. Demonstrations featured foreign flags, including Russian flags, in states like Kano and Kaduna, raising concerns about foreign influence.
Government’s Response
President Tinubu addressed the nation on August 4, warning against unconstitutional agendas that could derail Nigeria’s democratic progress. Security agencies have identified four politicians from Katsina, Kaduna, and Kano states who allegedly promoted the use of Russian flags to incite regime change.
The Minister of Solid Minerals Development, Mr. Dele Alake, emphasized that political actors would not be allowed to instigate unconstitutional regime changes. He stated that any changes must occur through elections, not through insurrection.
Alake further noted that discussions at the Council of State meeting were robust, with the NSA briefing attendees on the security situation. The NSA reassured the Council of the readiness of security agencies to protect Nigeria’s democracy and territorial integrity.
Finance Minister Wale Edun also briefed the Council, highlighting encouraging macroeconomic progress under President Tinubu’s leadership, despite acknowledging that the inflation rate remains high.
