The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised a critical alert about the unintended involvement of some Nigerian youths in funding terrorism through cryptocurrency trading.
Speaking at a press conference held at the EFCC headquarters in Abuja, Olukoyede highlighted the growing exploitation of cryptocurrency as a means to finance illicit activities, including terrorism, within the country.
Olukoyede expressed concern over the alarming trend, noting that many young individuals engaged in cryptocurrency trading are unaware that their funds are being diverted to support nefarious purposes. He emphasized the urgent need for heightened vigilance and the implementation of stringent regulatory measures to curb such activities.
Addressing the challenges faced by law enforcement agencies, Olukoyede elaborated on the complexities of tracking and intercepting illicit transactions facilitated by cryptocurrencies. He pointed out that the decentralized and pseudonymous nature of blockchain technology poses significant hurdles in combating these financial crimes.
The EFCC chairman called for collaborative efforts among government agencies, financial institutions, and regulatory bodies to effectively tackle the emerging threat of cryptocurrency-related crimes. He urged the public, particularly young Nigerians involved in cryptocurrency trading, to exercise caution and due diligence, stressing the importance of responsible financial conduct to safeguard national security and integrity.
Olukoyede’s statement comes amid growing concerns over the proliferation of cyber-enabled crimes and their potential impact on national security and economic stability.
