The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has revealed that unbeknownst to young cryptocurrency traders in Nigeria, terrorists are using their trade to fund terrorism in the country.<\/p>\n\n\n\n
The EFCC boss said some of the people who receive money to trade in cryptocurrencies do not know that their financiers are sponsors of terrorism.<\/p>\n\n\n\n
He added that some of the 1,146 bank accounts recently frozen by the anti-graft agency were conduits for terrorism funding.<\/p>\n\n\n\n
Olukoyede revealed the development during an event organized by some Civil Society Organizations in Abuja.<\/p>\n\n\n\n
The programme, titled, \u201cMulti-stakeholders\u2019 national dialogue on preventing terrorism financing and violent extremism,\u201d was held at the Transcorp Hilton Hotels, Abuja on Wednesday.<\/p>\n\n\n\n
Olukoyede revealed, \u201cSome of you are aware of our activities in the area of investigating virtual currency trading and the likes of cryptocurrencies.<\/p>\n\n\n\n
\u201cThey are potential platforms to fund terrorism. A lot of us don\u2019t understand that. Some of our discoveries during the investigation of some of these platforms were mind-boggling.<\/p>\n\n\n\n
\u201cWe thought Binance was a major one. Yes, it was. We are prosecuting them. But there are other platforms we have discovered.<\/p>\n\n\n\n
\u201cThey used some of these young men. Some of them don\u2019t know that the people who gave them money to trade are people who fund terrorism.\u201d<\/p>\n\n\n\n
The EFCC boss further said there is a need to adopt technology in tracking money used to fund terrorism in the country.<\/p>\n\n\n\n
Olukoyede narrated how he was informed by a friend in the US Federal Bureau of Investigation, that dollar bills across the world can be tracked with technology.<\/p>\n\n\n\n
\u201cIt is important for us to adopt the use of technology,\u201d he said.<\/p>\n\n\n\n
\u201cI was comparing notes with an assistant director in the FBI \u2014 a friend of mine. He said: \u2018My brother, from our systems in the US, we can track every printed dollar anywhere in the world\u2019,\u201d he added.<\/p>\n\n\n\n
The EFCC boss added that Nigeria must get to that stage where technology can be deployed to track naira notes used for terrorism funding.<\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has revealed that unbeknownst to young cryptocurrency traders in Nigeria, terrorists are using their trade to fund terrorism in<\/p>\n","protected":false},"author":1,"featured_media":10418,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_rishi_post_view_count":154},"categories":[13],"tags":[],"class_list":["post-10417","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politica","rishi-post"],"rishi__cb_customizer_meta":"","comments_count":"0","yoast_head":"\n