The Federal High Court in Abuja has granted an order to the Economic and Financial Crimes Commission (EFCC) to target and block four specific digital wallets associated with the #EndBadGovernance protest movement. This decision comes as part of a broader effort to address financial issues related to recent protests against Nigeria’s economic conditions.
National Security Adviser Nuhu Ribadu revealed during a Council of State meeting, chaired by President Bola Tinubu, that $50 million in donations connected to the protests was traced to these crypto wallets. Of this amount, $38 million has been successfully blocked from the four targeted wallets. However, reports suggest that these wallets have shown no activity and currently hold no recorded balance.
The protests, which have been fueled by Nigeria’s severe economic challenges, highlight the country’s inflation crisis, with the naira’s prolonged depreciation against the dollar contributing to a staggering inflation rate of 33.2%—the highest in decades. Officials have partially attributed this economic strain to cryptocurrency trading activities.
In a related development, Bank of Nigeria Governor Olayemi Cardoso previously criticized Binance for allegedly allowing $26 billion in funds to exit Nigeria without adequate tracking, impacting the country’s tax revenues. This led to the detention of Binance executive Tigran Gambaryan, who was in Nigeria to discuss these issues.
The court's decision and these recent developments underscore the ongoing tensions between Nigeria’s economic challenges and the role of cryptocurrency in the country’s financial landscape.
August 2024, Cryptoniteuae