The Economic and Financial Crimes Commission, EFCC, has raised alarm over the use of crypto currency in financing illegal importation of arms into Nigeria. The head of the commission Ola Olukoyede made the revelation while receiving participants of the Executive Intelligence Management Course (EIMC) 18 of the National Institute for Security Studies (NISS).
Olukoyede highlighted how crypto currency has aided the flow of small arms and light weapons across borders, along with the involvement of non-state actors in the illegal exploitation of minerals. He said ‘We are beginning to see the likelihood and propensity that many people are into the illegal importation of arms into the country using cryptocurrency as a means of payment. This is an area that must interest all of us.”
Also, Olukoyede emphasised that the agency’s commitment to fighting financial crimes, noting its resolve to ensure that financial crimes do not go unpunished.
The EFCC’s revelation comes on the back of different measures taken by the government to regulate crypto currency transactions and deal with illicit financial flows. Recall that the Securities and Exchange Commission had announced plans to go after unlicensed crypto operators to ensure a safe business environment in the country. It also emphasised the importance of full disclosure, anti-money laundering measures, and combating the financing of terrorism (CFT) protocols in the crypto exchange platforms.
