The Federal Government has successfully traced and blocked N83 billion in funds, both in cryptocurrency and fiat, that were allegedly funneled towards the recent nationwide protests in Nigeria. The discovery was revealed during a presentation by the National Security Adviser (NSA), Nuhu Ribadu, at the Council of State meeting convened by President Bola Tinubu at Aso Rock Villa, Abuja.
According to Ribadu’s presentation, $50 million was identified in cryptocurrency, with $38 million of it being blocked in four separate crypto wallets. Additionally, N4 billion in fiat currency was contributed by various political figures from Abuja, Kano, Kaduna, and Katsina to support the protests.
The NSA’s investigation also revealed that a European individual was behind the distribution of foreign flags during the protests. This person is expected to be declared wanted by the police soon. Meanwhile, local collaborators, primarily from Abuja, Kaduna, and Kano, have already been arrested.
The recent protests, which were largely driven by the rising cost of living in the country, escalated into violence in some regions, particularly in the North, leading to the loss of at least 17 lives. During the protests, demonstrators were seen waving Russian flags in Kano and chanting in support of Russia, raising concerns about foreign influence and potential threats to Nigeria’s democratic stability.
In response, the Nigerian military has labeled the use of foreign flags during the protests as a treasonable offense, stating that investigations are ongoing and serious actions will be taken against those involved.
Minister of Solid Minerals Development, Mr. Dele Alake, echoed these concerns after the Council of State meeting, emphasizing that any attempt to change the government must be done through constitutional means, not through insurrection or other illegal methods.
The Council of State meeting, attended by key government officials, former presidents, and state governors, also addressed other critical issues such as national security, the economy, and food security. Finance Minister Wale Edun provided updates on Nigeria’s economic situation, noting that while inflation remains a significant challenge, there are signs of steady improvement under President Tinubu’s leadership.
