The Federal Government has successfully traced and blocked a total of N83 billion in cryptocurrency and fiat money reportedly channelled towards funding the recent nationwide protests against hardship and bad governance in Nigeria.
The development was revealed during the inaugural meeting of the Council of State meeting convened by President Bola Tinubu at the Aso Rock Villa, Abuja, on Tuesday.
In a presentation titled, “The Nationwide Protest As It Affects National Security,” National Security Adviser (NSA), Nuhu Ribadu, disclosed that the government had tracked $50 million in cryptocurrency, of which $38 million was frozen in four different wallets. Additionally, N4 billion, contributed by various political actors from Abuja, Kano, Kaduna, and Katsina States, was identified as part of the protest funds.
Ribadu also unveiled that an unnamed European national has been identified as the mastermind behind the proliferation of foreign flags during the protests. According to Ribadu, this individual will soon be declared wanted by the Nigerian Police Force (NPF).
Local conspirators, traced to Abuja, Kano, and Kaduna, have been arrested. One source with direct knowledge of the meeting, speaking on condition of anonymity, confirmed, “The government was able to trace $50 million to crypto wallets that were donations to the protests. They succeeded in blocking four of those wallets containing $38 million. They also discovered that political actors contributed N4 billion to fund the protests.”
The Council of State meeting, which also addressed issues of national security, the economy, and food security, was attended by notable figures, including former Presidents Goodluck Jonathan and Muhammadu Buhari, as well as former Heads of State General Yakubu Gowon and General Abdulsalami Abubakar, who joined virtually. Governors of Abia, Adamawa, and Akwa Ibom States were also in attendance. However, former President Olusegun Obasanjo and former Head of State General Ibrahim Babangida were notably absent.
The meeting took place just days after a one-million-man march in Abuja, marking the 10th day of nationwide protests against the rising cost of living. The protests, which began on August 1, quickly escalated into violence, particularly in the northern regions, resulting in the reported deaths of at least 17 people.
Viral videos from the protests in Kano, Kaduna and Zamfara States showed demonstrators waving foreign flags, including the Russian flag, and chanting in Hausa, “We don’t want bad government” and “Welcome, Russia.” The Nigerian military has since condemned the use of Russian flags during the protests as a “treasonable offence” and vowed to take serious action against those responsible.
In a national broadcast on August 4, President Tinubu addressed the ongoing protests, urging demonstrators not to allow “enemies of democracy” to exploit them for promoting an “unconstitutional agenda” that could jeopardize Nigeria’s democratic progress.
The protests, which started as a response to the rising cost of living, have drawn significant attention due to the involvement of foreign elements and the substantial funds allegedly mobilized to sustain the unrest.