By Milcah Tanimu

The Chairman of the Economic and Financial Crimes Commission (EFCC) has sounded a cautionary note, revealing that terrorists are exploiting young cryptocurrency traders in Nigeria to finance their activities. Mr. Olukoyede disclosed that these traders often remain unaware that their financial dealings are being used to support terrorism. Speaking at a gathering organized by civil society organizations in Abuja, Olukoyede highlighted that a portion of the 1,146 bank accounts recently frozen by the EFCC were found to be conduits for terrorism financing.

The event, titled “Multi-stakeholders’ National Dialogue on Preventing Terrorism Financing and Violent Extremism,” convened at the Transcorp Hilton Hotel, Abuja, aimed to address the growing concern of terrorism financing in the country. Olukoyede stressed the significance of leveraging advanced technology to track illicit funds used for terrorism within Nigeria. Drawing from insights gained from a conversation with a colleague at the U.S. Federal Bureau of Investigation (FBI), Olukoyede underscored the importance of adopting technological solutions to combat terrorism financing effectively.

He emphasized the need for Nigeria to enhance its technological capabilities, citing the FBI’s ability to track printed dollar bills globally. Olukoyede suggested that Nigeria should strive to achieve a similar level of technological sophistication to trace naira notes used in financing terrorism.

The remarks by the EFCC chairman highlight the urgent need for technological advancements to combat financial crimes effectively and curb the exploitation of cryptocurrency platforms for funding terrorism within Nigeria.