Nigerian Interpol, experts in cyber security, and other members of the local intelligence community convened to discuss the growing issue of cybercrime in Nigeria. The meeting took place in Abuja, the country’s capital, and was organized by A&D Forensics in collaboration with the Africa Stablecoin Consortium. The aim of the meeting was to empower Nigerian Interpol to combat crimes related to digital assets, particularly stablecoins.
The training session focused on equipping Interpol agents with the necessary knowledge to utilize blockchain intelligence and analysis in tracking and prosecuting cybercriminals involved in Bitcoin and stablecoin transactions. According to blockchain specialist Chioma Onyekelu, the goal was to enable agents to utilize blockchain technology to effectively apprehend cybercriminals. Onyekelu emphasized that cybercrime has become the digital equivalent of traditional banking, with criminals employing digital assets to commit various types of cybercrimes.
Onyekelu highlighted the importance of strengthening Nigeria’s Interpol capabilities through tailored training sessions, especially considering the increasing number of cybercrime requests received from international partners. With Nigeria’s involvement in virtual asset exchanges, the training aims to equip officers to tackle cybercrimes involving stablecoins in virtual assets.
Owonibi, the senior partner at A&D Forensics, emphasized the necessity of the training due to the rising trends in cybercrime within the country. He stated that there is a significant gap between evolving cybercrimes and the ability of Nigerian law enforcement agencies to keep up. As responsible corporate citizens, A&D Forensics recognizes the need to bridge this divide and support law enforcement agencies in effectively combating cybercrimes.
Owonibi clarified that the controversies surrounding the introduction of the cybersecurity levy are unfounded, as the government has the authority to enact laws for national security purposes. The decision to implement the cybersecurity levy was made to safeguard national security interests.
In a separate development, the Central Bank of Nigeria (CBN) mandated banks and other payment service providers to withhold 0.5% of the total value of electronic transactions and remit it to the National Cybersecurity Fund. The Office of the National Security Adviser (ONSA) will be responsible for managing the fund.
Furthermore, Nigeria’s Securities and Exchange Commission (SEC) is taking steps to ban peer-to-peer cryptocurrency exchanges that use the naira, signaling the need for regulatory changes. The International Monetary Fund (IMF) has also advised Nigeria to consider licensing global cryptocurrency exchanges as part of its economic reform policies.
