• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
    • Government
  • Security
  • Features
  • State
  • Event
    • PR Nigeria Award
  • E-Paper
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
    • NAHCON

      Renewed Hope in Hajj Operations: NAHCON Records Milestone Achievements Under Tinubu…

      Mohammed Idris Malagi, Honorable Minister of Information and National Orientation

      FG Reaffirms Non-Interference in ICPC, EFCC Operations

      ICPC Secures Conviction of Rector for Running Unaccredited Degree Programmes

      Engr Abba Babagana Dalori

      Engr Dalori Forfeits Galaxy Hospital, Petrol Station, Properties & Cash

      Chinese nationals jailed in Lagos

      Court Jails Nine Chinese Nationals for Cybercrime in Lagos

  • Fact-Check
  • Economy
    • Dangote Refinery Deploys 4,000 CNG Trucks, Promises 24,000 Jobs as Fuel…

      Renewed Hope in Central Banking

      Book Review: Renewed Hope in Central Banking – A Blueprint for…

      NAHCON

      Renewed Hope in Hajj Operations: NAHCON Records Milestone Achievements Under Tinubu…

      NUPENG

      NUPENG Suspends Strike After Truce With FG, Labour, Oil Stakeholders

      Customs, Defence Bureau Unveil Airboat for Smuggling War

  • National
    • Dangote Refinery Deploys 4,000 CNG Trucks, Promises 24,000 Jobs as Fuel…

      Nnamdi Kanu of IPOB arrested by Nigerian security services

      Court Rejects Nnamdi Kanu’s Request for Transfer to National Hospital

      Troops Repel Bandit Ambush in Katsina as Four Farmers Abducted in…

      Military Troops during operations

      Troops Recover Arms in Plateau, Intercept Drug-Laden Vehicle in Taraba

      Healing Nigeria: A Chronicle of Health Reforms

      Book Review: Is This the Cure? A Look into Healing Nigeria…

    • Government
      • Commissioner of Police, CP Ibrahim Adamu Bakori, and Chief Medical Director of AKTH, Prof. A. Abba Sheshe, and the Managing Director/Chief Executive Officer of KEDCO, Dr. Abubakar Shuaibu Jimeta

        Power Outage: Police Broker Peace Between AKTH, DisCos in Kano

        Nnamdi Kanu of IPOB arrested by Nigerian security services

        Court Rejects Nnamdi Kanu’s Request for Transfer to National Hospital

        Doctors

        Resident Doctors Commences Indefinite Strike in FCT

        Diplomacy and Digital Innovation – Youth Insight

        Book Review: Reshaping Diplomacy Through Digital Innovation – A Gen-Z Outlook…

        NAHCON

        Renewed Hope in Hajj Operations: NAHCON Records Milestone Achievements Under Tinubu…

  • Security
    • Troops Eliminate 2 ISWAP Senior Commanders, Other Terrorists in Borno

      SP Abimbola Adebisi

      IGP Appoints SP Adebisi as Lagos Police PRO

      Nnamdi Kanu of IPOB arrested by Nigerian security services

      Court Rejects Nnamdi Kanu’s Request for Transfer to National Hospital

      Troops Foil Multiple Terrorist Attacks, Rescue Kidnap Victims in Zamfara, Kebbi,…

      Troops Repel Bandit Ambush in Katsina as Four Farmers Abducted in…

  • Features
    • Healing Nigeria: A Chronicle of Health Reforms

      Book Review: Is This the Cure? A Look into Healing Nigeria…

      Diplomacy and Digital Innovation – Youth Insight

      Book Review: Reshaping Diplomacy Through Digital Innovation – A Gen-Z Outlook…

      Renewed Hope in Central Banking

      Book Review: Renewed Hope in Central Banking – A Blueprint for…

      Charlie Kirk

      Who Really Killed Charlie Kirk? By Femi Fani-Kayode

      Officers of NSCDC Mining Marshals

      Mining Marshals and the Fight for Nigeria’s Mineral Future By Zekeri…

  • State
    • Troops Eliminate 2 ISWAP Senior Commanders, Other Terrorists in Borno

      Commissioner of Police, CP Ibrahim Adamu Bakori, and Chief Medical Director of AKTH, Prof. A. Abba Sheshe, and the Managing Director/Chief Executive Officer of KEDCO, Dr. Abubakar Shuaibu Jimeta

      Power Outage: Police Broker Peace Between AKTH, DisCos in Kano

      SP Abimbola Adebisi

      IGP Appoints SP Adebisi as Lagos Police PRO

      Abubakar Tafawa Balewa University (ATBU) Bauchi

      Bauchi Forum Condemns ATBU’s Plan to Close Faculties

      Doctors

      Resident Doctors Commences Indefinite Strike in FCT

  • Event
    • Prof. Abubakar Mu’azu

      UNIMAID appoints Prof. Mu’azu as Pioneer Dean, Faculty of Communication

      NIPR President Ike Neliaku

      NIPR Inducts 422 New Members, Urges Commitment to National Unity

      Baze University Management visits TETFUND, Showcases Tech-Driven Growth, National Impact

      PHOTOS: BUK Alumni Association Launches Digital Hub to Unite Global Graduates,…

      Founder Image Merchant Promotion Ltd, Yushau Shuaib, Nigeria Customs CG, CGC Bashir Adewale Adeniyi and the IPRA representative during the 2024 GWA awards in Belgrade, Serbia

      Again, ​IPRA Shortlists Nigeria Customs, IMPR for Golden World Awards, Celebrates…

    • PR Nigeria Award
  • E-Paper
Home Anti-Corruption Virtual Assets, Cryptocurrencies Risky for Nigeria – ICPC Boss
  • Anti-Corruption

Virtual Assets, Cryptocurrencies Risky for Nigeria – ICPC Boss

By
Azuka C. Ogugua
-
February 23, 2021
ICPC CHAIRMAN PROF. BOLOAJI OWASANOYE
ICPC CHAIRMAN PROF. BOLOAJI OWASANOYE

Virtual Assets, Cryptocurrencies Risky for Nigeria – ICPC Boss

The Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Prof. Bolaji Owasanoye, SAN, on Tuesday said virtual assets and cryptocurrencies are risky for implementation in Nigeria.

Prof. Owasanoye made this known in his presentation to the Senate Committee on Banking, Insurance and Other Financial Institutions during its hearing on the Central Bank of Nigeria’s decision to stop financial institutions from transacting in cryptocurrencies and matters arising therefrom.

He said, “Virtual and cryptocurrencies pose serious legal and law enforcement risks for Nigeria. The current National Identification Number registration and linking with SIM cards is a pointer to the fact that insurgents, terrorists, kidnappers, bandits, and drug merchants have used the anonymity of unregistered SIM cards to commit their crimes with relative ease. 

“Cryptocurrencies guarantees similar anonymity and can easily be used as leverage for terrorist financing and other crimes. With the NIN registration, cryptocurrencies may become an alternative payment platform for kidnappers and this would be impossible for law enforcement to agencies to trace.”

The ICPC boss cited a case study of a current investigation by the Commission on money laundering involving several hundreds of millions of naira.

According to him, “The main suspect used technology in placing the money in the banking sector. A sizable amount was traced to several bank accounts but before investigators recovered some of the money, a large proportion had been made to disappear using serpentine ICT-aided transfer schemes that has so far eluded investigators. 

“While the persons whose accounts were used have been located, the criminal mastermind has remained invisible and unidentified.

Read Also:

  • Troops Eliminate 2 ISWAP Senior Commanders, Other Terrorists in Borno
  • Dangote Refinery Deploys 4,000 CNG Trucks, Promises 24,000 Jobs as Fuel Queues End
  • Power Outage: Police Broker Peace Between AKTH, DisCos in Kano

“This real ongoing case is a glimpse into the world of anonymity of virtual or digital transactions. With cryptocurrencies, the wallet of the user of cryptocurrency system only store information, or encrypted links in the Blockchain where transaction confirmation can be found. 

“There is no movement of any ‘currency’ in the real sense of the word. By their very nature, they provide considerable anonymity that is almost impossible to be accessed by unauthorized persons, including law enforcement authorities.”

Prof. Owasanoye identified the use of virtual assets and cryptocurrencies for criminal activities as a major risk associated with them.

“The use for criminal activities is the most obvious risk of virtual assets and cryptocurrencies. It has been reported that ‘criminally associated bitcoin addresses sent over $3.5 billion worth of bitcoin in 2020’. 

“This figure includes BTC addresses controlled by dark markets, ransomeware actors, hackers, and fraudsters. Most of this bitcoin will ultimately need to be laundered by these criminals, meaning it will make its way to an exchange where it can be converted to fiat currency and transferred to a bank,” the ICPC chairman said.

He also listed other risks of the use of virtual assets and cryptocurrencies to include: risk to finance of government, risk of theft of cryptocurrencies, abuse as medium of payment for hackers and ransomeware, risk of exit scams, risks of use of crypto assets for ponzi schemes, risks of tax evasion, and risk as a source of corruption-linked illicit financial flows.

He further noted that the Central Bank of Nigeria’s ability to regulate monetary policy will be lost due to the fact that cryptocurrencies are issued by private entities, which are foreign, and not issued or regulated by the bank. 

“It is plausible that we cannot wish virtual assets away. Central Banks in many jurisdictions are considering floating officially recognized cryptocurrencies. Whether the time is right for the Central Bank of Nigeria to follow suit is anybody’s guess, but legal guidance is needed if any fresh initiative in that direction is to have legal force,” he added.

Signed:

Mrs. Azuka C. Ogugua
Spokesperson, ICPC

VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
  • TAGS
  • Bolaji Owasanoye
  • Cryptocurrency
  • ICPC
Previous articlePolicing: NPF, PSC Streghten Ties, Hold Retreat in Abuja
Next articleSurety Goes to Prison over Failure to Produce Suspect
Azuka C. Ogugua
Azuka C. Ogugua
http://www.PRNigeria.com

RELATED ARTICLESMORE FROM AUTHOR

NAHCON

Renewed Hope in Hajj Operations: NAHCON Records Milestone Achievements Under Tinubu Administration

Mohammed Idris Malagi, Honorable Minister of Information and National Orientation

FG Reaffirms Non-Interference in ICPC, EFCC Operations

ICPC Secures Conviction of Rector for Running Unaccredited Degree Programmes

Engr Abba Babagana Dalori

Engr Dalori Forfeits Galaxy Hospital, Petrol Station, Properties & Cash

Chinese nationals jailed in Lagos

Court Jails Nine Chinese Nationals for Cybercrime in Lagos

ASUU

Tackle Corruption, Institutional Decay – ASUU Charges FG

EFCC Arraigns Bauchi Accountant General Over N8bn Fraud as Court Sentences Kano Make-Up Artist for Naira Abuse

PRNigeria logo fearured image

EFCC Arraigns Ex-Convict, Other for Naira Abuse in Lagos

EFCC Arrests 37 Suspected Internet Fraudsters in Ilorin

EFCC, CCC and the Battle Against Corruption in Nigeria, By Mukhtar Ya’u Madobi

Ola Olukoyede, EFCC Chairman

EFCC’s Anti-Corruption War: Between Media Trial and Intelligence-Driven Operations

Olayiwola Oguntade

Court Sentences Ex JAMB Staff for N10m Fraud in Ibadan

Recent Posts

  • Troops Eliminate 2 ISWAP Senior Commanders, Other Terrorists in Borno
  • Dangote Refinery Deploys 4,000 CNG Trucks, Promises 24,000 Jobs as Fuel Queues End
  • Power Outage: Police Broker Peace Between AKTH, DisCos in Kano
  • IGP Appoints SP Adebisi as Lagos Police PRO
  • Bauchi Forum Condemns ATBU’s Plan to Close Faculties
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
Troops Eliminate 2 ISWAP Senior Commanders, Other Terrorists in BornoDangote Refinery Deploys 4,000 CNG Trucks, Promises 24,000 Jobs as Fuel Queues EndPower Outage: Police Broker Peace Between AKTH, DisCos in KanoIGP Appoints SP Adebisi as Lagos Police PROBauchi Forum Condemns ATBU's Plan to Close FacultiesCourt Rejects Nnamdi Kanu’s Request for Transfer to National HospitalResident Doctors Commences Indefinite Strike in FCTTroops Foil Multiple Terrorist Attacks, Rescue Kidnap Victims in Zamfara, Kebbi, KatsinaTroops Repel Bandit Ambush in Katsina as Four Farmers Abducted in ZamfaraTroops Recover Arms in Plateau, Intercept Drug-Laden Vehicle in TarabaBook Review: Is This the Cure? A Look into Healing Nigeria By Hanniel NobohBook Review: Reshaping Diplomacy Through Digital Innovation – A Gen-Z Outlook By Bilkisu Ahmed ShekarauBook Review: Renewed Hope in Central Banking – A Blueprint for Nigeria’s Economic Future By Khadijah Lawan MuhammadRenewed Hope in Hajj Operations: NAHCON Records Milestone Achievements Under Tinubu AdministrationSHAKE-UP: FRSC Redeploys Senior Officers to Bolster Operations Nationwide
X whatsapp