The Federal Government of Nigeria has blocked over ₦83 billion in funds, including cryptocurrency, which was allegedly directed towards recent nationwide protests.
The National Security Adviser, Nuhu Ribadu, disclosed this during the inaugural Council of State meeting convened by President Bola Tinubu at Aso Rock Villa in Abuja. Ribadu stated that the government traced $50 million in cryptocurrency donations intended to fuel the protests, successfully blocking $38 million from four crypto wallets. Additionally, ₦4 billion in fiat money contributed by political actors in Abuja, Kano, Kaduna, and Katsina was identified.
A source familiar with the meeting proceedings revealed that several local conspirators in these regions have been arrested. The source, who spoke on condition of anonymity, also mentioned that a foreign national, believed to be the mastermind behind the appearance of foreign flags during the protests, is currently on the run and will soon be declared wanted by the police.
“In his presentation, the NSA said the government was able to trace $50 million to crypto wallets that were made as donations to the protests. They succeeded in blocking four of those wallets containing $38 million. They also found out that some political actors contributed ₦4 billion to fund the protests,” the source said.
The Council of State meeting, which included prominent figures such as former Presidents Goodluck Jonathan and Muhammadu Buhari, focused on several pressing issues, including the recent #EndBadGovernance protests. President Tinubu had called for the meeting to discuss the implications of these protests on national security, the economy, and food security.
During the protests, which escalated on August 1, demonstrators were seen waving Russian flags and chanting slogans in Hausa, calling for an end to bad governance. The protests, which initially started peacefully, turned violent in some areas, particularly in the northern states, leading to the loss of at least 17 lives. The appearance of Russian flags raised concerns about foreign influence, with the Nigerian military deeming it a treasonable offense and vowing to take serious action against those responsible.
President Tinubu addressed the nation on August 4, warning the demonstrators not to allow “enemies of democracy” to exploit the situation for unconstitutional purposes. The government’s stance was further echoed by the Minister of Solid Minerals Development, Dele Alake, who condemned the protests as an attempt to instigate regime change.
“Any change of government has to be through the ballots and not through the barrel of the gun or insurrection or any other unconstitutional means,” Alake stated, emphasizing that any efforts to overthrow the government unlawfully would be resisted.
The meeting also saw presentations from various ministers, who provided updates on the state of the economy, food security, and other critical sectors. Finance Minister Wale Edun highlighted the government’s efforts to stabilize the economy, noting a steady decline in inflation and a positive outlook for economic growth. Edun reported that the exchange rate was stabilizing and that non-oil exports had reached $55 billion in the previous year, with significant room for growth.
Governor AbdulRahman AbdulRazaq of Kwara State, the Chairman of the Nigeria Governors’ Forum, announced that the Council of State had unanimously passed a vote of confidence in President Tinubu. He expressed satisfaction with the presentations and discussions at the meeting, noting that the country was on the right track.