#EndBadGovernance protest: Nigerian government blocks $38m funds in 4 crypto wallets​

The Federal Government of Nigeria has traced at least 83 billion Naira worth of cryptocurrency and fiat money meant to fund the recent nationwide #EndBadGovernance protests. According to a Punch report, these include $50m of cryptocurrency ($38m in four cryptocurrency wallets) and N4bn contributed by various political actors in Abuja, Kano, Kaduna and Katsina.

This was indicated in a presentation by the National Security Adviser, Nuhu Ribadu, at the inaugural meeting of the Council of State convened yesterday by President Bola Tinubu at the Aso Rock Presidential Villa in Abuja.

“In his presentation, the NSA said the government was able to trace $50m to crypto wallets that were made as donations to the protests. They succeeded in blocking four of those wallets containing $38m. They also found out that some political actors contributed N4bn to fund the protests,” a source told The PUNCH.

President Tinubu convened the Council of State meeting to discuss urgent national matters, the recent nationwide protests, national security, the economy and food security. This followed the decision by many Nigerian youths to hit the streets in protest over the rising cost of living.

The National Council of State is a constitutional organ of the Nigerian government that advises the executive on policy-making, among other functions. It is largely an advisory group that guides the President in decision-making processes on national security, appointments and economic policies. The Council also advises the President on the exercise of his powers regarding pardons and commutations.

At the President’s behest, the Council meets to deliberate on crucial national issues, including national security, economic challenges and the appointment of key public officials like the chairman and members of the Independent National Electoral Commission, the National Population Commission and the Police Service Commission.

The Council comprises the President (who serves as its chairman), the Vice President, all former Presidents and Heads of State, all former Chief Justices of Nigeria, the Senate President, the Speaker of the House of Representatives, the Attorney-General of the Federation, the Secretary to the Government of The Federation and all the state governors.

Former Presidents Goodluck Jonathan and Muhamamdu Buhari attended the inaugural Council meeting, while former Heads of State, General Yakubu Gowon (retd.) and General Abdulsalami Abubakar (retd.), joined virtually alongside governors of Abia, Adamawa and Akwa Ibom State.

However, former President Olusegun Obasanjo and former Head of State General Ibrahim Babangida (retd.) did not attend the meeting.

The Council was last held 18 months ago – February 10, 2023 – under former President Muhammadu Buhari. At the time, Buhari had convened the meeting to discuss the 2023 elections, the crisis emanating from the new naira policy and fuel scarcity.

The #EndBadGovernance protests

On the opening day of the nationwide protest (August 1), demonstrations declined into destruction of property and loss of lives, especially in the North, leading to at least 17 reported deaths during the “days of rage.”

Just two days into the demonstrations (August 3), viral photos and videos showed demonstrators waving the flags in Kano State and chanting in Hausa, “We don’t want bad government.”

In reaction, the Nigerian military leadership warned that the use of Russian flags during the protests was a treasonable offence. Its spokesperson added in a press conference that it was investigating those behind the move and promised that the force would “take serious actions” against them.

One of the sources at the council meeting, who spoke on condition of anonymity because he was not authorised to speak on the matter, disclosed that local conspirators traced to the capital city of Abuja, Kaduna and Kano have been arrested.

“A foreign agent had been found to be connected to it and would soon be declared wanted by the Police. The police will make the announcement this week”, the source also said.

The post #EndBadGovernance protest: Nigerian government blocks $38m funds in 4 crypto wallets first appeared on Technext.

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The Federal Government of Nigeria has traced at least 83 billion Naira worth of cryptocurrency and fiat money meant to fund the recent nationwide #EndBadGovernance protests. According to a Punch report, these include $50m of cryptocurrency ($38m in four cryptocurrency wallets) and N4bn contributed by various political actors in Abuja, Kano, Kaduna and Katsina.

This was indicated in a presentation by the National Security Adviser, Nuhu Ribadu, at the inaugural meeting of the Council of State convened yesterday by President Bola Tinubu at the Aso Rock Presidential Villa in Abuja.

“In his presentation, the NSA said the government was able to trace $50m to crypto wallets that were made as donations to the protests. They succeeded in blocking four of those wallets containing $38m. They also found out that some political actors contributed N4bn to fund the protests,” a source told The PUNCH.

President Tinubu convened the Council of State meeting to discuss urgent national matters, the recent nationwide protests, national security, the economy and food security. This followed the decision by many Nigerian youths to hit the streets in protest over the rising cost of living.

The National Council of State is a constitutional organ of the Nigerian government that advises the executive on policy-making, among other functions. It is largely an advisory group that guides the President in decision-making processes on national security, appointments and economic policies. The Council also advises the President on the exercise of his powers regarding pardons and commutations.

At the President’s behest, the Council meets to deliberate on crucial national issues, including national security, economic challenges and the appointment of key public officials like the chairman and members of the Independent National Electoral Commission, the National Population Commission and the Police Service Commission.

The Council comprises the President (who serves as its chairman), the Vice President, all former Presidents and Heads of State, all former Chief Justices of Nigeria, the Senate President, the Speaker of the House of Representatives, the Attorney-General of the Federation, the Secretary to the Government of The Federation and all the state governors.

Former Presidents Goodluck Jonathan and Muhamamdu Buhari attended the inaugural Council meeting, while former Heads of State, General Yakubu Gowon (retd.) and General Abdulsalami Abubakar (retd.), joined virtually alongside governors of Abia, Adamawa and Akwa Ibom State.

However, former President Olusegun Obasanjo and former Head of State General Ibrahim Babangida (retd.) did not attend the meeting.

The Council was last held 18 months ago – February 10, 2023 – under former President Muhammadu Buhari. At the time, Buhari had convened the meeting to discuss the 2023 elections, the crisis emanating from the new naira policy and fuel scarcity.

The #EndBadGovernance protests

On the opening day of the nationwide protest (August 1), demonstrations declined into destruction of property and loss of lives, especially in the North, leading to at least 17 reported deaths during the “days of rage.”

Just two days into the demonstrations (August 3), viral photos and videos showed demonstrators waving the flags in Kano State and chanting in Hausa, “We don’t want bad government.”

In reaction, the Nigerian military leadership warned that the use of Russian flags during the protests was a treasonable offence. Its spokesperson added in a press conference that it was investigating those behind the move and promised that the force would “take serious actions” against them.

One of the sources at the council meeting, who spoke on condition of anonymity because he was not authorised to speak on the matter, disclosed that local conspirators traced to the capital city of Abuja, Kaduna and Kano have been arrested.

“A foreign agent had been found to be connected to it and would soon be declared wanted by the Police. The police will make the announcement this week”, the source also said.

The post #EndBadGovernance protest: Nigerian government blocks $38m funds in 4 crypto wallets first appeared on Technext.

 The Federal Government of Nigeria has traced at least 83 billion Naira worth of cryptocurrency and fiat money…
The post #EndBadGovernance protest: Nigerian government blocks $38m funds in 4 crypto wallets first appeared on Technext.  

The Federal Government of Nigeria has traced at least 83 billion Naira worth of cryptocurrency and fiat money meant to fund the recent nationwide #EndBadGovernance protests. According to a Punch report, these include $50m of cryptocurrency ($38m in four cryptocurrency wallets) and N4bn contributed by various political actors in Abuja, Kano, Kaduna and Katsina.

This was indicated in a presentation by the National Security Adviser, Nuhu Ribadu, at the inaugural meeting of the Council of State convened yesterday by President Bola Tinubu at the Aso Rock Presidential Villa in Abuja.

“In his presentation, the NSA said the government was able to trace $50m to crypto wallets that were made as donations to the protests. They succeeded in blocking four of those wallets containing $38m. They also found out that some political actors contributed N4bn to fund the protests,” a source told The PUNCH.

President Tinubu convened the Council of State meeting to discuss urgent national matters, the recent nationwide protests, national security, the economy and food security. This followed the decision by many Nigerian youths to hit the streets in protest over the rising cost of living.

The National Council of State is a constitutional organ of the Nigerian government that advises the executive on policy-making, among other functions. It is largely an advisory group that guides the President in decision-making processes on national security, appointments and economic policies. The Council also advises the President on the exercise of his powers regarding pardons and commutations.

At the President’s behest, the Council meets to deliberate on crucial national issues, including national security, economic challenges and the appointment of key public officials like the chairman and members of the Independent National Electoral Commission, the National Population Commission and the Police Service Commission.

The Council comprises the President (who serves as its chairman), the Vice President, all former Presidents and Heads of State, all former Chief Justices of Nigeria, the Senate President, the Speaker of the House of Representatives, the Attorney-General of the Federation, the Secretary to the Government of The Federation and all the state governors.

Former Presidents Goodluck Jonathan and Muhamamdu Buhari attended the inaugural Council meeting, while former Heads of State, General Yakubu Gowon (retd.) and General Abdulsalami Abubakar (retd.), joined virtually alongside governors of Abia, Adamawa and Akwa Ibom State.

However, former President Olusegun Obasanjo and former Head of State General Ibrahim Babangida (retd.) did not attend the meeting.

The Council was last held 18 months ago – February 10, 2023 – under former President Muhammadu Buhari. At the time, Buhari had convened the meeting to discuss the 2023 elections, the crisis emanating from the new naira policy and fuel scarcity.

The #EndBadGovernance protests

On the opening day of the nationwide protest (August 1), demonstrations declined into destruction of property and loss of lives, especially in the North, leading to at least 17 reported deaths during the “days of rage.”

Just two days into the demonstrations (August 3), viral photos and videos showed demonstrators waving the flags in Kano State and chanting in Hausa, “We don’t want bad government.”

In reaction, the Nigerian military leadership warned that the use of Russian flags during the protests was a treasonable offence. Its spokesperson added in a press conference that it was investigating those behind the move and promised that the force would “take serious actions” against them.

One of the sources at the council meeting, who spoke on condition of anonymity because he was not authorised to speak on the matter, disclosed that local conspirators traced to the capital city of Abuja, Kaduna and Kano have been arrested.

“A foreign agent had been found to be connected to it and would soon be declared wanted by the Police. The police will make the announcement this week”, the source also said.