Oct 19, 2021

Mawazo Writing Africa

Writing about the main

Huge win for Anti-Corruption war as EFCC Recovers $20m Crypto Loot

  • Cryptocurrency worth $20 million has been confiscated by the Economic and Financial Crimes Commission (EFCC)
  • Abdulrasheed Bawa, the head of the federal anti-graft agency revealed where the recovered loot has been saved
  • Bawa, who made the disclosure on Tuesday, June 14, backed CBN’s move to identify persons and entities operating cryptocurrency exchanges

Abuja – The Economic and Financial Crimes Commission (EFCC) on Tuesday, June 15, disclosed that it has recovered about $20m worth of cryptocurrency from internet fraudsters, Daily Nigerian reports.

Abdulrasheed Bawa, the chairman of the commission who made the disclosure while speaking on Channels Television breakfast show, Sunrise Daily, said the loot had been saved in the EFCC’s e-wallet.

Bawa explained that the ban on cryptocurrency by the Central Bank of Nigeria (CBN) assisted in limiting avenues through which criminals launder the proceeds of their crimes in the country, The Punch added.

CBN clamps down on cryptocurrencies

About four months ago, CBN declared that cryptocurrency won’t be allowed as either payment or investment option in Nigeria.

Though the apex bank labelled crypto as a currency used for illegal activities, CBN governor Godwin Emefiele, however, hinted the financial regulator is considering allowing Nigerians openly trade cryptocurrency.

Back in February, CBN ordered banks and other financial institutions to identify persons and entities operating cryptocurrency exchanges and close all such accounts.

Former CBN deputy governor says cryptocurrency remains a risk

The former deputy governor of the CBN, Kingsley Moghalu, said the losses recorded in cryptocurrency is like every other financial asset.

Moghalu said cryptocurrency is always a risk, and the decline being experienced in the crypto market is not unusual as shares in the capital markets also share the same fate.

According to Moghalu, the decline in the digital asset might be the best signal for interested investors to buy – although he stated that he wasn’t giving investment advice.

EFCC boss cries out over death threats

Meanwhile, Bawa said that he receives death threats often in his fight against corruption in Nigeria.

The anti-corruption agency boss stated this in an interview on Tuesday, June 14, while featuring on a television programme. Bawa said he was in New York, USA, recently when someone called to threaten him.