A gathering was held in Abuja, Nigeria’s capital, where members of the Nigerian Interpol, cybersecurity experts, and local intelligence community came together to discuss strategies for combating the increasing wave of cybercrime in the country.
Organized by A&D Forensics in collaboration with the Africa Stablecoin Consortium, the meeting aimed to equip Nigerian Interpol with the necessary tools to tackle crimes involving digital assets, specifically stablecoins. Blockchain specialist Chioma Onyekelu explained that the training session focused on empowering Interpol agents to utilize blockchain intelligence and analysis in tracing and prosecuting cybercriminals involved in cryptocurrency transactions, particularly those utilizing Bitcoin (BTC) and stablecoins.
Onyekelu emphasized that cybercrime has evolved beyond traditional fiat currency, with criminals now exploiting digital assets to carry out various cyber offenses. As Nigeria’s Interpol receives cybercrime requests from international partners, it is crucial to enhance their capabilities through targeted training sessions.
Given Nigeria’s increasing involvement with virtual asset exchanges, the training will enable officers to effectively address cybercrimes related to virtual assets, particularly stablecoins. Adedeji Owonibi, senior partner at A&D Forensics, stressed the importance of the training due to the rising trends of cybercrime in the country.
Regarding the recent controversies surrounding the introduction of the cybersecurity levy, Owonibi argued that while cybersecurity may be a contentious issue, the government has the authority to make decisions that impact national security. He highlighted the significance of prioritizing the nation’s security interests.
In related news, the Central Bank of Nigeria (CBN) recently mandated banks and payment service providers to deduct 0.5% of the total value of electronic transactions and remit it to the National Cybersecurity Fund, managed by the Office of the National Security Adviser (ONSA).
Additionally, Nigeria’s Securities and Exchange Commission (SEC) has taken a stricter stance on cryptocurrency, banning peer-to-peer exchanges that use the naira, signaling a significant regulatory shift.
The International Monetary Fund (IMF) has recommended that Nigeria embrace crypto adoption by licensing global cryptocurrency exchanges as part of its economic reform measures.
In conclusion, the meeting in Abuja aimed to equip Nigerian Interpol and cybersecurity experts with the necessary skills and knowledge to combat cybercrime involving digital assets, particularly stablecoins. With the evolving nature of cybercrime, it is crucial to enhance Nigeria’s capabilities in this area. The government’s recent introduction of the cybersecurity levy and the SEC’s regulatory actions reflect the growing importance of addressing cybersecurity and regulating cryptocurrency in the country.