• About
  • Advertise
  • Privacy & Policy
  • Contact
Thursday, July 3, 2025
Daily Concord News
  • Home
  • News
    • All
    • Africa
    • local
    • Nigeria
    • Science
    • World
    Matawalle Flags Off CNG Vehicles for Military, Says Sustainability Now Core to Defence Strategy

    Matawalle Flags Off CNG Vehicles for Military, Says Sustainability Now Core to Defence Strategy

    Afreximbank Meetings:Nigeria Emerges As Pan-African Trade Power House As Wale Edun Charts Path To Economy Dominance

    Afreximbank Meetings:Nigeria Emerges As Pan-African Trade Power House As Wale Edun Charts Path To Economy Dominance

    Survey Report: Nigerians Say Security Has Greatly Improved on Kaduna–Abuja Expressway

    Group Calls For Whole Of Government Approach To Address Root Causes of Insecurity

    Wale Edun Rallies Private Sector to Deliver ₦1.5 Trillion Highway Investments

    Edun Delivers: FG Revenue Hits N6.9 Trillion in Four Months, Surges 40% Over 2024

    President Tinubu Launches 2,000 Tractors For Mechanised Farming

    President Tinubu Launches 2,000 Tractors For Mechanised Farming

    Matawalle: Nigeria to Host West Africa’s International Centre for Electronic Navigational Charts

    Matawalle: Nigeria to Host West Africa’s International Centre for Electronic Navigational Charts

  • Politics
  • Business
  • Sports
  • Entertainment
    • All
    • Gaming

    Timipre Sylva Inaugurates the National Gas Expansion Programme, Committee

  • Tech
    NASENI Excited Over President Tinubu’s “Nigeria First Policy”

    Why Nigeria Must Manufacture Its Own Solar Panels

    Putting Nigeria First: NASENI Leads the Charge for Made-in-Nigeria Patronage

    Putting Nigeria First: NASENI Leads the Charge for Made-in-Nigeria Patronage

    NASENI Excited Over President Tinubu’s “Nigeria First Policy”

    NASENI, PICTT Restate Commitment to Promote Female Engineering with Launch of DELT-Her 2.0

    NASENI Champions the Made-in-Nigeria Products Drive in Kebbi State

    MTN and Globacom Avoid Disconnection as Debt Dispute Resolved

    MTN and Globacom Avoid Disconnection as Debt Dispute Resolved

    Kwik Launches On-Demand E-Commerce Fulfillment Service In Nigeria With KwikShelf

    Kwik Launches On-Demand E-Commerce Fulfillment Service In Nigeria With KwikShelf

    Trending Tags

  • Lifestyle
    • All
    • Culture
    • Food
    • Health
    Diary of a Naija Girl’s Ifedayo Agoro & Frank Itom Are Engaged!

    Diary of a Naija Girl’s Ifedayo Agoro & Frank Itom Are Engaged!

    At Avalanche Book Launch, Nigerians Call For More Resources On Mental Health And Trauma Management

    At Avalanche Book Launch, Nigerians Call For More Resources On Mental Health And Trauma Management

    Femi Odekunle; The Pains That Won’t Go! By Haruspice

    Femi Odekunle; The Pains That Won’t Go! By Haruspice

    The Unifying Factor of Culture

    Examining Arts as a Unifying Elements

    The Unifying Factor of Culture

    The Unifying Factor of Culture

    Senate President Greets Asiwaju Bola Tinubu @69

    Senate President Greets Asiwaju Bola Tinubu @69

    Trending Tags

  • Opinion
No Result
View All Result
  • Home
  • News
    • All
    • Africa
    • local
    • Nigeria
    • Science
    • World
    Matawalle Flags Off CNG Vehicles for Military, Says Sustainability Now Core to Defence Strategy

    Matawalle Flags Off CNG Vehicles for Military, Says Sustainability Now Core to Defence Strategy

    Afreximbank Meetings:Nigeria Emerges As Pan-African Trade Power House As Wale Edun Charts Path To Economy Dominance

    Afreximbank Meetings:Nigeria Emerges As Pan-African Trade Power House As Wale Edun Charts Path To Economy Dominance

    Survey Report: Nigerians Say Security Has Greatly Improved on Kaduna–Abuja Expressway

    Group Calls For Whole Of Government Approach To Address Root Causes of Insecurity

    Wale Edun Rallies Private Sector to Deliver ₦1.5 Trillion Highway Investments

    Edun Delivers: FG Revenue Hits N6.9 Trillion in Four Months, Surges 40% Over 2024

    President Tinubu Launches 2,000 Tractors For Mechanised Farming

    President Tinubu Launches 2,000 Tractors For Mechanised Farming

    Matawalle: Nigeria to Host West Africa’s International Centre for Electronic Navigational Charts

    Matawalle: Nigeria to Host West Africa’s International Centre for Electronic Navigational Charts

  • Politics
  • Business
  • Sports
  • Entertainment
    • All
    • Gaming

    Timipre Sylva Inaugurates the National Gas Expansion Programme, Committee

  • Tech
    NASENI Excited Over President Tinubu’s “Nigeria First Policy”

    Why Nigeria Must Manufacture Its Own Solar Panels

    Putting Nigeria First: NASENI Leads the Charge for Made-in-Nigeria Patronage

    Putting Nigeria First: NASENI Leads the Charge for Made-in-Nigeria Patronage

    NASENI Excited Over President Tinubu’s “Nigeria First Policy”

    NASENI, PICTT Restate Commitment to Promote Female Engineering with Launch of DELT-Her 2.0

    NASENI Champions the Made-in-Nigeria Products Drive in Kebbi State

    MTN and Globacom Avoid Disconnection as Debt Dispute Resolved

    MTN and Globacom Avoid Disconnection as Debt Dispute Resolved

    Kwik Launches On-Demand E-Commerce Fulfillment Service In Nigeria With KwikShelf

    Kwik Launches On-Demand E-Commerce Fulfillment Service In Nigeria With KwikShelf

    Trending Tags

  • Lifestyle
    • All
    • Culture
    • Food
    • Health
    Diary of a Naija Girl’s Ifedayo Agoro & Frank Itom Are Engaged!

    Diary of a Naija Girl’s Ifedayo Agoro & Frank Itom Are Engaged!

    At Avalanche Book Launch, Nigerians Call For More Resources On Mental Health And Trauma Management

    At Avalanche Book Launch, Nigerians Call For More Resources On Mental Health And Trauma Management

    Femi Odekunle; The Pains That Won’t Go! By Haruspice

    Femi Odekunle; The Pains That Won’t Go! By Haruspice

    The Unifying Factor of Culture

    Examining Arts as a Unifying Elements

    The Unifying Factor of Culture

    The Unifying Factor of Culture

    Senate President Greets Asiwaju Bola Tinubu @69

    Senate President Greets Asiwaju Bola Tinubu @69

    Trending Tags

  • Opinion
No Result
View All Result
Daily Concord News
No Result
View All Result
Home Business

Virtual Assets, Cryptocurrencies Risky for Nigeria – ICPC Boss

Tunde Abiola by Tunde Abiola
February 23, 2021
in Business, local, News, Politics
0
0
SHARES
12
VIEWS
Share on FacebookShare on Twitter

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.

“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.

Tags: BitcoinCryptocurrencyICPC
Previous Post

An Officer and a Gentleman: Col. ML Abubakar, ADC to President Muhammadu Buhari (2015-2021)

Next Post

Senate confirms Ex-Service Chiefs as Ambassadors-Designate 

Tunde Abiola

Tunde Abiola

Next Post
Senate confirms Ex-Service Chiefs as Ambassadors-Designate 

Senate confirms Ex-Service Chiefs as Ambassadors-Designate 

  • Trending
  • Comments
  • Latest

NIN-SIM Linkage: A Kidnappers’ Bogeyman On The Roll?

April 5, 2024 - Updated on February 9, 2025

How Atiku’s Lawyer’s Travelled To Cambridge To Confirm Buhari’s Certificate – And The Disappointment That Followed

September 6, 2019 - Updated on February 9, 2025

Vanguard Apologizes To Professor Osinbajo Over Fake News, Retracts Story

September 25, 2019 - Updated on February 9, 2025

I Will Waive my Constitutional Immunity to Clear my Name – Osinbajo

September 25, 2019 - Updated on February 9, 2025
Nigeria

Lest We Forget: Security Issues in Nigeria from 1999 to Date!

0
ISHA SESAY: A GOOD BOOK ON CHIBOK, HAMPERED BY MISREPRESENTATIONS

ISHA SESAY: A GOOD BOOK ON CHIBOK, HAMPERED BY MISREPRESENTATIONS

0
Ministerial list: Nigerians react to Buhari’s nomination of Akpabio, Keyamo, Saraki, others

Ministerial list: Nigerians react to Buhari’s nomination of Akpabio, Keyamo, Saraki, others

0
Channels TV Reporter Precious Owolabi Shot During Shiite, Police Clash Is Dead

Channels TV Reporter Precious Owolabi Shot During Shiite, Police Clash Is Dead

0
Matawalle Flags Off CNG Vehicles for Military, Says Sustainability Now Core to Defence Strategy

Matawalle Flags Off CNG Vehicles for Military, Says Sustainability Now Core to Defence Strategy

July 2, 2025
Edun Showcases Nigeria’s Fiscal Reforms at UN Finance Summit in Spain

Edun Showcases Nigeria’s Fiscal Reforms at UN Finance Summit in Spain

July 1, 2025
Matawalle Charges Elite Special Forces to Defend Nigeria with Discipline and Patriotism

Matawalle Charges Elite Special Forces to Defend Nigeria with Discipline and Patriotism

July 1, 2025

Security Watch Network Commends NSA, Nigerian Army for Outstanding Counter-Terrorism Efforts

June 30, 2025

Recent News

Matawalle Flags Off CNG Vehicles for Military, Says Sustainability Now Core to Defence Strategy

Matawalle Flags Off CNG Vehicles for Military, Says Sustainability Now Core to Defence Strategy

July 2, 2025
Edun Showcases Nigeria’s Fiscal Reforms at UN Finance Summit in Spain

Edun Showcases Nigeria’s Fiscal Reforms at UN Finance Summit in Spain

July 1, 2025
Matawalle Charges Elite Special Forces to Defend Nigeria with Discipline and Patriotism

Matawalle Charges Elite Special Forces to Defend Nigeria with Discipline and Patriotism

July 1, 2025

Security Watch Network Commends NSA, Nigerian Army for Outstanding Counter-Terrorism Efforts

June 30, 2025
Daily Concord News

Bringing the most intriguing News from around the world you everyone in a positive way

Follow Us

Browse by Category

  • Africa
  • Basketball
  • Business
  • Culture
  • Economy
  • Education
  • Food
  • Football
  • Foreign Affairs
  • Gaming
  • Health
  • Health
  • Interviews
  • Lifestyle
  • local
  • News
  • Nigeria
  • Opinion
  • Politics
  • Science
  • Security
  • Sports
  • Tech
  • Uncategorized
  • World

Recent News

Matawalle Flags Off CNG Vehicles for Military, Says Sustainability Now Core to Defence Strategy

Matawalle Flags Off CNG Vehicles for Military, Says Sustainability Now Core to Defence Strategy

July 2, 2025
Edun Showcases Nigeria’s Fiscal Reforms at UN Finance Summit in Spain

Edun Showcases Nigeria’s Fiscal Reforms at UN Finance Summit in Spain

July 1, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2025 Daily Concord News - All Rights Reserved.

No Result
View All Result

© 2025 Daily Concord News - All Rights Reserved.