Nation
Virtual Assets, Cryptocurrencies Risky For Nigeria, ICPC Warns
The Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Prof. Bolaji Owasanoye, SAN, yesterday, said virtual assets and cryptocurrencies are risky for implementation in Nigeria.
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 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.”
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 $3.5billion 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.
The new Rivers state commissioner of police ,CP Olugbenga Adepoju has assured that his administration will remain apolitical in the discharge of his duties in the state.
Adepoju who officially assumed office last Friday as the 47th police commissioner of police stated this during his median press briefing held at state police command over the weekend in Port Harcourt.
He assured that under his watch as the police helmsman in the state his administration will ensure protection of human rights and warn that any police officer who violate the rights of people will be sanctioned in accordance with the police act and
urged Rivers people to hold the Police accountable, share view of people with police.
“We are committed to transparency.
My priority is to ensure safety, security and welfare of all residents in the state.
Being an economic hub of the country,the state faces challenges of crisis from political interest, economic sabotage illegal oil bunkering.
“I will ensure Rivers people sleep with their two eyes close. I have what it takes to keep the command safe.We do Intelligence gathering work with community and public engagement to proactively prevent crime.We have meetings and seminars with members of the public.”
“We will enforce discipline and ensure zero tolerance for corruption.I have my team.I will put them to work.There will be improvement on the part of my officers.
“We will Combat youth restiveness and cultism, oil theft, environmental crime. we will work with other agencies to ensure is reduce to the barest minimum.
“We will enhance response time and police visibility. We do all we can for our men to respond to distress call in time. We will deploy more men in metro. More visibility policing.
“We will address land grabbing issues.We will work with our legal team. If we have to partake in any execution order, we will look at it critically.
“We will enforce all vehicle regulations with human face. Especially tinted glasses. We may excuse those that have it from the factory. Either the vehicle will be impounded, the tinted glass removed or they are charged to court.
“Our men will not violate rights of citizens. If there is any violation of rights, it should be reported to the police for necessary actions. Our men will be more professional and polite to the people “he stated
CP Adepoju however urged residents of the state,the media and all necessary stakeholders to give the Police the relevant cooperation and support for effective policing of the society.
Akujobi amadi
The Rivers State Police Command says it has acknowledged a social media report on alleged assault of a lady by police officers along Evo Road, Port Harcourt.
A statement signed by the police public Relations Officer (PPRO),SP Grace Iringe Koko in Port Harcourt, yesterday said the police acknowledged the report of such alleged assault and invite the lady involved to visit the command so as to enable the command to commence investigation with a view to apprehend the officers involved.
“We urge the lady involved to visit the Police Headquarters to enable a thorough investigation into the matter. This step will assist us in identifying the officers involved and ensuring that appropriate actions are taken.”
“The Command appeals to members of the public to cooperate with police officers during stop-and-search operations, as these measures are essential in combating crime and maintaining security.”
“We also encourage residents to report any misconduct by police officers through the following channels:
• PPRO: 0816 135 5218
• Control Room: 08032003514, 08098880134
• Complaint Response Unit (CRU): 07057605256, 08120822987, 07072323049, 07057605209”
“Your cooperation is vital in helping us maintain accountability and professionalism within the Rivers State Police Command.
Thank you.”
Akujobi Amadi
Nation
Opobo Elder Statesman Lauds Fubara’s Christmas Bonus to Civil Servants …Celebrates Recognition As Public Office Holder of the Year 2024
The Chairman of Opobo Elder Statesmen-4-Sim, Alabo Edwin Cockeye-Brown, has expressed appreciation to Rivers State governor, Amaopusenibo Siminalayi Fubara over his granting of #100,000 as Christmas bonus to the entire spectrum of civil servants across the State.
Speaking with journalists at his residence in Port Harcourt, yesterday. Alabo Cockeye-Brown said the generous gesture from the governor undoubtedly brought joy and relief to many families during the festive season.
“In these challenging economic times, such initiatives are a testament to Governor Fubara’s commitment to the welfare of our public servants. It is a clear indication that he values their hard work and sacrifices, “he stated.
Alabo Cockeye-Brown, who is the Vice Chairman of Opobo Council of Alapu, emphasized the importance of supporting civil servants, who play a crucial role in the development and governance of the state.
“These men and women dedicate their lives to serving the public. The Christmas bonus is not just financial assistance; it’s a recognition of their relentless efforts and a way to uplift their spirits ahead of the New Year,” he added.
In addition to celebrating the Christmas bonus, Alabo Cockeye-Brown took the opportunity to congratulate Governor Fubara on being awarded the Public Office Holder of the Year 2024.
He said the recognition is well-deserved, adding that the governor has shown exceptional leadership and vision, steering the state towards progress and prosperity.
“His dedication to uplifting the lives of our citizens is commendable, and we are proud to have him leading us”, he said.
Alabo Cockeye-Brown also called on other leaders in the state to follow Fubara’s example, stressing the need for collaborative efforts to enhance public service delivery and improve the living standards of the people.
“Let us work together to ensure that every citizen feels the impact of good governance,” he urged.