The Economic and Financial Crimes Commission (EFCC) chairman, Ola Olukoyede, has raised concerns about terrorists exploiting young Nigerian crypto traders to unknowingly finance their illicit activities. Speaking at an event in Abuja organized by civil society groups, Olukoyede highlighted how some cryptocurrency traders are inadvertently funding terrorism. During the "National Dialogue on Preventing Terrorism Financing and Extremism," he emphasized that individuals receiving payments for crypto trading may not be aware that the funds they are handling are being used to support terrorist activities.

Recent investigations led to the freezing of several bank accounts linked to around 1,146 instances of funding terrorism, as disclosed by Olukoyede. He mentioned that platforms like Binance are under scrutiny, with ongoing efforts to prosecute those involved. Olukoyede revealed that certain individuals, including young traders, were manipulated into trading cryptocurrencies without realizing that the funds provided to them were ultimately supporting terrorist groups.

In the fight against terrorism financing, Olukoyede emphasized the crucial role of advanced technology in tracking illicit money flows. He shared insights from a conversation with an FBI officer who highlighted the capability to trace all US Dollars ever printed using sophisticated technology. This underscores the importance of leveraging cutting-edge tools to combat financial crimes effectively.

Furthermore, Olukoyede stressed the significance of adopting successful anti-corruption measures to drive economic prosperity in Nigeria. By implementing robust policies and a collective commitment to combat corruption, the country can pave the way for sustainable growth and security. The EFCC's vigilance and efforts to address the exploitation of young crypto traders by terrorists underscore the importance of safeguarding the financial system and protecting individuals from unwittingly contributing to criminal activities.