The Nigerian Interpol, in collaboration with cybersecurity experts and members of the local intelligence community, recently conducted a training session in Abuja to address the growing threat of cybercrime in the country. The training, organized by A&D Forensics in partnership with the Africa Stablecoin Consortium, aimed to equip Interpol officers with the skills necessary to combat crimes involving virtual assets, particularly stablecoins.

Blockchain specialist Chioma Onyekelu highlighted the importance of the training session, stating that it was designed to empower Interpol agents with the knowledge and tools to leverage blockchain intelligence and analysis in tracing and prosecuting cybercriminals involved in cryptocurrency transactions, specifically those using Bitcoin and stablecoins. As cybercrime has evolved beyond traditional fiat currency, with criminals now exploiting virtual assets to commit various cyber offenses, it is crucial for Nigeria's Interpol to enhance their capabilities through targeted training sessions.

Given Nigeria's growing involvement with virtual asset exchanges, Onyekelu emphasized that the training will enable officers to effectively address cybercrimes involving virtual assets, particularly stablecoins. As Nigeria's Interpol receives cybercrime requests from international partners, such training sessions are essential to ensure that the organization is well-equipped to handle these cases.

Adedeji Owonibi, Senior Partner at A&D Forensics, stressed the importance of the training due to the rising cybercrime trends in the country. He also addressed the controversies generated by the recent introduction of the cybersecurity levy, arguing that while cybersecurity may be controversial, the government has the authority to make decisions on matters that impact national security, emphasizing the importance of prioritizing the nation's security interests.

The training session comes amidst other significant developments in Nigeria's cryptocurrency landscape. The Central Bank of Nigeria (CBN) recently mandated banks and other payment service providers to begin deducting 0.5% of the total value of electronic transactions and remit to the National Cybersecurity Fund, which will be managed by the Office of the National Security Adviser (ONSA).

Furthermore, Nigeria's Securities and Exchange Commission (SEC) is cracking down on cryptocurrency, banning peer-to-peer exchanges that use the naira, signaling a significant regulatory shift. This move is in line with the government's efforts to combat cybercrime and protect the country's financial system.

Despite these regulatory measures, the International Monetary Fund (IMF) recently recommended that Nigeria embrace crypto adoption through licensing global cryptocurrency exchanges as a part of its economic reformation measures. This suggests that while the Nigerian government is taking steps to address the risks associated with cryptocurrencies, there is also recognition of the potential benefits that blockchain technology and virtual assets can bring to the country's economy.

The training session organized by Interpol Nigeria and its partners demonstrates the country's commitment to strengthening its cybercrime response and adapting to the evolving landscape of virtual assets. By equipping law enforcement officers with the necessary skills and knowledge, Nigeria is better positioned to combat cybercrime and protect its citizens and financial system from the threats posed by criminal activities involving cryptocurrencies and stablecoins.

As the global adoption of virtual assets continues to grow, it is essential for countries like Nigeria to invest in training and capacity building for their law enforcement agencies. By staying ahead of the curve and proactively addressing the challenges associated with virtual assets, Nigeria can foster a safer and more secure environment for its citizens and businesses, while also positioning itself to leverage the potential benefits of blockchain technology and cryptocurrencies in the future.