A gathering of Nigerian Interpol, cybersecurity experts, and other intelligence community members was held in Abuja, Nigeria’s capital, to address the increasing problem of cybercrime in the country. The meeting, organized by A&D Forensics in collaboration with the Africa Stablecoin Consortium, aimed to equip Nigerian Interpol with the necessary skills to combat crimes related to digital assets, specifically stablecoins.
Blockchain specialist Chioma Onyekelu explained that the training session focused on empowering Interpol agents by providing them with the knowledge and tools to utilize blockchain intelligence and analysis in tracking and prosecuting cybercriminals involved in cryptocurrency transactions, particularly those involving Bitcoin (BTC) and stablecoins.
Onyekelu emphasized that cybercrime has evolved beyond traditional fiat currency, with criminals now exploiting digital assets to commit various cyber offenses. As Nigeria’s Interpol receives cybercrime requests from international partners, it is crucial to enhance its capabilities through targeted training sessions.
Considering Nigeria’s increasing involvement with virtual asset exchanges, the training aims to equip officers with the necessary skills to effectively address cybercrimes involving virtual assets, specifically stablecoins.
Adedeji Owonibi, senior partner at A&D Forensics, highlighted the importance of the training in light of the rising trends in cybercrime within the country. He stated that while cybersecurity may be a controversial topic, the government has the authority to make decisions that impact national security and should prioritize 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).
Furthermore, Nigeria’s Securities and Exchange Commission (SEC) has taken a stricter stance on cryptocurrency, banning peer-to-peer exchanges that use the national currency, signaling a significant regulatory shift.
The International Monetary Fund (IMF) has also recommended that Nigeria embrace crypto adoption by licensing global cryptocurrency exchanges as part of its economic reform measures.
In conclusion, the meeting aimed to equip Nigerian Interpol and cybersecurity experts with the necessary skills and knowledge to tackle the rising wave of cybercrime in the country, specifically crimes involving digital assets like stablecoins. The training session focused on leveraging blockchain intelligence and analysis to trace and prosecute cybercriminals involved in cryptocurrency transactions. Nigeria’s involvement in virtual asset exchanges necessitates enhanced capabilities in addressing cybercrimes involving virtual assets. The government’s recent introduction of the cybersecurity levy and the regulatory actions taken by the CBN and SEC highlight the increasing importance of prioritizing national security in the face of evolving cybercrime threats.