FG traces N83bn to protest funding, blocks crypto wallets

The Federal Government of Nigeria has traced over N83 billion, including $50 million in cryptocurrency, to the recent nationwide protests against bad governance.

National Security Adviser Nuhu Ribadu revealed the details during a Council of State meeting convened by President Bola Tinubu at Aso Rock Villa, Abuja.

According to sources, Ribadu disclosed that $38 million of the cryptocurrency funds were blocked across four wallets.

Additionally, N4 billion was contributed by political actors from Abuja, Kano, Kaduna, and Katsina.

The protests, which resulted in property destruction and at least 17 deaths, were reportedly fueled by both local and foreign actors.

A European national has been identified as a mastermind behind the use of foreign flags during the protests and will soon be declared wanted by the police.

The Council of State meeting addressed national security, the economy, and food security, with former Presidents Goodluck Jonathan and Muhammadu Buhari in attendance.

The government is investigating the involvement of both foreign and local conspirators, some of whom have been arrested.

READ ALSO: NLC accuses FG of plotting to frame citizens after protests

Minister of Solid Minerals Development, Dele Alake, warned against any unconstitutional attempts at regime change, emphasizing that such changes must occur through democratic elections.

 “In his presentation, the NSA said the government was able to trace $50m to crypto wallets that were made as donations to the protests. They succeeded in blocking four of those wallets containing $38m.

“They also found out that some political actors contributed N4bn to fund the protests.”

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On Tuesday, President Tinubu convened the Council of State meeting to discuss, among other matters, the recent #EndBadGovernance protests, national security, the economy and food security.

Former Presidents Goodluck Jonathan and Muhamamdu Buhari attended the inaugural Council meeting, while former Heads of State, General Yakubu Gowon (retd.) and General Abdulsalami Abubakar (retd.), joined virtually alongside governors of Abia, Adamawa and Akwa Ibom State.

However, former President Olusegun Obasanjo and former Head of State General Ibrahim Babangida (retd.) did not attend the meeting.

Tuesday’s gathering came days after Nigerians, mostly youths, hit the roads in Abuja for a one-million-man march. The march, which climaxed with a low turnout, marked the 10th day of the nationwide protest against the rising cost of living in the country.

On August 1, the opening day of the nationwide protest, demonstrations declined into destruction of property and loss of lives, especially in the North, leading to at least 17 reported deaths during the “days of rage.”

On August 3, just two days into the demonstrations, viral photos and videos showed demonstrators waving the flags in Kano State and chanting in Hausa, “We don’t want bad government.”

In Kaduna, a state in the north west, protesters were also seen waving the Russian flag and reciting in Hausa, “Welcome, Russia; Welcome, Russia.” Russia, an Eastern power which is currently mired in a proxy war with the West, has been blamed for several unconstitutional changes of government in West African countries such as Niger, Mali and Burkina Faso, among others.

The Nigerian military said the use of Russian flags during the protests was a treasonable offence, adding that it was investigating those behind the move and would “take serious action” against them.

While addressing the nation in a broadcast on August 4, President Tinubu warned demonstrators not to “let the enemies of democracy use you to promote an unconstitutional agenda that will set us back on our democratic journey.”

READ ALSO: #EndBadGovernanceProtest: We will not tolerate any foreign interference in our affairs – Tuggar

Security agencies had identified at least four politicians from Katsina, Kaduna and Kano states, who, they said, promoted the use of the Russian flag among demonstrators with the intent to spark unconstitutional regime change.

Another source privy to the discussions at the Council of State meeting told our correspondent that these local actors have been arrested, with the foreign mastermind on the run.

The source said, “The NSA also briefed the Council that there was some element of foreign interference in the protest, that they found out that some foreigners fueled the protests. It was not just about Nigerians protesting against hardship.

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“A foreign agent had been found to be connected to it and would soon be declared wanted by the Police. The police will make the announcement this week.

“This agent is a person of interest with his Nigerian collaborators; most of them have been arrested. They are looking for him. But his collaborators in Abuja, Kaduna, Kano and Katsina have been arrested. The NSA also confirmed that eight people died during the protests.”