News
U.S Trains 50 Nigerian Investigators to Combat Cryptocurrency Fraud
The U.S. authorities have trained over 50 Nigerian investigators and prosecutors to tackle cryptocurrency-enabled organised crimes.
The training, which was held virtually, focused on enhancing the capacity of Nigerian investigators to investigate cryptocurrency.
The webinar was a collaboration with the Federal Bureau of Investigations, the U.S. Embassy in Kenya Addis Ababa, the U.S. Embassy in Nigeria and the U.S. government on policies and programmes to combat international narcotics and crimes.
Cryptocurrencies are digital or virtual currencies such as Bitcoin and Ethereum and others, that can be used to buy goods and services. They are also traded for profit.
Being unregulated and requiring no physical bank vaults, they provide a relatively safe haven for criminals to launder proceeds of corruption, fraud, drug trafficking, and other heinous crimes.
There are also concerns about their security with many sophisticated fraudsters able to hack into the digital vaults to steal them from their owners.
A study by Whitestream, an Israeli-based blockchain analytics firm, regarded Nigeria’s commercial hub as the ‘Focal Point’ for Africa’s crypto scams.
The research indicated that many scammers create a persona of luxurious life achieved from the wealth created with cryptocurrency investments into attract unsuspecting victims.
The Central Bank of Nigeria (CBN) had barred commercial banks and other financial institutions from transacting with cryptocurrency in fear of the risks it poses to investments and the economy at large.
In justifying the essence of the ban, Osita Nwanisobi, CBN Acting Director of Communications, in a statement in February, explained that cryptocurrencies transaction was devoid of proper regulation and prone to financial crimes in the country.
The apex bank said the its decision is based on “significant risks that transacting in cryptocurrencies portend – risks of loss of investments, money laundering, terrorism financing, illicit fund flows and criminal activities.”
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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