FG Freezes N83 Billion Protest Funds, Arrests Political Allies

The Nigerian Government has traced at least N83 billion in cryptocurrency and fiat money linked to recent nationwide protests. Among these, $50 million in cryptocurrency was identified, with $38 million blocked in four wallets, alongside N4 billion contributed by various political actors from Abuja, Kano, Kaduna, and Katsina.

This information was part of a presentation by the National Security Adviser, Nuhu Ribadu, during the inaugural Council of State meeting convened by President Bola Tinubu at the Aso Rock Villa in Abuja. Sources familiar with the meeting revealed that Ribadu, in his presentation on ‘The Nationwide Protest As It Affects National Security,’ disclosed that a European individual has been identified as the mastermind behind the proliferation of foreign flags during the protests and will soon be declared wanted by the police.

One source, who spoke anonymously, confirmed that local conspirators in Abuja, Kaduna, and Kano have been arrested. The NSA’s presentation revealed that the government successfully traced $50 million in donations made through crypto wallets, blocking four wallets containing $38 million. Additionally, political actors contributed N4 billion to fund the protests.

On Tuesday, President Tinubu convened the Council of State meeting to address issues including the recent #EndBadGovernance protests, national security, the economy, and food security. The Council comprises the President, Vice President, all former Presidents and Heads of State, former Chief Justices of Nigeria, the Senate President, the Speaker of the House of Representatives, the Attorney-General of the Federation, the Secretary to the Government of the Federation, and all state governors.

Former Presidents Goodluck Jonathan and Muhammadu Buhari attended the meeting, with former Heads of State General Yakubu Gowon (retd.) and General Abdulsalami Abubakar (retd.) joining virtually, alongside the governors of Abia, Adamawa, and Akwa Ibom States.

However, former President Olusegun Obasanjo and former Head of State General Ibrahim Babangida (retd.) were absent from the meeting. This gathering occurred days after a one-million-man march in Abuja marked the 10th day of nationwide protests against the rising cost of living. The protests, which began on August 1, escalated into property destruction and loss of lives, with at least 17 reported deaths.

On August 3, images and videos emerged showing protesters waving flags in Kano State and chanting in Hausa against bad governance. In Kaduna, protesters were seen waving the Russian flag and reciting in Hausa, expressing support for Russia. The Nigerian military condemned the use of Russian flags during the protests, labeling it a treasonable offense and promising serious action against those responsible.

In a national broadcast on August 4, President Tinubu warned demonstrators against promoting unconstitutional agendas that could set back Nigeria’s democratic progress. Security agencies identified four politicians from Katsina, Kaduna, and Kano who allegedly promoted the use of the Russian flag to incite unconstitutional regime change.

A source at the Council of State meeting confirmed the arrests of local actors involved in the protests and revealed that the foreign mastermind is on the run. The NSA briefed the Council on foreign interference in the protests, noting that a foreign agent, soon to be declared wanted by the police, had fueled the unrest. The NSA also confirmed the deaths of eight people during the protests.

Meanwhile, the Minister of Solid Minerals Development, Mr. Dele Alake, emphasized that no political actor would be allowed to instigate an unconstitutional regime change, describing the #EndBadGovernance protests as an attempt to achieve regime change. He asserted that any change of government must occur through elections, not insurrection.

After the Council of State meeting, Alake briefed State House correspondents, reaffirming the government’s commitment to upholding democracy and security. Finance Minister Wale Edun presented data showing a steady reduction in Nigeria’s inflation rate, which remains too high for President Tinubu’s liking. Edun highlighted progress in macroeconomic policies and the positive impact of investments in infrastructure and foreign direct investment.

Edun also pointed out the potential for growth in the service sector, particularly the outsourcing industry. The Chairman of the Nigeria Governors’ Forum, Governor AbdulRahman AbdulRazaq, announced that the Council of State unanimously passed a vote of confidence in President Tinubu.

The Council of State last met 18 months ago under former President Muhammadu Buhari to discuss the 2023 elections, the new naira policy crisis, and fuel scarcity. The Council advises the executive on national security, economic policies, and key appointments, offering guidance on crucial national issues. Although its recommendations are not binding, they often influence presidential decisions.

Source: Punch