The Federal Government has reportedly traced over N83 billion in cryptocurrency and fiat money linked to recent nationwide protests, including the controversial #EndBadGovernance movement.
This revelation was part of a presentation made by the National Security Adviser (NSA), Nuhu Ribadu, during the inaugural meeting of the Council of State convened by President Bola Tinubu at the Aso Rock Villa, Abuja.
According to sources familiar with the proceedings, Ribadu disclosed that $50 million in cryptocurrency was traced to the protests, with $38 million blocked in four different cryptocurrency wallets. Additionally, N4 billion was reportedly contributed by various political actors from Abuja, Kano, Kaduna, and Katsina to fund the protests.
During his presentation titled “The Nationwide Protest As It Affects National Security,” Ribadu also revealed that a European national had been identified as the mastermind behind the proliferation of foreign flags, including Russian flags, during the protests. This individual is expected to be declared wanted by the Nigerian Police soon.
A source, speaking on condition of anonymity, confirmed that local conspirators linked to the protests have already been arrested in Abuja, Kaduna, and Kano. “In his presentation, the NSA said the government was able to trace $50 million to crypto wallets that were made as donations to the protests. They succeeded in blocking four of those wallets containing $38 million. They also found out that some political actors contributed N4 billion to fund the protests,” the source said.
President Tinubu convened the Council of State meeting to address several pressing issues, including the #EndBadGovernance protests, national security, the economy, and food security. The Council of State comprises the President (as its chairman), the Vice President, all former Presidents and Heads of State, all 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.
Notably, former Presidents Goodluck Jonathan and Muhammadu Buhari attended the meeting in person, while former Heads of State, General Yakubu Gowon (retd.) and General Abdulsalami Abubakar (retd.), participated virtually. However, former President Olusegun Obasanjo and former Head of State General Ibrahim Babangida (retd.) did not attend.
The Council of State meeting followed a series of protests across Nigeria, including a one-million-man march in Abuja that marked the 10th day of demonstrations against the rising cost of living in the country. The protests, which began on August 1, quickly escalated into violence in some areas, particularly in the North, resulting in at least 17 deaths.
The demonstrations also saw the controversial use of Russian flags by some protesters in Kano and Kaduna, with chants of “Welcome, Russia” raising concerns of foreign interference. The Nigerian military condemned the use of foreign flags during the protests, calling it a treasonable offense and vowing to take serious action against those responsible.
In a national broadcast on August 4, President Tinubu warned demonstrators against allowing “enemies of democracy” to use them to promote an unconstitutional agenda. Security agencies have since identified and arrested at least four politicians from Katsina, Kaduna, and Kano states, accused of promoting the use of the Russian flag among protesters with the intent to incite unconstitutional regime change.
Another source privy to the Council of State discussions confirmed that the foreign agent behind the protests is currently on the run, with Nigerian collaborators already in custody. 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.”
Meanwhile, the Minister of Solid Minerals Development, Dele Alake, reiterated that no political actor would be allowed to instigate an unconstitutional regime change. He described the #EndBadGovernance protests as an attempt to achieve regime change by force, emphasizing that any change of government must occur through the ballot box, not insurrection.
“Any change of government has to be through the ballots and not through the barrel of the gun or insurrection or any other unconstitutional means,” Alake stated while briefing State House correspondents after the Council of State meeting.
The NSA reassured the Council and the nation that security agencies are fully prepared to protect Nigeria’s democracy and territorial integrity, and will take all necessary measures to ensure the country’s stability.
