President Bola Tinubu has said that the advent of virtual assets has led to a surge in cryptocurrency fraud in Nigeria.
This was disclosed in a statement published on Page X by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications (Office of the Vice President).
President Tinubu during his opening address at the 6th Economic and Financial Crimes Commission/National Institute of Justice Capacity Building Workshop for Judges and Judges held at NJI, Abuja, Monday, October 7, 2024. This announcement was made.
He advised judges to familiarize themselves with recent technological advances and relevant laws in order to effectively administer justice regarding crypto-related fraud.
The complexity of financial crime Tinubu, who is represented by Vice President Kassim Shettima, said advances in technology have increased the complexity of financial crimes beyond the scope of current jurisprudence, and that “the advent of virtual assets has led to a surge in crypto fraud. “There is,” he emphasized.
He called on the judiciary to equip courts with the necessary technology and equipment to deal with these new forms of crime.
“As a government, we remain committed to creating the right environment for judicial staff to fulfill their responsibilities. One of the government’s key initiatives in the first year of my administration will be to The aim was to improve the welfare of judges by increasing their pay.
“Official accommodation is also being provided to various categories of judicial officers in upscale areas of the Federal Capital Territory,” he added.
He said the executive branch redirects the proceeds recovered from corruption to important social programs such as the Student Loan Fund, while relieving pressure on vulnerable Nigerians to resort to corrupt practices.
“Two notable initiatives are the Student Loan Fund managed by NELFUND and the Consumer Credit Scheme under the supervision of the Nigeria Credit Corporation.
“We are confident that the easy availability of loans will ensure that most poor students will not have to fall prey to cybercrime.Also, despite harsh economic realities, credit facilities make it easy for workers to access funds. ” he added.
He commended the efforts of the EFCC in the fight against economic and financial crimes, particularly in the tracking and recovery of stolen assets, and pledged to continue to support the commission to enable the Federal Government to discharge its statutory mandate without hindrance.
Further information
Shettima also cited frivolous appeals, alleged intimidation of judges by lawyers, and judgments based on technicalities as major challenges hindering the fight against corruption in Nigeria.
However, he acknowledged that recent judicial sector reforms have significantly improved the prosecution of corruption cases.
“There is no denying that the judiciary is central to the success of anti-corruption efforts. The dedication, courage and patriotism of judicial officers are critical in the fight against corruption.
“While we recognize that recent judicial sector reforms have improved the prosecution of corruption cases, we are not unaware of the challenges that continue to impede the speedy adjudication of corruption cases.
“These include frivolous applications and appeals aimed at delaying trials, intimidation of judges by lawyers, and decisions based on technicalities rather than the facts of the case,” he said.
On her part, the Chief Justice of Nigeria, Hon. Justice Kudirat Kekereekun noted that law enforcement agencies must start viewing the judiciary as partners in the anti-corruption campaign in Nigeria.
She pledged the support and commitment of the judiciary to the anti-corruption campaign through capacity-building efforts for judges, judges and prosecutors.
The EFCC Chairman, Mr Ola Olukyoede, said the workshop would contribute significantly to the realization of the new vision and goals of all anti-graft agencies under the current administration.
What you need to know
Nairametrics previously announced that the Securities and Exchange Commission framework, among other requirements, requires virtual asset service providers and token issuers operating in Nigeria or platforms that facilitate the offering, trading, exchange, storage or transfer of It is applicable to those providing services to Nigerian consumers, including: of virtual/digital assets.
Through ARIP, the SEC paved the way for cryptocurrency platforms to come within the purview of federal regulation, taking into account tax obligations and other related national security issues.
Nigeria has one of the highest and fastest rates of cryptocurrency adoption. More than 22 million people (10.3% of the population) are active owners of cryptocurrencies.
Binance and KuCoin have delisted Naira from their platforms due to a crackdown on peer-to-peer Naira trading by the Nigerian SEC.
The ongoing dispute between the Nigerian authorities and the world’s largest cryptocurrency exchange, Binance, has been widely covered in major news outlets.
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