The Nigerian government has seized approximately $37.5 million in digital assets from the organizers of the Endbadgovernance protests. The funds were frozen by a court order based on a claim by the Economic and Financial Crimes Commission, which alleged that the money was linked to money laundering and terrorism financing.
Nigeria Seizes $37.5M in Digital Assets After Court Grants Freezing Order
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Nigerians Feel Economic Pain
The Nigerian government recently seized approximately $37.5 million in digital assets from the Endbadgovernance protest organizers. The seizure came after a Nigerian High Court ruled in favor of the Economic and Financial Crimes Commission (EFCC) in its ex parte application filed on Aug. 8. The application, which was not opposed, characterized the seized digital assets as money laundering proceeds.
According to a Premium Times report, one of the seized crypto wallets had USDT stablecoins worth just over $37 million, with the remainder held in three other wallets. Although the EFCC did not identify the owners of the wallets, unnamed insiders quoted in the report said the government traced the funds to the organizers.
Since the start of August, Nigeria has been rocked by protests sparked by the rising cost of living. Many Nigerians believe the government of Bola Ahmed Tinubu’s decision to remove the fuel subsidy is the source of the country’s problems. The depreciating local currency, which in turn is fueling inflation, adds to the protest organizers’ grievances.
#EndBadGovernance Protests Turn Ugly
However, the protests have turned violent, with reports that criminals have taken advantage of this to commit crimes. This prompted Nigerian authorities to respond by targeting protest organizers. There have been reports of security forces firing live ammunition and the deaths of 20 people.
Meanwhile, unlike in 2020 when authorities sought to stop the Endsars movement by only freezing organizers’ bank accounts, the court’s ruling suggests that the Nigerian government anticipated that protesters would use resort to digital assets to fund their activities.
“That an order of this honourable court is hereby made freezing the wallet addresses/accounts stated in the schedule below, which wallets are owned by individuals currently being investigated for offences of money laundering and terrorism financing, pending the conclusion of the investigation,” the court said in its ruling.
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