How Cryptocurrency Ban ‘ll Aid Nigeria’s Terrorism Fight, Adamu Garba Explains

Related stories

2027 Permutations: Enugu State Governor Peter Mbah Moves to APC Soon

Seals Deal With Party Hierarchy By Abiola Olawale Ahead of...

[PHOTOS] Akpabio Arrives in Rome, Pays Tribute at Pope Francis’s Lying-in-State

By Abiola Olawale The President of the Senate, Senator Godswill...

Drama As Ododo’s Government Shuts MTN Service in Kogi, Advises Residents On Other Networks

By Kolawole Ojebisi The Kogi State government's Utility Infrastructure Management...

Atiku Breaks Silence on Okowa, Oborevwori’s Defection from PDP to APC

By Abiola Olawale Former Vice President Atiku Abubakar has addressed...

By Abiola Olawale

 

Adamu Garba, a former presidential aspirant, has on Saturday backed the ban placed on all accounts linked to cryptocurrency trading in the country by the Central Bank of Nigeria (CBN), stating that the ban will help the country in its fight against terrorism.

According to him, the ban placed on all crypto accounts would affect the terrorists and bandits, who had mastered the act of sourcing for funds to perpetrate crimes, through cryptocurrencies.

He stated the move will cut the major source of funds sought by the terrorist to purchase weapons, adding that the ban was necessary as it would stop the funding of protests like the recent #EndSARS campaign.

Garba made these explanations while speaking in an interview with the Punch, on Saturday.

In his words, “When government is taking this decision, there could be national economic implications as well as national security implications. You and I know that the #EndSARS protests although very well-organised, the demands very clearly stated, but eventually it was turned into something of an uprising and an insurrection than what it was supposed to be. When you look at the destruction that happened in Lagos, we can’t say that that was the original intention of #EndSARS. If these sources of funds keep coming, amplifying that kind of insurrection that is capable of destroying law and order in the country, then, of course, it justifies why that (crypto ban) should be done. Additionally, even the terrorist organisations that we have now, the bandits, the Boko Haram. Most of these guys now know how to use cryptocurrencies. Terrorism is a global network; it is not an isolated happening, especially when it comes to finance and weapons. These people have collaborations and the possibility that they keep sustaining their war on the Nigerian state by causing so much havoc on the country through those back channels that cannot be visible is also there. So, if you shut them out of the Nigerian system, I believe it is a good thing. It will create friction to some of the otherwise smooth processes that they use to leverage on. So, if I want to pass money from somebody in Sambisa Forest to somebody in a forest in Calabar for instance, I can be able to use crypto channel and it lands in the bank and then he cashes it over there and be able to use but now it cannot pass through Nigerian banks. Cryptocurrency is here and it is the future of currency but it does not fit into Nigeria at the moment.

“The decision of the government to the best of my knowledge makes sense because the way the crypto works in Nigeria is not consumerise, meaning it is not going to individual users to participate. Most people go through brokers to be able to do these crypto activities. Most of these brokers are in a dark environment, nobody knows where they are and they cannot be regulated. Yet, they transact in some cases millions of dollars. So, how would you allow these people to run in an economy? he asked, adding that the trading of cryptocurrencies in Nigeria was inimical to the country’s economic growth.

“People carry their money in a dollar environment that is completely untracked and unregulated. Nigeria is the second or third most-traded Bitcoin in the world – $566m without productivity is sitting in one place from Nigeria. This to me is not a very good thing for economic growth. As a third world economy, we need more productivity per dollar that gets into the bank. CBN said Nigerian financial institution should not participate from any crypto activities but it didn’t stop anybody from participating in crypto activities.” Garba said.

It would be recalled that Garba, 38, is a Nigerian entrepreneur, IT expert, business consultant, politician and the Chief Executive Officer(CEO) of the IPI Solutions Nigeria Limited. He was also a former presidential aspirant in the 2019 election under the All Progressive Congress (APC).

'Dotun Akintomide
'Dotun Akintomide
'Dotun Akintomide's journalism works intersect business, environment, politics and developmental issues. Among a number of local and international publications, his work has appeared in the New York Times. He's a winner of the National Youth Service Corps (NYSC) Award. Currently, the Online Editor at The New Diplomat, Akintomide has produced reports that uniquely spoke to Nigeria's experience on Climate Change issues. When Akintomide is not writing, volunteering or working on a media project, you can find him seeing beautiful sites like the sandy beaches that bedecked the Lagos coastline.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

[tds_leads input_placeholder="Your email address" btn_horiz_align="content-horiz-center" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" pp_checkbox="yes" tdc_css="eyJhbGwiOnsibWFyZ2luLXRvcCI6IjMwIiwibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tdG9wIjoiMTUiLCJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsImxhbmRzY2FwZSI6eyJtYXJnaW4tdG9wIjoiMjAiLCJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sImxhbmRzY2FwZV9tYXhfd2lkdGgiOjExNDAsImxhbmRzY2FwZV9taW5fd2lkdGgiOjEwMTksInBob25lIjp7Im1hcmdpbi10b3AiOiIyMCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3Njd9" display="column" gap="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTAiLCJsYW5kc2NhcGUiOiIxNSJ9" f_msg_font_family="downtown-sans-serif-font_global" f_input_font_family="downtown-sans-serif-font_global" f_btn_font_family="downtown-sans-serif-font_global" f_pp_font_family="downtown-serif-font_global" f_pp_font_size="eyJhbGwiOiIxNSIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_weight="700" f_btn_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_transform="uppercase" btn_text="Unlock All" btn_bg="#000000" btn_padd="eyJhbGwiOiIxOCIsImxhbmRzY2FwZSI6IjE0IiwicG9ydHJhaXQiOiIxNCJ9" input_padd="eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMCJ9" pp_check_color_a="#000000" f_pp_font_weight="600" pp_check_square="#000000" msg_composer="" pp_check_color="rgba(0,0,0,0.56)" msg_succ_radius="0" msg_err_radius="0" input_border="1" f_unsub_font_family="downtown-sans-serif-font_global" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_size="eyJhbGwiOiIxNCIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_weight="500" f_msg_font_weight="500" f_unsub_font_weight="500"]

Latest stories

Latest News
2027 Permutations: Enugu State Governor Peter Mbah Moves to APC Soon[PHOTOS] Akpabio Arrives in Rome, Pays Tribute at Pope Francis’s Lying-in-StateUS and China holding talks on trade war, Trump says after Beijing rebuttalDrama As Ododo's Government Shuts MTN Service in Kogi, Advises Residents On Other NetworksAtiku Breaks Silence on Okowa, Oborevwori's Defection from PDP to APCTribunal Upholds FCCPC's $220m Fine Against Meta, WhatsApp And Additional $35,000APC Accuses Atiku Of Triggering PDP's Crisis By Ignoring Party's Zoning ArrangementNwoko To Oborevwori: Embrace New Politics, Shun Deals That Led To Decline Of Delta PDPWhy Tinubu Approved Aso Rock's Switch From National Grid To Solar, FG Explains"I'm Honoured" Says Dangote After Appointment To World Bank Investment LabRamaphosa, Trump Meet Soon Over Strained South Africa-US Relations After Ambassador Rasool's ExpulsionEminent Scholar- Diplomat, Ibrahim Gambari Showers Accolades On Emir of Ilorin, Ibrahim Sulu-Gambari, on His 85th BirthdayRelief As NiMet Workers Call Off Strike After FG’s Brokered Truce'No Comment'...Reps Decline Response As Ibas Shuns Panel On Rivers Emergency Rule AgainPoverty Will Increase In Nigeria By 3.6% Over Next Five Years -- World Bank
X whatsapp