Nigerian Interpol and Cybersecurity Experts Collaborate to Combat Rising Cybercrime
Summary:
Nigeria's Interpol officials are working in collaboration with cybersecurity experts and local intelligence agencies to strategize responses to the country's increasing cybercrime rates, specifically those involving digital assets like stablecoins. A brainstorming session, held in Abuja, aimed to arm Nigerian Interpol agents with blockchain analysis skills, bolstering their ability to trace and prosecute cryptocurrency-using criminals. Moreover, the session highlighted the urgent need to bridge the gap between emerging cybercrimes and the capabilities of Nigeria's law enforcement agencies. The Central Bank of Nigeria is also stepping up financial regulations related to cybersecurity, while the country's Securities and Exchange Commission is cracking down on cryptocurrency usage.
In an effort to curb the growing issue of cybercrime in Nigeria, a collaborative session was recently held between the Nigerian branch of Interpol, cybersecurity specialists and local intelligence agencies. This collaborative meeting, organized by A&D Forensics in association with the Africa Stablecoin Consortium, aimed at formulating strategies to regulate crimes involving digital assets, particularly stablecoins. It took place in Abuja, the federal capital territory.
According to Chioma Onyekelu, a blockchain specialist, the main objective of the training session was to arm Interpol agents with the required knowledge and skills to apply blockchain investigation and analysis in the identification and apprehension of cybercriminals operating with cryptocurrency transactions, mainly Bitcoin and stablecoins.
Onyekelu revealed that modern cybercrime is no longer confined to traditional fiat currency; criminals have now moved into abusing digital assets to perpetrate various cybercrimes. Consequently, it’s essential for Nigeria’s Interpol to upgrade its capabilities through specialized training modules as the nation’s dealings with digital asset exchanges swells. This training, according to Onyekelu, would equip law enforcement officers with the necessary tools to adequately handle cybercrimes involving digital assets, especially stablecoins.
A&D Forensics’ Senior Partner, Adedeji Owonibi, expressed to journalists that such training was vitally necessary given the surge of cybercrime in Nigeria. He stated, “There is a noticeable void between the developing cybercrimes and Nigerian law enforcement agencies' capabilities. Recognizing a need to bridge this discrepancy, we as responsible corporate citizens decided to aid our enforcement agencies in updating their skills and effectively combating cybercrimes.”
Owonibi spoke on the recent controversies surrounding the introduction of the cybersecurity levy. While he accepted that cybersecurity may be a contentious issue, he also emphasized that the government possessed the right to determine on matters impacting national security and the significance of prioritizing the nation’s security needs.
The Central Bank of Nigeria (CBN), on Monday, instructed banks and other financial service providers to commence the deduction of 0.5% from the total value of electronic transactions and transfer it to the National Cybersecurity Fund, which will be managed by the Office of the National Security Adviser (ONSA).
In recent developments, Nigeria’s Securities and Exchange Commission (SEC) is imposing strict regulations on cryptocurrency, by banning peer-to-peer exchanges dealing in the naira, indicating a major shift in regulations.
In recent advice from the International Monetary Fund (IMF), Nigeria has been urged to embrace the adoption of cryptocurrency through the licensing of global cryptocurrency exchanges, as a part of its strategies for economic reformation.
Published At
5/11/2024 3:22:22 PM
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