Interpol Nigeria, in collaboration with local cybersecurity experts and the Africa Stablecoin Consortium, recently conducted a specialized training session in Abuja. This initiative, spearheaded by A&D Forensics, aims to bolster the nation’s defenses against the increasing prevalence of cybercrime, particularly those involving virtual assets like stablecoins.
Strategic Training for Enhanced Crime Fighting
The training was specifically designed to equip Nigerian Interpol officers with advanced skills in blockchain intelligence and analysis. This will enable them to effectively trace and prosecute cybercriminals who utilize cryptocurrencies, including Bitcoin and stablecoins, in their illegal activities. Blockchain specialist Chioma Onyekelu highlighted the shift in cybercrime tactics from traditional fiat currencies to virtual assets, underscoring the importance of this advanced training.
Bridging the Gap in Cybersecurity
Adedeji Owonibi, Senior Partner at A&D Forensics, emphasized the critical gap between the rapid evolution of cybercrimes and the current capabilities of law enforcement agencies in Nigeria. He noted, “As responsible corporate citizens, we recognized the need to bridge this gap and support our law enforcement agencies in staying updated and effectively combating cybercrimes.”
Also Read: Nigeria to Ban Peer-to-Peer Crypto Trading in Naira
National Security and Regulatory Changes
The training comes at a time when Nigeria is actively enhancing its cybersecurity measures. Recently, the Central Bank of Nigeria (CBN) mandated banks and other payment service providers to start deducting 0.5% of the total value of electronic transactions to fund the National Cybersecurity Fund managed by the Office of the National Security Adviser (ONSA). Additionally, the Nigerian Securities and Exchange Commission has taken a firm stance on cryptocurrency by banning peer-to-peer exchanges that use the naira, marking a significant shift in regulatory approach.
Global Recommendations and Local Implications
The International Monetary Fund (IMF) has also weighed in, recommending that Nigeria embrace crypto adoption by licensing global cryptocurrency exchanges as part of its economic reform strategies. This suggests a potential alignment with global trends even as local regulations tighten.
The initiatives undertaken by Interpol Nigeria and its partners signify a proactive approach to adapting to the challenges posed by the digital age, particularly in the realm of financial crimes involving emerging technologies like cryptocurrencies.
