The Nigerian government recently intercepted over N83 billion in cryptocurrency and traditional currency intended for funding nationwide protests. This amount includes $50 million in cryptocurrency, of which $38 million was blocked across four crypto wallets, along with N4 billion contributed by various political figures from cities like Abuja, Kano, Kaduna, and Katsina.
During the inaugural meeting of the Council of State, National Security Adviser Nuhu Ribadu presented findings on the protests and their implications for national security. He revealed that a European national is suspected to have orchestrated the spread of foreign flags during the protests, and he will soon be declared wanted by the Nigerian police. Several local collaborators from key cities like Abuja, Kaduna, and Kano have already been arrested in connection with the unrest.
According to an anonymous source, Ribadu explained that the government was able to trace and block significant funds that were being used to fuel the protests. In addition to the $38 million in crypto wallets, several political actors contributed a total of N4 billion towards these protests, aiming to challenge the government.
Earlier, President Tinubu convened the Council of State meeting to address key issues, including the recent protests under the banner #EndBadGovernance, as well as the broader topics of national security, economic conditions, and food security. The council, which comprises the President, Vice President, former Presidents, Heads of State, Chief Justices, and state governors, meets periodically to discuss pressing national matters. Former Presidents Goodluck Jonathan and Muhammadu Buhari were present at the meeting, along with notable leaders like General Yakubu Gowon and General Abdulsalami Abubakar, who participated virtually.
While the nationwide protests were initially sparked by frustrations over the rising cost of living, they soon became marked by violence and destruction. The protests led to the deaths of at least 17 people, with notable unrest in the northern regions of Nigeria. Some protesters even waved Russian flags, and chants in Hausa expressed support for Russia, seen as a symbol of resistance against the West. This raised concerns within the Nigerian military, who described the use of foreign flags as treason and launched investigations into those behind these actions.
President Tinubu, in a national address on August 4, warned demonstrators not to let enemies of democracy manipulate them for unconstitutional ends. The President emphasized that any change in government must be achieved through democratic processes such as elections, rather than insurrections or unconstitutional means.
The security agencies, meanwhile, have linked at least four political figures from the northern regions of Nigeria to the promotion of Russian flags during the protests. These individuals have been arrested, while a foreign agent suspected of involvement is still being pursued.
Minister of Solid Minerals Development, Dele Alake, reaffirmed the government's stance that regime changes must only occur through democratic elections. He criticized the protests as an attempt to achieve regime change by force and assured that the government would resist any unconstitutional moves. Speaking after the Council of State meeting, Alake thanked Nigerians for upholding democracy and reminded them that change could only be effected through elections. He also reiterated that the security agencies would continue to ensure the safety of the country and protect its democracy from threats.
Finance Minister Wale Edun also gave a presentation at the Council of State meeting, discussing the state of Nigeria’s economy. He acknowledged that while inflation remains a concern, recent trends show it is gradually declining. Edun presented data showing progress in various areas of the economy, noting improvements in Nigeria's balance of payments and trade, among other indicators. Despite challenges, the Council of State emphasized the importance of maintaining stability and working towards sustained development in various sectors.
Overall, the Council of State meeting highlighted the government's commitment to preserving democracy and national security while tackling economic challenges and addressing public grievances. The arrests of political collaborators and the blocking of significant financial contributions reflect the government's efforts to curtail protests and prevent any unconstitutional attempts to change the government.
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