The Federal Government of Nigeria has identified about N83 billion in cryptocurrency and fiat money being used to fund the recent nationwide protests.
This was revealed by the National Security Adviser, Nuhu Ribadu, during the inaugural meeting of the Council of State, which was convened by President Bola Tinubu at the Aso Rock Villa in Abuja.
According to Ribadu, some of the funds identified are $50 million in cryptocurrency, with $38 million of that amount being frozen in four cryptocurrency wallets. Additionally, N4 billion was contributed by various political actors in Abuja, Kano, Kaduna, and Katsina.
During Tuesday’s meeting, Ribadu presented on “The Nationwide Protest As It Affects National Security,” and disclosed that an individual from Europe has been identified as the mastermind behind the spread of foreign flags during the protests.
This individual will soon be declared wanted by the Police, according to multiple sources familiar with the meeting proceedings.
An unnamed source, speaking under the condition of anonymity due to a lack of authorization to discuss the matter, revealed that individuals involved in a local conspiracy linked to the cities of Abuja, Kaduna, and Kano have been detained by authorities.
President Tinubu had on Tuesday called for the Council of State meeting to address various important issues including the recent #EndBadGovernance protests, national security, the economy, and food security.
The Council is comprised of the President (who serves as its chairman), the Vice President, all former Presidents and Heads of State, all former Chief Justices of Nigeria, the Senate President, the Speaker of the House of Representatives, the Attorney-General of the Federation, the Secretary to the Government of The Federation, and all state governors.
At the inaugural Council meeting, former Presidents Goodluck Jonathan and Muhamamdu Buhari were present, along with former Heads of State, General Yakubu Gowon (retd.) and General Abdulsalami Abubakar (retd.), who participated virtually. The governors of Abia, Adamawa, and Akwa Ibom State were also in attendance.
The meeting was notable for the absence of former President Olusegun Obasanjo and former Head of State General Ibrahim Babangida (retd.).
The National Council of State is an important constitutional body within the Nigerian government. It serves in an advisory capacity to the executive branch, offering guidance on various policy matters.
Its responsibilities include providing counsel to the President on matters such as national security, economic policies, and key government appointments.
When convened by the President, the Council convenes to discuss critical national issues, which may encompass a wide range of topics, including but not limited to national security, economic challenges, and the appointment of key public officials such as the chairman and members of significant commissions like the Independent National Electoral Commission, the National Population Commission, and the Police Service Commission.
The Council provides advice on how the President should use their powers to grant pardons and commutations.
These meetings are usually called by the President as needed, rather than on a regular schedule. They are especially important during times of significant national challenges, when the input of current and former leaders is crucial.
While the President is not required to follow the Council’s recommendations, they often have an impact on presidential decisions.
The Council’s most recent meeting took place 18 months ago on February 10, 2023, during the tenure of former President Muhammadu Buhari.
Buhari had called the meeting in a bid to address various important issues including the 2023 general elections, the challenges arising from the new naira policy, and the widespread fuel scarcity.
