Interpol Nigeria boosts cybersecurity with digital asset training  

Cyber Security experts in Nigeria, with the Nigerian Interpol and members of the local intelligence community, gathered to brainstorm ways to tackle the rising cases of cyber crimes in the country.

The various bodies decided on virtual and digital asset training particularly focused on stablecoins for the various intelligence bodies in the country.  

According to CoinTelegraph, the meeting occurred in Nigeria’s capital city of Abuja under a training platform organized by A&D Forensics in partnership with the Africa Stablecoin Consortium.

The meeting was designed to prepare Nigeria’s Interpol and make them conversant with issues bordering digital assets crimes, particularly stable currencies.  

According to Blockchain Specialist, Chioma Onyekulu, the training section aims to empower Interpol agents in Nigeria with skills to use blockchain intelligence and analysis to go after cyber criminals involved in cryptocurrency transactions, especially bitcoin and stablecoins.  

Ms Onyekulu explained that cybercrime has evolved beyond traditional fiat currency, with cyber criminals now upping their game to digital assets and blockchain-related thefts.  

He added that as Nigerian Interpol officers receive collaborative requests from international partners, it is important to get them prepared and equipped with the right skills to maximize crime-fighting through training.  

As Nigeria’s involvement with virtual asset exchanges continues to grow, targeted training of intelligence officers will enable them to effectively tackle cybercrimes involving virtual assets, particularly stablecoins.  

Adedeji Owonibi, Senior Partner at A&D Forensics, told journalists that the training is imperative due to the rising cybercrime trends in the country. He stated: 

“A significant gap exists between the evolving cybercrimes and the capabilities of law enforcement agencies in Nigeria. 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.” Adedeji said.  

In relation to the controversies and outbursts created by the recent cyber security levy, Adedeji argued that the Federal Government retains the right to make decisions on matters that pertain to national security, emphasizing the importance of prioritizing national security.  

What to know  The Central Bank of Nigeria (CBN) recently introduced a cybersecurity levy mandating banks to deduct 0.5% of the total transaction value of electronic transactions to be remitted to a cyber security fund. This has been met with stiff resistance by Nigerians who cite the hardship the policy would cause ordinary Nigerian citizens.  Nigeria’s Securities and Exchange Commission (SEC) is leading a crackdown on crypto-related activities in the country, banning peer-to-peer exchanges due to claims of Naira manipulation.  The International Monetary Fund (IMF) has advised Nigeria to embrace crypto adoption by licensing global crypto exchange platforms as part of its economic reformation measures.  

Michael Ndu-Okeke I am Michael Ndu-Okeke, a new media enthusiast focused on Business and market news in Sub-Saharan Africa. I also cover the intriguing world of Cryptocurrencies and Nigerian Business efforts in the UK and the US.