Interpol Nigeria Enhances Cybersecurity with Virtual Asset Training

In a collaborative effort to combat the increasing rates of cybercrime in Nigeria, the local intelligence community, cybersecurity experts, and the Nigerian Interpol gathered in the capital city of Abuja. The training session, organized by A&D Forensics in partnership with the Africa Stablecoin Consortium, aimed to equip Interpol agents with the necessary skills to address crimes involving digital assets, particularly stablecoins. Blockchain specialist Chioma Onyekelu explained that cybercriminals have evolved beyond traditional fiat currency and are now exploiting virtual assets to carry out various cyber offenses. Given Nigeria’s growing involvement in virtual asset exchanges, the training was deemed essential to enhance the capabilities of law enforcement agencies in combating cybercrimes.

Senior Partner at A&D Forensics, Adedeji Owonibi, emphasized the significance of the training in light of the escalating cybercrime trends in Nigeria. He acknowledged the existing gap between the evolving nature of cybercrimes and the capabilities of law enforcement agencies, stating that it was crucial to bridge this divide and support authorities in effectively combating cybercrimes. Owonibi addressed the recent controversy surrounding the introduction of the cybersecurity Levy, asserting that while it may be a contentious issue, the government’s authority to make decisions impacting national security should not be undermined. He emphasized the importance of prioritizing the nation’s security interests.

In a separate development, the Central Bank of Nigeria (CBN) recently directed banks and other payment service providers to deduct 0.5% of the total value of electronic transactions and remit the amount to the National Cybersecurity Fund, managed by the Office of the National Security Adviser (ONSA). This move reflects the government’s efforts to enhance cybersecurity measures. Nigeria’s Securities and Exchange Commission (SEC) has taken steps to regulate the use of cryptocurrencies by prohibiting peer-to-peer exchanges involving the Nigerian currency, the naira. This signifies a significant shift in the country’s regulatory stance on cryptocurrencies.

Interestingly, despite these recent regulatory actions, the International Monetary Fund (IMF) has recommended that Nigeria embrace crypto adoption as part of its economic reformation measures. The IMF suggests licensing global cryptocurrency exchanges as a means to foster growth and development in the country. This highlights the ongoing debate and contrasting viewpoints regarding the use and regulation of cryptocurrencies in Nigeria.

The training session organized by A&D Forensics in partnership with the Africa Stablecoin Consortium aimed to empower the Nigerian Interpol with the necessary skills to combat cybercrimes involving digital assets, particularly stablecoins. The rising rates of cybercrime in Nigeria necessitate targeted training sessions to bridge the gap between evolving cyber offenses and the capabilities of law enforcement agencies. While recent regulatory actions by the government reflect their commitment to enhancing cybersecurity, there continues to be debate and differing opinions on the use and regulation of cryptocurrencies. The approach Nigeria takes in embracing or restricting cryptocurrency adoption will undoubtedly shape its economic reformation measures going forward.

Hanan Escamilla

Hanan Escamilla

5 thoughts on “Interpol Nigeria Enhances Cybersecurity with Virtual Asset Training

  1. The recent directive from the Central Bank of Nigeria reflects the government’s commitment to enhancing cybersecurity measures. Let’s embrace these efforts and work towards a safer digital ecosystem for all.

  2. Cybercriminals will always be one step ahead. This training session won’t make much of a difference.

  3. It’s encouraging to see the Securities and Exchange Commission taking steps to regulate the use of cryptocurrencies. Let’s embrace these regulations and ensure safer transactions in the digital space.

  4. This training session organized by A&D Forensics will empower our Interpol agents to combat cybercrimes involving stablecoins! Let’s support initiatives like these and work towards a safer digital environment.

  5. Exciting times for cybersecurity in Nigeria! This training session will surely enhance the capabilities of our law enforcement agencies in tackling cybercrimes involving digital assets. Kudos to A&D Forensics and the Africa Stablecoin Consortium for organizing it!

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