The Nigerian government has reportedly frozen more than $37 million worth of cryptocurrency held in wallets believed to be associated with the organisers of the #EndBadGovernance protests. This action was taken following an order from the Federal High Court in Abuja.
The ruling, issued by Judge Emeka Nwite on July 9, 2024, came after an application by the Economic and Financial Crimes Commission (EFCC). The EFCC claimed that the assets in question were proceeds from money laundering and terrorism financing. The court granted the freezing order during an ex parte hearing, meaning the wallet owners were not present or notified at the time of the decision.
The largest of the frozen wallets contains over $37 million in USDT (a stablecoin tied to the US dollar). The other wallets hold smaller amounts, ranging from $90 to $443,512.37 in cryptocurrency. The EFCC did not disclose the identities of the wallet owners in their application, but sources suggest that they are linked to the organisers of the #EndBadGovernance protests.
An affidavit supporting the EFCC’s application stated that the assets were under investigation for their connection to money laundering and terrorism financing. The court has ordered that the wallets remain frozen pending the conclusion of the investigation and any potential prosecution.
