The Nigerian government has seized over $37 million in cryptocurrency from wallets allegedly owned by organizers of the recent #EndBadGovernance protests. This action was taken in response to a directive from the Federal High Court in Abuja.
On July 9th, Judge Emeka Nwite issued the order granting a request from the Economic and Financial Crimes Commission (EFCC) to freeze the crypto wallets. The EFCC claimed the funds were proceeds of economic sabotage and criminality.
The #EndBadGovernance protests erupted across Nigeria in early August 2024, with demonstrators expressing frustration over economic hardships, high inflation, removal of fuel subsidies, and corruption. While largely peaceful in the South, the protests turned violent in some northern states, leading to clashes with security forces.
In the wake of the protests, the Nigerian government has cracked down on crypto platforms, particularly Binance. Two Binance executives were detained and had their passports seized after visiting Nigeria. The Central Bank of Nigeria also revealed that $26 billion flowed through Binance Nigeria in one year from unidentified sources.
The crypto seizure and clampdown on exchanges have raised concerns about the future of cryptocurrency in Nigeria. Many traders are exploring alternative platforms like Telegram to continue peer-to-peer transactions. The government’s actions have been met with mixed reactions, with some questioning if authorities are targeting just Binance or the entire crypto industry