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Cryptocurrency Portrays Greater Danger To World Economy, Says EFCC

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Chairman, Economic and Financial Crimes Commission, EFCC, Abdulrasheed Bawa, has said growth of cryptocurrencies, such as Bitcon portrays a far greater danger to the world economy.

The EFCC boss stated this while delivering a keynote address on Monday at the 38th Cambridge International Symposium on Economic Crime, themed, “Economic Crime-Who pays and who should pay?”, organized by the Center for International Documentation on Organized and Economic Crime (CIDOEC), Jesus College, University of Cambridge,, United Kingdom.

Describing cryptocurrencies as the new typologies of economic crimes, Bawa said criminals now elect to transact or receive illegal monies such as ransom money in digital currency, noting that Bitcoin and Ethereum were the most commonly used medium of these exchanges.

He therefore, advocated collective and collaborative approach by authorities around the world in dealing with the challenges of financial crimes which, he noted, is a global scourge as no nation is spared its virulence.

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According to him, economic crimes which are largely illegal acts committed for private gain, “affect the vital structures of global economies, causing significant damage to the Global Financial System and depriving developing nations of the needed resources for sustainable development”.

He noted that developed countries are not immune from the scourge, which has “magnified with the proliferation of Cyber-crimes which threatens the stability of Global Financial Institutions.”

He commended the choice of theme which he said offers a platform to interrogate the challenges of economic crimes.

“As the victims of crime continue to suffer globally from the effects of financial crimes, either directly or indirectly as part of a social system, the determination of who pays or who should pay becomes a critical measure of the criminal justice system in place,” he said.

He underlined the imperatives of an impartial judiciary in ensuring that “the perpetrators of acts and not the victims pay for their crimes.”

While highlighting some of the transparency and accountability achievements of the Nigerian Government under the leadership of President Muhammadu Buhari including enactment and amendment of relevant laws to enhance public accountability and reforms such as Treasury Single Account and the Whistle Blower Policy among others;  Bawa pointed out that the EFCC, as the rallying point in the fight against economic crimes in Nigeria, has recorded important milestones in investigations, prosecutions and assets recovery.

In his words, “Since its establishment in 2003, the Commission has recorded no less tha  3,500 convictions and recovered assets of significant value including properties in Nigeria, the UK, USA, and the UAE. All these have measurably contributed to the national efforts against economic crimes in Nigeria”.

The EFCC boss concluded by challenging participants to come up with practical solutions to curb the international threat of economic crimes.

Chairman of the Symposium, Mr. Saul Froomkin, thanked the EFCC boss for his insightful presentation, and the support received from Nigeria in organizing the event.

Participants at the Symposium were drawn from law enforcement and security agencies, accountability institutions and select stakeholders from across the World.

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Political War Erupts as Kwankwaso Rubbishes Marafa’s Call to Sack Matawalle

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The Director of Finance and Administration of the Hadejia–Jama’are River Basin Authority, Hon. Musa Iliyasu Kwankwaso, has dismissed as futile the call by former Senator Kabiru Marafa for the removal of Dr. Bello Matawalle as Minister of Defence, insisting that President Bola Ahmed Tinubu remains fully satisfied with Matawalle’s performance.

Kwankwaso made the remark while addressing journalists at a press briefing in Abuja, describing Marafa’s demand as unfortunate, baseless and driven by personal bitterness, and stressing that it would not influence the President’s decision.

He said it was disturbing that a politician from the same state as the minister, Zamfara, would publicly attack Matawalle despite the minister’s commitment to national service.

“I was truly shocked when I heard the comments of former Senator Kabiru Marafa calling for the removal of the Minister of Defence, Dr. Bello Matawalle, even going as far as fabricating lies and false allegations against him. These statements are clearly driven by confusion and jealousy, and Mr. President will never accept them from enemies hiding behind criticism,” Kwankwaso said.

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Hon. Kwankwaso further argued that Marafa lacks the moral standing to speak on security matters, citing a controversial traditional title allegedly linked to criminal elements within Marafa’s immediate circle.

“Besides jealousy and bitterness, Marafa has no justification to speak on security issues. A close relative of his senior brother was said to have been involved in helping to confer a traditional leadership title on the notorious bandit leader, Ado Aliero, in Yandoto. It was during Dr. Bello Matawalle’s tenure as governor that the title was subsequently suspended. So I ask: if he truly has a conscience, does he really have the right to speak on security?” he queried.

 

Kwankwaso also recalled past political comments credited to Marafa, in which the former senator reportedly vowed to defeat President Tinubu politically, questioning the sincerity of his present demand.

“Not long ago, Marafa openly said he would defeat Tinubu and cause him a one-million-vote loss. Now the same person who once wished the President’s failure is calling on the President to remove someone who is working for the success of his administration. That contradiction exposes the real motive behind these attacks,” he added.

 

He maintained that President Tinubu’s confidence in Dr. Matawalle remains firm, noting that no amount of pressure, manipulation or political jealousy would force the President to act against his judgment.

In his concluding remarks, Kwankwaso cautioned Northerners against what he described as a growing culture of destructive rivalry and bitterness, where individuals seek the downfall of others simply because they have lost political relevance.

He warned that those currently calling for Matawalle’s removal might be the same people who would later accuse the President of marginalising the North should he appoint someone else from outside the region.

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New Defense Minister GC Musa Takes Oath of Office

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By Yusuf Danjuma Yunusa

President Bola Tinubu has sworn in General Christopher Musa (retd.) as the new Minister of Defence.

Musa, a former Chief of Defence Staff, took the oath of office on Thursday at the State House, Abuja.

Nigerian Tracker News had reported that the Senate on Wednesday confirmed Musa as Minister of Defence following a rigorous five-hour screening.

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During the session, the former CDS was grilled over recent security lapses, including the controversial withdrawal of troops from Government Comprehensive Girls Secondary School, Maga, in Kebbi State, shortly before schoolgirls were abducted on November 17.

He told lawmakers he would “immediately set up a full-scale investigation” into the troop withdrawal once he assumes duty.

Musa also vowed to probe the killing of Brigade Commander Brig-Gen. Musa Uba in Borno State, along with other attacks on senior military officers.

Musa’s nomination followed the resignation of former Defence Minister, Mohammed Badaru, reportedly on health grounds.

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KANSIEC Appoints Adhoc Staff for Ward Bye-Elections

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Prof Sani Lawal Malumfashi KANSIEC Chairman

 

The Chairman of the Kano State Independent Electoral Commission (KANSIEC), Professor Sani Lawal Malumfashi, has issued appointment letters to adhoc staff for the upcoming ward bye-elections in three local government areas of the state.

During the presentation of the appointment letters, Professor Malumfashi urged the adhoc staff to justify the trust and confidence the commission has reposed in them.

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He expressed his confidence in their ability to discharge their duties based on their level of education, experience, and track record of honesty and dedication.

The adhoc positions include 3 Returning Officers, 3 Electoral Officers, and 3 Assistant Electoral Officers for Dala (Kofar Mazugal), Dogowa (Maraku), and Ghari (Matan Fata) wards.

In a statement signed by Bashir Habib Yahaya media aid to the executive chairman said the Chairman appreciated security agencies, politicians, and the general public for their support and cooperation. The bye-elections are scheduled to hold on December 13, 2025.

 

 

 

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