The Nigeria Police Force National Cybercrime Centre (NPF-NCCC) has seized cryptocurrency assets worth ₦3.6 billion (approximately $2.3 million) linked to alleged cybercrime operations, according to a statement released by the unit.
The recovery marks one of the largest cryptocurrency seizures by Nigerian law enforcement in recent months, as authorities intensify efforts to track digital assets used in criminal activities.
Multi-State Operations
The NPF-NCCC said the cryptocurrency was recovered during coordinated operations across several Nigerian states targeting suspected cybercrime syndicates. The unit did not disclose the specific cryptocurrencies seized or the number of individuals arrested in connection with the investigations.
Details of the operations remain limited, with the cybercrime centre yet to provide a breakdown of the cases or the methods used to trace the digital assets. Nigerian police have not named the cryptocurrency exchanges or platforms involved in the transactions.
Growing Focus on Crypto Crime
Nigeria has emerged as a major cryptocurrency market in Africa, with high adoption rates driven by remittances, inflation hedging, and peer to peer trading. However, law enforcement agencies have expressed concern about the use of digital currencies to launder proceeds from romance scams, business email compromise fraud, and other cybercrime schemes.
The NPF-NCCC was established in 2021 to coordinate the Nigeria Police Force’s response to cybercrime, including cryptocurrency-related offences. The unit works alongside the Economic and Financial Crimes Commission (EFCC), which has also increased its capacity to trace and seize digital assets.
Cryptocurrency transactions remain legal in Nigeria, though the Central Bank of Nigeria (CBN) banned financial institutions from servicing cryptocurrency exchanges in 2021. Despite the banking restriction, peer to peer trading volumes have remained robust, with Nigeria consistently ranking among the top countries globally for crypto adoption in surveys by blockchain analytics firms.
The Securities and Exchange Commission (SEC) designated cryptocurrencies as securities in 2020 and has been developing a regulatory framework for digital asset service providers. However, comprehensive crypto regulation has yet to be enacted.
Nigerian authorities have increasingly sought international assistance in tracing cryptocurrency used in cybercrimes, often working with Interpol, the FBI, and blockchain forensics companies to track digital asset flows across borders.
The NPF-NCCC did not indicate whether the ₦3.6 billion seizure involved cooperation with foreign law enforcement or private sector blockchain analysts. The unit also did not specify whether the assets would be liquidated or held as evidence pending prosecution.