The Federal High Court in Abuja, presided over by Justice Emeka Nwite, has issued an order to freeze more than $37 million worth of cryptocurrency.
This action was taken following an application filed by the Economic and Financial Crimes Commission (EFCC) on August 8, 2024.
The EFCC described the assets as "proceeds of money laundering and terrorism financing," linking them to the organisers of the #EndBadGovernance protests.
The court order specifically targeted wallets believed to be owned by individuals under investigation for these serious offences. The largest wallet contained USDT37 million, equivalent to the same amount in American dollars.
Three other wallets held USDT967, USDT90, and USDT443,512.37, respectively. The identities of the wallet owners were not disclosed in the EFCC's application.
The #EndBadGovernance protests, which took place from August 1 to August 10, 2024, were driven by widespread discontent over rising living costs, economic hardship, and governance issues in Nigeria.
These protests saw massive participation across various parts of the country, with demonstrators voicing their frustrations through placards bearing messages like "Enough is Enough" and "Hardship Is Unbearable."
The protests turned violent on the first day, resulting in numerous casualties and arrests. Reports indicated that at least 22 protesters were killed, over 1,100 were arrested, and 175 were injured. The Nigerian Army and Police were heavily involved in efforts to disperse the crowds, leading to further escalation of violence.
The freezing of the cryptocurrency assets is part of a broader investigation into the financial activities of the protest organisers. The EFCC's lawyer, O.S Ujam, emphasized the need to freeze the wallets "pending the conclusion of the investigation and prosecution." The court granted this request without any opposition, as the hearing was conducted ex parte, meaning the opponents were not present.
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