Kenyan Arrested in Nigeria for Moving Ksh3.6 Trillion Suspicious Funds
Nigerian officials have detained a Kenyan citizen on suspicion of enabling the transfer of approximately Ksh3.6 trillion (26 billion US dollars) in questionable funds through a cryptocurrency platform. The individual served as a regional executive for the platform in question last year.
The Kenyan individual, according to The Wall Street Journal, is one of two regional executives working for the cryptocurrency company accused of permitting funds to reach the underground market.
Over the last year, a significant number of Nigerians turned to cryptocurrency due to the depreciation of the Nigerian currency compared to the US dollar.
As inquiries were underway, the Nigerian authorities summoned the two workers on February 25, 2024.
After a discussion with government authorities, the pair received instructions to gather their belongings and relocate to a ‘guesthouse’ managed by the nation’s security agency.
The individual from Kenya serves as a regional manager and possesses citizenship in both the United Kingdom and Kenya. Meanwhile, their significant other is a former special agent who previously collaborated with the Criminal Investigations division of the United States Internal Revenue Service (IRS-CI).
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A spokesperson from the company shared with the global media that they were tirelessly endeavoring to reunite the employees with their families.
“While it is inappropriate for us to comment on the substance of the claims at this time, we can say that we are working collaboratively with Nigerian authorities to bring (names withheld) back home safely to their families,” the representative stated.
“They are professionals with the highest integrity, and we will provide them with all the support we can. We trust there will be a swift resolution to this matter.”
According to a study conducted by Chainalysis, a data provider in the blockchain industry, Nigeria ranks second worldwide in the adoption of cryptocurrency.
In the year leading up to June 2023, Nigeria documented crypto transactions amounting to Ksh8.3 trillion.
In Sub-Saharan Africa, South Africa was ranked second with Ksh3.1 trillion while Kenya rounded up the top three list, recording Ksh1.1 trillion worth of transactions in the past year.
Kenyan Arrested in Nigeria for Moving Ksh3.6 Trillion Suspicious Funds