The Nigerian government has blocked N83 billion in funds, including both cryptocurrency and fiat money, which were allegedly directed toward fueling recent nationwide protests. These funds included $50 million in cryptocurrency, of which $38 million was frozen across four different wallets. Additionally, N4 billion in fiat currency was traced back to contributions from various political actors based in Abuja, Kano, Kaduna, and Katsina.
This was revealed through a presentation by National Security Adviser Nuhu Ribadu during the inaugural Council of State meeting convened by President Bola Tinubu at the Aso Rock Villa in Abuja. Ribadu’s presentation, titled “The Nationwide Protest As It Affects National Security,” disclosed that an identified European national was the mastermind behind the foreign flags during the protests and is expected to be declared wanted by the police.
Multiple sources familiar with the meeting’s proceedings shared that local conspirators connected to the protests have already been apprehended. These individuals were traced to major Nigerian cities, including Abuja, Kaduna, and Kano. One insider, speaking on condition of anonymity, confirmed that the government successfully traced $50 million in donations to crypto wallets, with $38 million blocked from use. Additionally, political contributions totaling N4 billion were identified as supporting the protests.
The Council of State meeting was convened to address various pressing national issues, including the recent #EndBadGovernance protests, national security concerns, economic challenges, and food security. The Council, chaired by the President, includes key figures such as the Vice President, all former Presidents and Heads of State, former Chief Justices of Nigeria, the Senate President, the Speaker of the House of Representatives, the Attorney-General of the Federation, the Secretary to the Government of the Federation, and all state governors.
Former Presidents Goodluck Jonathan and Muhammadu Buhari were present at the inaugural meeting, while former Heads of State General Yakubu Gowon and General Abdulsalami Abubakar joined virtually. However, notable absentees included former President Olusegun Obasanjo and former Head of State General Ibrahim Babangida.
This high-level meeting occurred just days after Nigerians, primarily youths, took to the streets of Abuja for a one-million-man march. This march marked the 10th day of nationwide protests against the rising cost of living in Nigeria, although turnout was lower than anticipated. The demonstrations began on August 1 and quickly escalated, particularly in the North, leading to the destruction of property and the loss of lives. At least 17 deaths were reported during these “days of rage.”
By August 3, only two days into the protests, social media was flooded with photos and videos of demonstrators in Kano State waving various foreign flags, including the Russian flag. These demonstrators, chanting in Hausa, expressed their discontent with the government, calling for change. In Kaduna, protesters also raised the Russian flag, chanting “Welcome, Russia; Welcome, Russia.” This demonstration of support for Russia, a country currently entangled in a proxy war with the West, raised significant concerns. Russia has been accused of supporting unconstitutional changes of government in several West African countries, including Niger, Mali, and Burkina Faso.
The Nigerian military quickly condemned the use of Russian flags during the protests, labeling it a treasonable offense. The military announced that it was investigating the individuals responsible for this act and promised to take serious action against them.
In an address to the nation on August 4, President Tinubu urged demonstrators not to allow “enemies of democracy” to exploit them for unconstitutional purposes. He warned that any agenda aimed at undermining Nigeria’s democratic journey would not be tolerated.
Further investigations by security agencies identified at least four politicians from Katsina, Kaduna, and Kano states as being behind the promotion of the Russian flag among demonstrators. These politicians were accused of attempting to incite an unconstitutional regime change. Another source close to the Council of State meeting confirmed that these local actors have been arrested, while the foreign mastermind behind the protests remains on the run.
The source revealed, “The NSA briefed the Council that there was some element of foreign interference in the protests. They found out that some foreigners were involved in fueling the unrest. This was not just about Nigerians protesting against economic hardship. A foreign agent has been linked to the protests and will soon be declared wanted by the police. Most of his Nigerian collaborators have been arrested in Abuja, Kaduna, Kano, and Katsina.”
As the protests unfolded, the Minister of Solid Minerals Development, Dele Alake, addressed the media, emphasizing that no political actor would be permitted to instigate an unconstitutional regime change. He characterized the #EndBadGovernance protests as an attempt to overthrow the government and asserted that any change in leadership must occur through the ballot box, not through insurrection.
“Any change of government has to be through the ballots and not through the barrel of the gun or insurrection or any other unconstitutional means,” Alake stated during a briefing with State House correspondents after the Council of State meeting.
He added, “The matters discussed in the Council of State were robust and frank. The National Security Adviser presented the security situation in the country, providing an account of events before, during, and after the protests. I do not refer to it as a protest; rather, I see it as a movement aimed at regime change by force, which was successfully resisted. The Council thanked Nigerians for rejecting any unconstitutional attempts to change the government. If anyone is dissatisfied with the government, they should await the next election to cast their vote.”
Alake further reassured the public that the NSA briefed the Council on the tight security measures in place across the country and confirmed that all security agencies are fully prepared to defend Nigeria’s democracy and territorial integrity. He emphasized that no one would be allowed to derail the nation’s hard-earned democracy.
The minister also confirmed an earlier report stating that he and other cabinet members provided detailed presentations on several key areas, including the Nationwide Protest as it Affects National Security, the State of the Economy, Food Security, Availability and Affordability, Milestones in the Solid Minerals Sector, Budgeting and Planning for Sustained Development, Milestones in the Road Sector, and Leading a Strong Industrial Base for Transformation and Growth.
“Some of us ministers were invited to present our roadmaps, achievements, prospects, and challenges in our respective ministries. I, alongside the Coordinating Minister of the Economy and Finance Minister Wale Edun, delivered a presentation. The Minister of Budget, the Minister of Works, and the Minister of Industry, Trade, and Investment also made their presentations,” he said.
Finance Minister Wale Edun shared insights from his data-driven presentation, which highlighted the current state of Nigeria’s economy. He noted that although the inflation rate is still high, it is gradually decreasing, which aligns with President Tinubu’s priorities.
“In my presentation, I updated the Council on the economy, showing how much progress has been made in terms of macroeconomic policies under the leadership of President Bola Tinubu. These policies are centered on his eight priority areas, and the results so far have been very encouraging. We reviewed the data for the first and second quarters of 2023, and overall, the economy is growing. The balance of payments, particularly the trade and current account balances, are in surplus.”
