The Nigeria Police Force (NPF) has arrested and is interrogating Linus Williams, CEO of Blord Group of Companies, over allegations of cryptocurrency fraud, terrorism funding, and other financial crimes.
According to a statement by the force spokesperson, Muyiwa Adejobi, the Financial Crimes Investigation Division (FCID) is investigating complaints against Blord Group, Blord Real Estate Ltd, Blord JetPaye Limited, and BillPoint Technology.
The allegations include cryptocurrency fraud, aiding internet fraud, computer-related fraud, terrorism funding, and non-compliance with regulatory frameworks.
News About Nigeria reports that Williams, who describes himself on LinkedIn as a seasoned CEO with a track record of transforming business landscapes, is responsible for managing the company’s finances, including budgeting and financial planning, and leading efforts to secure funding and investments.
The police have assured that they will conduct thorough investigations to ensure that Nigeria’s cyber space is safe and secure.
This development comes after the Central Bank of Nigeria (CBN) issued operational guidelines on virtual assets service providers (VASPs) in December 2023, signaling a shift from its initial position of restricting crypto transactions.
The CBN had previously warned local financial institutions against dealing in crypto assets or facilitating payments for crypto exchanges, citing concerns over money laundering, terrorism financing, cybercrime, and the volatility of cryptocurrencies.
In December 2023, the Central Bank of Nigeria (CBN) issued operational guidelines on virtual assets service providers (VASPs) to all banks and other financial institutions (OFIs).
According to the CBN, VASPs means any entity that conducts exchange between virtual assets (cryptocurrencies) and fiat currencies, and transfers of virtual assets.
The development signals a shift from CBN’s initial position which restricts crypto transactions.
The CBN had directed all banks and OFIs to carry out cryptocurrency services.
The regulator said commercial banks must fully comply with the provisions of the guidelines on VASP.
