The Nigeria Police Force says it has arrested reported crypto billionaire, Linus Williams, popularly known as BLord, over alleged crypto fraud and terrorism.
Force Public Relations Officer, ACP Muyiwa Adejobi, said BLord was arrested in Abuja on July 16 2024. Authorities are investigating complaints lodged against:
Blord Group
Blord Real Estate Ltd
Blord Jetpaye Limited, and
Billpoint Technology
which are the suspect’s companies.
According to the officer, the offences allegedly committed by Williams included allegations of cryptocurrency fraud, aiding internet fraud, computer-related fraud, terrorism funding, and non-compliance with regulatory frameworks.
Responding to news reporters Adejobi said, “Yes, we have him with us. The FCID (NPF-NCCC) is currently investigating complaints lodged against Blord Group, Blord Real Estate Ltd, Blord Jetpaye Limited, and Billpoint Technology.
“These offences include allegations of cryptocurrency fraud, aiding internet fraud, computer-related fraud, terrorism funding, and non-compliance with regulatory frameworks.
We will do due diligence in our investigations. Our cyber space in Nigeria must be safe and secured by all means. We are committed to achieving that.”
Recently, a senior official of the Nigerian Securities Exchange Commission (SEC) revealed that many Nigerian youths are embracing cryptocurrencies because of the secretive nature of the transactions.
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The SEC, which has introduced a fresh vetting process for crypto firms operating within its borders, noted that the local cryptocurrency market is valued at over $400 million with 33.4% of Nigerians using or owning cryptocurrencies.
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According to the SEC official, the commission would continue to educate investors on the risks associated with digital assets to be able to make wise investment decisions.
“The lack of a comprehensive regulatory framework has created uncertainty, which can deter both investors and innovators. Cybersecurity threats, including hacking and fraud, pose significant risks.
A substantial portion of the population lacks adequate financial literacy, making them vulnerable to scams and risky investments,” he explained.
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