Report: Nigerian Trio Allegedly Uses Money Laundering Proceeds to Buy Bitcoins Worth Over $43 Million

Three Nigerian citizens are accused of buying bitcoin worth more than $43 million through cryptocurrency trading platforms like Binance which is the largest cryptocurrency platform in the world and the trading place of a wide range of cryptocurrency which includes less famous ones like Axie Infinity, Sandbox, Inter Fan Token, AC Milan Fan token, Elitecoin e.t.c.; with money laundering proceeds. Between October and November 2020, the trio is accused of transferring approximately $215 million from Nigeria to Kenya.

According to a source, Interpol is working to resolve a case in which three Nigerian nationals are accused of using money laundering profits to buy bitcoins valued more than $43 million. Three Kenyans, including an unnamed powerful Kenyan politician, are accused of assisting the Nigerian three in their efforts to hide the true reason for the money transfer.

A review by Interpol indicated that the trio could have transported approximately $215 million (25 billion Kenyan shillings) from Nigeria to Kenya between October and November 2020, according to a report in the Kenyan daily the Nation.

The three, Olubunmi Akinyemiju, Olufemi Olukunmi Demuren, and Eghosasere Nehikhare, went on a bitcoin purchasing frenzy after the monies arrived in Kenya. The trio is reported to have purchased bitcoins worth $36,353,728 from Binance's U.S. registered branch, one of the major cryptocurrency exchanges by traded volumes, during this buying binge. A further $7,246,582 was spent on Busha, another cryptocurrency exchange, to purchase bitcoins.

The trio is thought to have transferred bitcoins to individual wallets after obtaining them in an attempt to make them untraceable, according to the article. Despite this, the Kenyan tabloid stated that it was unable to determine the actual quantity of bitcoins purchased by the Nigerian trio on the Kenyan crypto exchange Bitpesa and on Quidax.

According to the investigation, the Nigerian trio were able to shift monies successfully under the guise of "same company fund transfers." The quantity of the funds transfers, on the other hand, piqued Interpol's curiosity.

Following the Interpol investigation, Kenya's Assets Recovery Agency (ARA) is said to have acquired a court order for the freezing of six bank accounts belonging to six firms involved to the alleged money launderers.

Meanwhile, according to the Nation, two Kenyan citizens, Pauline Wanjiru Wachira and Evalyne Wawira Gachoki, may have assisted the Nigerian three in moving the laundered monies.