Department of Politics and International Relations

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Browsing Department of Politics and International Relations by Author "Abdulmalik Olalekan OLADIPUPO"

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    Blockchain Technology and Trade Implications of Cryptocurrency Ban in Nigeria
    (Lead City University, 2022-12) Abdulmalik Olalekan OLADIPUPO
    Abstract The CBN on the 5th of February 2021 through banks and other financial institutions stated that dealing in crypto currencies and facilitating cryptocurrency exchange are prohibited with effect from 5th February 2021. The CBN argued that there is anonymity and lack of KYC, which made cryptocurrency susceptible to illegal use, thus contradicting the existing laws and crypto’s are not legal tender. This study, therefore aimed to analyse the implementation and acceptability of digital currency and study the trade implications of cryptocurrencies ban in Nigeria. Theoretically, this study is anchored on Liberalism with Realism and Constructivism as a counter-argument theory. The study employed descriptive survey research design and the population of the study was made up of 165 bankers, university lecturers and crypto traders. The sampled all respondents using a purposive sampling technique and the data were gathered with the use of structured questionnaire. The Statistical Package for Social Science (SPSS) was used to analyse the data and the presentation was done using tables and descriptive analysis. The findings revealed that the ban on cryptocurrency was majorly due to its susceptibility to financial crimes, easily used as a medium for tax evasion and it is devoid of proper regulation. Further, the ban on cryptocurrencies forced some financial technology start-ups into liquidation while other financial technology companies were forced to lay off their staff because of poor capital inflow due to the ban on cryptocurrency. The study concludes that there is a positive and significant impact of cryptocurrency ban on the development of digital currency in Nigeria. However, the ban on cryptocurrencies has a negative impact on Nigerian digital currency traders. Therefore, this study recommends that the Central Bank of Nigeria to consider developing regulatory policies on the usage and trading of cryptocurrencies instead of an outright ban. Keywords: Blockchain Technology, Cryptocurrencies, Cryptocurrency Traders, Nigeria Word Count: 296
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    Comparative Analysis of Cryptocurrency and Terrorism Financing in Nigeria and Kenya, 2020-2025
    (Lead City University, Ibadan, 2025-12) Abdulmalik Olalekan OLADIPUPO
    Rapid proliferation of cryptocurrency has posed significant challenges to global security, particularly in developing countries with high rates of cryptocurrency-related terrorism financing, such as Nigeria and Kenya, where terrorist organisations exploit its decentralised and pseudonymous features to fund their activities, thereby complicating traditional counter￾terrorism financing frameworks. This study examines comparative analysis of cryptocurrency and terrorism financing in Nigeria and Kenya focusing on Policy Challenges and International Implications. The study objectives specifically investigate terrorist strategies, evaluate regulatory framework effectiveness, assess financing network transformations, analyse global financial system interconnections, and propose tailored policy solutions with international relevance while making use of Social Network Theory and Realism theory as its Theoretical framework. A mixed-methods research design was employed, integrating quantitative and qualitative approaches; the study sampled 103 participants, with 67 from Nigeria and 36 from Kenya, using purposive sampling techniques to ensure the selection of professionals with expertise in cryptocurrency regulation, counter-terrorism financing and cybersecurity, whilst data collection involved structured questionnaires, in-depth interviews with 11 key informants, and case studies, with quantitative data analysed using descriptive statistics, including mean, and percentage distributions with SPSS 27 software, and qualitative data examined through thematic analysis using NVIVO software. Findings reveal that terrorists exploit cryptocurrency’s anonymity, with 59.70% (X̄= 0.60) of Nigerian and 61.11% (X̄= 0.61) of Kenyan respondents noting fund acquisition, and 62.69% (X̄= 0.63) and 66.67% (X̄= 0.67) confirming transaction concealment; the study demonstrates that the existing counter￾terrorism financing frameworks in Nigeria and Kenya are ineffective in addressing cryptocurrency-enabled terrorism financing, as evidenced by 67.16% (X̄= 0.67) in Nigeria and 72.22% (X̄= 0.72) in Kenya reporting facilitation of international transactions, whilst financing shifts to digital networks, with 58.21% (X̄= 0.58) in Nigeria and 58.33% (X̄= 0.58) using exchanges. Local markets heighten global risks, with 67.16% (X̄= 0.67) and 72.22% (X̄ = 0.72) noting financial system impacts, though policy solutions remain viable, with 74.63% (X̄= 0.75) in Nigeria and 83.33% (X̄= 0.83) in Kenya supporting security monitoring. The thematic analysis underscores Nigeria’s P2P vulnerabilities and Kenya’s mobile money gaps, corroborated by cases like Binance and Taliban financing. In conclusion, cryptocurrency markedly enhances terrorism financing through anonymity and local adaptations, rendering current frameworks ineffective and escalating regional and global security threats, necessitating advanced tools and interstate collaboration to address technological and regulatory disparities. The study recommends establishing a Diplomatic Cryptocurrency Intelligence Consortium under the African Union to deploy blockchain analytics, enhance multilateral intelligence sharing, and train diplomats in countering anonymity-driven strategies, alongside a Regional Diplomatic Technology Alliance to bridge technological gaps through forensic training and harmonised regulations, ensuring robust responses to this evolving threat in an interconnected world. Keywords: Cryptocurrency, Terrorism Financing, Policy Challenges, International System, Diplomatic Strategies. Word Counts: 444