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Crypto: Binance gives two conditions to register under Nigeria’s SEC

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Crypto: Binance gives two conditions to register under Nigeria’s SEC

The cryptocurrency trading platform Binance has outlined two conditions that must be met before it can consider registering under Nigeria’s Securities and Exchange Commission’s (SEC) special framework program for onboarding Virtual Assets Service Providers (VASPs), including crypto platforms.

Binance’s position is in response to the regulatory frameworks set out for cryptocurrency platforms by Nigeria’s regulatory body, SEC, which includes opening an office in Nigeria.

Nairametrics previously reported that, among other requirements, the SEC’s framework applies to virtual asset service providers and token issuers conducting business in Nigeria or offering services to Nigerian consumers, including platforms that facilitate the offering, trading, exchange, custody, and transfer of virtual/digital assets.

Nairametrics previously reported that the SEC granted an Approval-in-Principle to two crypto exchanges, Quidax and Busha, giving them the status of legally recognized crypto trading platforms in the country under the Accelerated Regulatory Incubation Programme (ARIP).

Through ARIP, the SEC has opened the door for cryptocurrency platforms to come under the federal government’s regulatory purview, considering tax obligations and other pertinent national security issues.

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In response, a Binance spokesperson told Nairametrics in an exclusive interview that two conditions must be met before it may consider joining ARIP.

Here are the conditions:

  • Release of Detained Binance Executive, Tigran Gambaryan 

Binance believes that its executive must be released from Nigerian custody before it can explore joining ARIP.

  • Settlement with the Nigerian Government 

Recall that Nigeria’s Minister of Information, Idris Mohammed, had accused Binance of having a turnover of over $20 billion in Nigeria in 2023 alone, without paying taxes.

The federal government has already commenced prosecution of Binance on the grounds of tax evasion, money laundering, and foreign exchange contravention, while the platform denies these allegations.

The spokesperson stressed that until legal and regulatory bottlenecks with Nigerian government authorities are resolved, coming under the SEC’s program is not in view.

“We are pleased that Nigeria is making progress in the development of its digital assets regime. We hope that someday soon, once Tigran has been freed and our issues are settled, we may seek registration,” the Binance spokesperson stated. 

Binance yet to register 

According to our source at the SEC, Binance still enjoys significant patronage from Nigerians and does not see the need to comply with the Commission’s onboarding framework, which mandates that all VASPs, including crypto firms, establish an office in Nigeria under ARIP.

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The source, who chose not to be named because the official was not authorized to speak, mentioned that many VASPs’ requests to join the framework are currently pending.

The source told Nairametrics in an exclusive chat that the Commission anticipates Binance will register in Nigeria, although the crypto exchange firm does not see the need due to its patronage from Nigerians.

The official stated that Nigerians still trade with Binance, but the only restriction is on bank transfers.

“Binance is not regulated by the SEC in Nigeria. That is why we are trying to make them register, but they say they don’t need to register because Nigerians already have access to their platform. That is why they are not coming to register. They see no need,” the source added. 

The official also revealed that, due to ongoing court cases against Binance in Nigeria, the platform has somewhat reduced its influence on Nigerians, although Nigerians still use Binance features through virtual private networks (VPNs) and other means.

The official emphasized that the SEC does not regulate foreign crypto firms, but under its rules, every foreign crypto platform must establish an office in Nigeria so the Commission can supervise them.

The source added that, in the long run, Binance will have to register due to the high number of Nigerians trading on their platform.

Nairametrics also reached out to SEC Director Abdulkadir Abbas regarding Binance. His response was that the SEC’s press release on ARIP and approval for Quidax and a few others remains Nigeria’s “position” for all cryptocurrency platforms seeking to operate lawfully in Nigeria.

Meanwhile, another source familiar with developments at Binance’s legal dispute with the federal government confirmed to Nairametrics that the crypto firm has not adhered to the SEC’s framework because they believe it is not supported by any law of the National Assembly.

Additionally, the source claimed the framework was allegedly hurriedly formulated by the SEC after the arrest and arraignment of its executives by Nigerian authorities.

Crypto: Binance gives two conditions to register under Nigeria’s SEC

Nairametrics

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Seven Drivers Emerge for Todays Naija Driver Challenge Grand Finale in Lagos 

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Seven Drivers Emerge for Today’s Naija Driver Challenge Grand Finale in Lagos

 

The maiden Nigerian Drivers Challenge will reach its climax on Tuesday, November 10, with seven finalists set to compete for honours at the National Stadium, Surulere, Lagos, in a contest aimed at promoting responsible driving, professionalism and improved road safety in Nigeria.

The grand finale, scheduled to begin at 9am, follows a nationwide response that saw 160 drivers register for the hybrid competition from 23 states of the federation.

The seven finalists emerged after preliminary assessments, including a proctored online Computer-Based Test (CBT), with participants required to attain a minimum pass mark of 60 per cent.

The final stage will feature practical driving assessments designed by the Lagos State Drivers’ Institute (LASDRI) to evaluate participants’ driving skills, vehicle control, road-use awareness and compliance with safety principles.

The eventual winner will be determined through a combination of CBT performance and practical assessment scores.

Organised to raise driving standards and promote safer roads, the Nigerian Drivers Challenge seeks to draw attention to the critical role of competent, disciplined and professionally trained motorists in reducing preventable road crashes.

The event is expected to attract representatives of government agencies, road safety institutions, automotive industry stakeholders, sponsors, the media and members of the public.

Speaking on the vision behind the initiative, Project Director, Adrian Egonu, said the encouraging response to the maiden edition demonstrated the need for platforms that promote responsible motoring.

“The Nigerian Drivers Challenge was conceived out of a conviction that safer roads begin with responsible, competent and professional drivers,” Egonu said.

He added that the initiative was more than a driving competition, describing it as a platform for raising road safety consciousness, improving driving standards and celebrating excellence behind the wheel.

The Project’s Head of Administration, Modupeola A. Elegba, also expressed satisfaction with the feedback from participants, particularly those who completed the training and CBT stages.

She said the positive responses, including participants’ appreciation of the knowledge gained on safe road use and the competition’s seamless online platform, had encouraged the organisers to expand the initiative in subsequent editions.

The organisers acknowledged the support of institutional partners, including LASDRI, the Federal Road Safety Corps and the Automobile and Touring Club of Nigeria.

Sponsors include Skinetics Aesthetics Skin Care Clinic and Med Spa, BUA Cement, Sovereign Trust Insurance Plc and AXA Mansard Health Ltd, while supporting organisations include the Lagos State Signage and Advertisement Agency, Lagos State Safety Commission, Lagos State Traffic Management Authority and Work and Play.

The public, stakeholders and members of the media have been invited to attend the grand finale.

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Four-day Abuja International Motor Fair begins tomorrow Nov 10 

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Four-day Abuja International Motor Fair begins tomorrow Nov 10 

 

Nigeria’s automotive industry is set for a major convergence of manufacturers, investors, policymakers and technology players as the 26th Abuja International Motor Fair opens on November 10, 2026, at Eagle Square, Abuja, with a renewed focus on accelerating local production, investment and industry transformation.

 

The four-day exhibition, organised by the National Automotive Design and Development Council (NADDC) in partnership with BKG Exhibitions Limited, will bring together stakeholders across the automotive value chain, including vehicle manufacturers and assemblers, component producers, financial institutions, technology firms, transport operators, logistics companies and government agencies.

 

A major highlight will be a three-day industry conference themed, “Driving Nigeria’s Automotive Transformation: Policy, Production, and Prosperity.” The conference is expected to examine critical policy directions, investment opportunities, local manufacturing and emerging technologies shaping the future of Nigeria’s automotive sector.

 

In a statement, BKG Exhibitions said the conference would feature contributions from industry leaders and experts across relevant sectors.

 

Chairman of the Organising Committee and Managing Director of BKG Exhibitions, Mr Ifeanyi Agwu, said NADDC Director-General, Otunba Joseph Osanipin, would deliver the keynote address, alongside presentations by leading figures in the automotive and transport industries.

 

Agwu said the fair would offer participants opportunities to engage policymakers, investors and business executives while exploring new vehicles, technologies, products and investment prospects.

 

Other attractions include the Nigeria Automotive Excellence Awards Night, Abuja Automotive Road Show, Ultimate Test-Drive experience, exotic car displays and the Automotive and Future Mobility Arena.

 

The annual exhibition has established itself as a major platform for automotive business networking, product promotion and policy engagement, with this year’s edition expected to further advance conversations around investment, innovation, local production and sustainable industry growth.

 

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Tinubu Targets December 3 Inauguration for Kaduna-Kano Rail Project as Construction Hits 90%

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Tinubu Targets December 3 Inauguration for Kaduna-Kano Rail Project as Construction Hits 90%

 

The Kano-Katsina-Maradi railway project has also reached 70 per cent completion, according to the APC Presidential Campaign Council.

President Bola Ahmed Tinubu has intensified efforts to complete major railway projects in Northern Nigeria, with the Kaduna-Kano Standard Gauge Railway scheduled for inauguration on December 3, 2026.

 

The All Progressives Congress (APC) Presidential Campaign Council disclosed this in a statement issued on Sunday by its spokesperson, Dele Alake, stating that the 203-kilometre Kaduna-Zaria-Kano railway project had attained approximately 90 per cent completion.

 

The council also announced that the 400-kilometre Kano-Katsina-Maradi railway project, which extends towards the Niger Republic, had reached 70 per cent completion.

 

According to the statement, the Kano-Katsina-Maradi project was barely five per cent complete when Tinubu assumed office in 2023, while the Kaduna-Kano railway had achieved less than 30 per cent completion.

 

The projects, described as part of the administration’s major infrastructure initiatives, are expected to improve transportation, strengthen regional connectivity and facilitate the movement of passengers and goods across Northern Nigeria and neighbouring countries.

The Kaduna-Kano railway is an extension of the existing Abuja-Kaduna Standard Gauge Railway and is expected to establish a continuous rail connection between Abuja, Kaduna, Zaria and Kano, linking major commercial centres in the region.

 

The council said the projects were recently inspected on the directive of President Tinubu by a Federal Government delegation led by the Permanent Secretary of the Federal Ministry of Transportation, Engr. Funso Adebiyi.

 

The delegation reportedly expressed satisfaction with the quality of construction, particularly the railway alignment, drainage infrastructure, embankment protection, stone pitching and soil stabilisation.

 

As part of the inspection, officials undertook a test-run journey by train from Jaji in Kaduna State to Kano to assess the completed track infrastructure and passenger comfort.

 

The statement added that Tinubu had directed the immediate resolution of outstanding land acquisition and compensation issues within Kaduna metropolis to facilitate the completion of the remaining railway corridor linking Abuja and Kano.

 

It further disclosed that the 190-kilometre Jaji-Kano section of the Kaduna-Kano railway, alongside the 250-kilometre Dawanu-Kano-Kazaure-Daura-Katsina section of the Kano-Maradi project, was scheduled for inauguration on December 3, 2026.

 

When fully operational, the Kaduna-Kano railway is expected to provide an alternative to road transportation, improve passenger movement and boost commercial activities along one of Northern Nigeria’s busiest economic corridors.

 

Similarly, the Kano-Katsina-Maradi railway is expected to strengthen cross-border transportation and trade between Nigeria and the neighbouring Republic of Niger.

 

The APC Presidential Campaign Council said the projects reflected Tinubu’s commitment to ensuring that ongoing infrastructure developments across the country were completed as scheduled.

 

 

Tinubu Targets December 3 Inauguration for Kaduna-Kano Rail Project as Construction Hits 90%

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