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Binance CEO worries over continued detention of employee in Nigeria
Binance CEO worries over continued detention of employee in Nigeria
Binance’s CEO, Richard Teng, has characterised the detention of its employee, Tigran Gambaryan, by the Nigerian government as ‘unjust’ and a ‘dangerous precedent’ for multinational enterprises.
Teng further stated that, despite Binance’s repeated attempts at constructive engagement and collaboration with Nigerian authorities, Gambaryan remains detained for spurious’ reasons.
Binance’s CEO, in a statement to the press on Tuesday, said, “To invite a company’s mid-level employees for collaborative policy meetings, only to detain them, has set a dangerous new precedent for all companies worldwide.”
He added, “The message from the Nigerian government is clear: we must detain an innocent, mid-level employee, a former U.S. federal agent, and place him in a dangerous prison to control Binance.
“This regrettable turn of events contradicts the spirit of cooperation and transparency that Binance has consistently demonstrated in its interactions with the regulatory authorities.”
Gambaryan and his colleague Nadeem Anjarwalla were arrested when they landed in Nigeria on February 26 as part of a criminal inquiry into Binance’s actions.
Anjarwalla escaped incarceration, while Gambaryan remains in captivity at the Kuje Correctional Centre, awaiting the outcome of his bail plea.
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The Nigerian government accused the cryptocurrency firm of rigging exchange rates on its website, the world’s largest cryptocurrency exchange.
The Economic and Financial Crimes Commission accused Binance, Gambaryan, and his fleeing colleague, Anjarwalla, of concealing the source of $35,400,000 in revenue made by Binance in Nigeria, knowing that the money was the result of illegal activities.
Gambaryan, who was charged in April with tax evasion, currency speculation, and money laundering, was set to stand trial on May 2.
However, the hearings were postponed at a federal high court in Abuja due to the Economic and Financial Crimes Commission’s (EFCC) failure to serve necessary files on the defence.
Justice Emeka Nwite, who presided over the case, adjourned the hearing to May 17. This delay occurs as Gambaryan awaits a decision on his bail application.
However, the Binance CEO claimed that Nigerian authorities were unlawfully arresting one of the company’s mid-level employees, who lacked decision-making power.
He stated that the issue must come to an end swiftly and that Tigran must be allowed to return home “if we’re going to move forward.”
He underlined Binance’s commitment to cooperation with Nigerian law enforcement, citing over 600 previous voluntary meetings with officials.
According to the cryptocurrency exchange, one of the primary areas of Binance’s work is continued engagement with Nigeria’s Federal Inland Revenue Service (FIRS) to handle potential previous tax issues.
Teng recognised Nigeria’s enormous effect on the future of cryptocurrency firm and the crypto industry within its boundaries, emphasising the need to work with Nigerian authorities.
He also explained cryptocurrency firm’s ambition to collaborate with the Nigerian government to help build a strong economy for the Nigerian people.
“Over the past two and a half years, Binance has worked hard to restructure our organisation and personnel and upgrade our systems. We have new leadership in place with deep compliance experience and impressive backgrounds ranging from top traditional financial institutions and leading tech companies to law enforcement and major corporate entities.”
Teng continued, “We continue to do anything and everything we can to support Gambaryan. This support is unwavering. Tigran did not go to Nigeria as a decision-maker or a negotiator.” He was merely acting as a functional expert in financial crime and capacity building in policy discussions.”
Binance CEO worries over continued detention of employee in Nigeria
News
Edo Gov Okpebholo freezes govt accounts, reverses ministry’s name
Edo Gov Okpebholo freezes govt accounts, reverses ministry’s name
Edo State Governor, Monday Okpebholo, has directed the immediate freezing of all state-owned bank accounts.
In a statement issued on Thursday by his Chief Press Secretary, Fred Itua, the governor stated that the accounts would remain frozen until further notice.
He instructed commercial banks, ministries, departments, and agencies (MDAs) to comply with the order immediately or face severe consequences.
The statement reads: “All state bank accounts with commercial banks have been frozen. Commercial banks must comply with this order and ensure that not a single naira is withdrawn from government coffers until further notice.
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“Heads of Ministries, Departments, and Agencies must ensure full compliance without delay.
“Following necessary investigations and reconciliations, the governor will take appropriate action and decide on the way forward. For now, this order remains in effect.”
Okpebholo also directed relevant agencies to revert the name of the Ministry of Roads and Bridges to its previous title, the Ministry of Works, a change made during the Godwin Obaseki administration.
“It is odd to name a government institution the Ministry of Roads and Bridges, especially when not a single bridge was built by the previous administration — not even a pedestrian bridge.
“In the coming days, we will examine further actions taken by the previous administration and make decisions that serve the best interests of the state,” the statement added.
Edo Gov Okpebholo freezes govt accounts, reverses ministry’s name
News
Israel-Palestinian conflict: Two-state solution is a deception, says Gumi
Israel-Palestinian conflict: Two-state solution is a deception, says Gumi
Prominent Islamic scholar Dr. Ahmad Mahmud Gumi has criticized the widely discussed two-state solution for the Israel-Palestine conflict, calling it a “deception.”
His remarks followed a recent summit of the Organisation of Islamic Cooperation (OIC) in Riyadh, where President Bola Tinubu and other leaders condemned Israel’s actions in Gaza and urged an end to hostilities.
In an interview with Daily Trust at his Kaduna residence, Gumi argued, “This Two-State Solution is a deception. No Israeli will allow a Palestinian to survive, and Palestinians will never allow Israel to survive.
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The only solution is to dissolve the two states and create a democratically electable region.”
Gumi commended the OIC’s support for Palestine, noting that Muslims and Arabs worldwide increasingly see the treatment of Palestinians as “genocide” and accuse Israel of human rights abuses.
He also called for a return to the pre-1948 structure, where Palestinians, Jews, and Christians lived together, suggesting a single, inclusive state that allows peaceful coexistence.
“When I hear people talking about Two-State Solutions, I know they are just deceiving themselves,” Gumi added, advocating for a unified region where people of all faiths can live together, similar to the multi-faith coexistence seen in countries like the United States.
Israel-Palestinian conflict: Two-state solution is a deception, says Gumi
News
Court sacks Ondo LP candidate, two days to governorship poll
Court sacks Ondo LP candidate, two days to governorship poll
The Labour Party candidature of Olusola Ebiseni for the upcoming gubernatorial election in Ondo State has been nullified.
The nullification follows the sacking of Ebiseni by the Court of Appeal, sitting in Abuja, on Wednesday.
The governorship election of the southwest State will hold on Saturday, 16 November 2024.
The judgement disqualifying Ebiseni was unanimously delivered by the three members of the panel and read out by the chairman of the panel, Justice Adebukola Banjoko.
The judgment granted the prayer of the Labour Party who preferred the case against Ebiseni.
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Justice Banjoko held that, “the appeal marked CA/ABJ/CV/1172/2024 brought by the Labour Party against Chief Olusola Ebiseni and two others is allowed.”
Justice Banjoko further stated that the Certified True Copy of the judgment would be provided to the parties involved in the appeal as soon as possible for their review.
Recall that Justice Emeka Nwite of the Federal High Court in Abuja had ordered the Independent National Electoral Commission to accept and recognize Olusola Ebiseni and Ezekiel Awude as the Labour Party’s governorship and deputy governorship candidates for the November 16 Ondo State governorship elections.
Justice Nwite confirmed that the second primary election conducted by the Labour Party, which resulted in Ebiseni and Awude being selected as candidates, was valid and should be upheld by INEC.
However, the appellate court has now overturned the judgment of the trial court’s judgment.
Court sacks Ondo LP candidate, two days to governorship poll
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