Business

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

Published

2 years ago

September 18, 2024

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

Related Topics:Binance Crypto register SEC

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Soaring Fuel Prices Drive Nigerians Toward Electric Vehicles

Published

7 hours ago

April 2, 2026

Trends Admin

Soaring Fuel Prices Drive Nigerians Toward Electric Vehicles

Rising fuel prices in Nigeria are accelerating interest in electric vehicles (EVs) as households, transport operators, and businesses seek cost-effective alternatives to petrol- and diesel-powered cars. Experts say the spike in petrol costs is no longer just an economic concern but a turning point, pushing electric mobility from a futuristic idea into a practical solution for everyday commuting and commercial use.

At the Abuja Compact on Electric Mobility Roundtable, stakeholders highlighted how increasing transport expenses are reshaping decisions, especially among commercial drivers and small business owners. Rising fuel costs are prompting many Nigerians to see EVs as a survival strategy rather than a luxury option.

Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), Ismaeel Ahmed, explained that the removal of fuel subsidies has widened the cost gap between petrol-powered vehicles and EVs. Charging an EV for a 200-kilometre journey costs around ₦4,500, compared to roughly ₦22,500 for petrol vehicles — a difference that offers a “strong economic incentive” influencing consumer choices. Ahmed added that the federal government is pursuing a balanced transition strategy supporting both compressed natural gas (CNG) and electric vehicles to encourage sustainable energy alternatives.

Financial solutions are helping Nigerians overcome the high upfront costs of EVs. Mohammed Abdul, Divisional Head at Alternative Bank, noted that lease-to-own, pay-as-you-go, and partnership schemes are making EVs accessible to drivers in the informal transport sector. These financing models allow gradual adoption while easing financial burdens.

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Industry leaders also see wider economic benefits from EV adoption. Yusuf Suleiman, CEO of Bankrol Camel EV and Blue Camel Energy Ltd, said EV investments could improve energy access, boost industrial growth, and reduce Nigeria’s reliance on imported fossil fuels. Ahmed Garba Ahmed, COO of Bankrol Camel EV, added that EVs can cut energy costs per kilometre by up to 60%, benefiting ride-hailing drivers, logistics companies, and fleet operators.

Dapo Adesina, President of the Electric Mobility Promoters Association of Nigeria (EMPAN), explained that EV adoption can strengthen Nigeria’s power sector. Solar-powered charging hubs can simultaneously power vehicles and supply electricity to nearby communities, particularly in underserved areas. Private sector initiatives are also supporting Nigeria’s EV transition. Companies like SolarCity Gas are deploying superfast EV charging stations across key urban hubs and petrol stations, expanding the country’s charging infrastructure to meet growing demand.

Despite growing adoption, electric mobility in Nigeria faces challenges such as limited electricity infrastructure and inconsistent power supply. Analysts warn that significant investments in charging networks and supportive policies are necessary for sustainable EV growth. Nevertheless, with fuel prices remaining high, EVs are increasingly viewed as economically smart and environmentally friendly alternatives, offering Nigerians a viable solution to rising transport costs.

Soaring Fuel Prices Drive Nigerians Toward Electric Vehicles

Business

Rite Foods, BJAN champion consumer safety at Ososa factory tour

Published

8 hours ago

April 2, 2026

Trends Admin

Rite Foods, BJAN champion consumer safety at Ososa factory tour

By Daphne Uduneje

To commemorate World Consumer Rights Day 2026, the Brand Journalists’ Association of Nigeria (BJAN) partnered with Rite Foods Limited to host a high-level stakeholder engagement at the company’s ultra-modern manufacturing plant in Ososa, Ogun State.

Under the theme “Safe Products, Confident Consumers,” the event combined rigorous policy discourse with a firsthand look at the cutting-edge technology behind one of Nigeria’s leading indigenous brands.

The journey began at Rite Foods’ Lagos office, transitioning from the city’s urban bustle to the expansive, scenic greenery of the Ososa facility. For the journalists in attendance, the factory’s exterior—a sprawling, sophisticated complex—signalled a facility capable of competing on a global scale.

Inside, the hum of precision machinery served as the backdrop for the day’s discussions. Olufemi Ajileye, General Manager for Operations at Rite Foods, welcomed guests by emphasizing that safety is the bedrock of their market strategy.

Since breaking into the carbonated soft drink sector, Rite Foods has leveraged advanced technology and stringent quality controls—including international laboratory testing for water purity—to earn and maintain public trust.

Despite improvements in legislation, speakers noted a persistent gap in consumer awareness. Sola Salako-Ajulo, founder of the Consumer Advocacy Foundation of Nigeria (CAFON), described consumer confidence as the “oxygen of any market.”

To empower the public, she unveiled the CAFON Consumers Companion (3C), an AI-powered platform designed to educate Nigerians on their rights and provide a roadmap for dispute resolution.

“Consumers often feel powerless,” she noted, “but technology can bridge the gap between grievance and redress.”

The Regulatory Stance

The Federal Competition and Consumer Protection Commission (FCCPC) and NAFDAC reaffirmed their commitment to enforcement:

FCCPC: Executive Vice Chairman Tunji Bello (represented by Olubunmi Dorcas Otti) urged businesses to maintain transparency, noting that economic participation thrives only when safety is guaranteed.

NAFDAC: Director-General Mojisola Adeyeye (represented by Tinuola Akinnubi) reminded attendees that consumer rights are legally enforceable obligations, highlighting the importance of “technological traceability” in the modern market.

BJAN Chairman Daniel Obi emphasized that the association had sustained this initiative for over a decade because consumer protection is a collective burden.

“It is not the responsibility of regulators alone,” Obi stated. “Businesses, media, and civil society must work in harmony.”

The event concluded with a guided tour of the production floor. Journalists observed a seamless, automated “dance” of technology where drinks were corked, labeled, and packaged with surgical precision.

As the delegation departed Ososa, the takeaway was clear: building a “confident consumer” requires more than just marketing—it requires the transparency of the factory floor and the accountability of the boardroom.

Business

NNPC Boosts Crude Supply to Dangote Refinery to Address Rising Fuel Prices

Published

14 hours ago

April 2, 2026

Trends Admin

NNPC Boosts Crude Supply to Dangote Refinery to Address Rising Fuel Prices

The Nigerian National Petroleum Company Limited (NNPC) has raised the allocation of crude oil cargoes to the Dangote Petroleum Refinery from five to seven cargoes for May 2026, a strategic move aimed at strengthening domestic fuel production and reducing Nigeria’s dependence on imported crude amid rising petrol prices.

According to Reuters, two trade sources and a senior refinery official confirmed the development. “NNPC has allocated more cargoes to Dangote Refinery for May. While this will not completely meet our demands, it can help. We are also in negotiation with NNPC for additional volumes,” the official said.

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For April 2026, the refinery will continue to receive the five cargoes previously allocated, as the increase only takes effect in May. Dangote Refinery CEO, David Bird, had earlier stated that the plant typically requires 13 to 15 cargoes per month under the crude-for-naira programme, but currently receives only five. The shortfall has forced the refinery to import additional crude at premiums of up to $18 per barrel above Brent crude prices, driven by global market disruptions, including the ongoing Iran-US-Israel conflict.

The refinery, which has a production capacity of 650,000 barrels per day, has been increasing gasoline supplies to Nigeria’s domestic market, currently meeting over two-thirds of daily petrol demand, roughly 60 million litres. However, the limited crude supply has exposed the refinery to global price volatility, prompting multiple ex-gantry price adjustments in March 2026 — from ₦774 to ₦1,275 per litre, before settling at ₦1,200 per litre.

Analysts say the increased allocation of crude cargoes will help ease the pressure on domestic petrol prices and provide a buffer against international crude market fluctuations, but the refinery still relies partly on imports to meet its full operational capacity. The move underscores NNPC’s commitment to supporting local refining capacity and ensuring energy security in Nigeria.