The CEO of cryptocurrency exchange, Binance, Richard Teng, yesterday said that the company is working very closely with Nigerian authorities following the detention of the company’s Head of Financial Crime Compliance.

A Nigerian court has adjourned until May 2 a case against the executive, Tigran Gambaryan, and another Binance official, who are accused of laundering more than $35 million, Economic and Financial Crimes Commission (EFCC) said on April 8.

“What I can say is we are working very closely with the Nigerian authorities to try to resolve the matter,” CEO Richard Teng said, while speaking about Gambaryan’s case at a crypto conference in Dubai.

The other executive Nadeem Anjarwalla, a British-Kenyan who is a regional manager for Africa, fled Nigeria last month.

Anjarwalla and Gambaryan flew to Nigeria following the country’s decision to ban several cryptocurrency trading websites and were detained on arrival on February 26 by EFCC.

In addition to the case brought by the anti-graft agency, the Federal Inland Revenue Service (FIRS), Nigeria’s tax agency, has charged Binance and the executives with tax evasion, a case that will be mentioned before a court today (Friday).

“This was a one-off. It’s never happened to us before,” Binance’s Head of Regional Markets, Vishal Sacheendran told Reuters on the sidelines of the Dubai conference when asked about the detentions.

Sacheendran declined to comment on the charges against the company.

A money laundering case to the tune of N300m against former Attorney General of the Federation and Minister of Justice, Mohammed Adoke has ended after seven years.

The presiding judge, Justice Inyang Ekwo of a Federal High Court in Abuja dismissed the trial on Friday.

Ekwo upheld Adoke’s “no-case” submission against the money laundering charges against him because the prosecution, the Economic and Financial Crimes Commission (EFCC) failed to establish a prima facie case against him.

In 2017, the EFCC had prosecuted Adoke and a property developer, Abubakar Aliyu, alleging money laundering.

charges before Justice Abubakar Kutigi of the FCT High Court, even though the case did not mention the Oil Prospecting Licence (OPL) 245 transaction.

Although the EFCC admitted before Ekwo that it was a mortgage that Adoke took from Unity Bank, it alleged before Kutigi that the money was a bribe from the sale of the oil block by Malabu Oil & Gas Ltd. in 2011.

However, on March 28, Kutigi identified the paradox, and subsequently dismissed the charges against Adoke and other defendants, chiding the EFCC for wasting the court’s time for four years.

Ekwo further upheld the no-case submission, and consequently discharged and acquitted Adoke.

The Commissioner of Police, FCT, CP Benneth Igweh, has expressed heartfelt gratitude on behalf of the management and personnel of the FCT Police Command for the kind gesture of the minister, FCT, Chief Barr. Nyesom Ezenwo Wike, for fulfilling his promise to the Command.

The minister had directed the FCT Command to hunt down and arrest or neutralize two wanted bandit/kidnapping kingpins who had been terrorizing Abuja particularly the Bwari, Dutse Alhaji and Kubwa axis.

He backed the decisive action/directive by placing a bounty of twenty million naira (₦20million) on two notorious and most wanted kidnappers on February 14, 2024, and has matched his words with action following the arrest of the two wanted kidnappers.

A statement by FCT Command said, “The implementation of such measures reflects the minister’s leadership and responsiveness to the security and safety of residents.

“The Command is therefore highly honored and grateful for his unflinching and continuous support in combating crime and ensuring the well-being of the residents.

“The CP ensured that the fund was distributed amongst the tactical teams and the divisional police officers of the command to ensure better service delivery.

“He also reassures the Minister and the residents of FCT that the command under his leadership will leave no stone unturned in the fight against crime and criminality and will continue to work assiduously to ensure the safety of residents.

“He urges residents to be vigilant and take advantage of the police emergency lines to report suspicious activities through: 08032003913, 08028940883, 08061581938, and 07057337653 PCB:
09022222352, CRU: 08107314192″

The Nigerian Senate has postponed the resumption of plenary from the 23rd of April 2024 to the 30th.

The postponement was contained in a notice issued by the Clerk to Senate, Chinedu Akubueze which was released on Thursday in Abuja.

Part of the notice read: “Distinguished Senators are hereby, respectfully informed that resumption of plenary, which was earlier postponed to Tuesday 23rd April 2024, has further been postponed to *Tuesday 30th April 2024 at 11 am.

“Kindly note that the plenary sitting will be held at the main Chamber of the Senate.

“All inconveniences this postponement may cause Distinguished Senators are highly regretted, please.”

DAILY POST reports that the latest postponement is the second since Lawmakers in the upper and lower legislative Chambers went on Easter and Sallah recess.

President Bola Tinubu has said his administration remains undeterred in its pursuit of comprehensive economic security for the country.

He also promised to address foundational challenges and create a fair and equitable system in which all Nigerians can thrive.

Tinubu made the promise when he received leaders of Afenifere, the respected Yoruba Socio-Cultural Organization, at the State House in Abuja, on Wednesday.

President Tinubu said his administration is re-engineering Nigeria’s finances and seeking to boost the purchasing power of citizens and spread prosperity down the line, by instituting a credit system where the element of cash is not an impediment to a significantly enhanced standard of living for all citizens.

The President said Nigeria must secure itself economically first before it can achieve any of its more sophisticated objectives.

He said: ‘’We are committed to the economic survival of our country. To re-engineer the finances of our country, we must start in earnest. So first, retool, revamp the economic opportunities available, and resolve to continue taking the firm and steady baby steps that are necessary.

‘’Education is a strong weapon against poverty. To empower the people, we must invest in the future of our youths. We have seen the problems parents face in training their children in school; it is the reason why we established the National Student Loan Programme, which is taking off well.

‘’We are equally examining what to do with the high degree of unemployment. We must help vulnerable people by providing social security. We are looking at how to provide allowances for the unemployed, and we are developing ways to boost the purchasing power of citizens with the Consumer Credit Scheme. If we remove the cash upfront element to buy a car or a house, we will reduce the propensity for fraud and corruption across the land.”

Speaking on security, the President declared that those who threaten the sovereignty of Nigeria would pay a heavy price.

“I am irrevocably committed to the unity of Nigeria and constitutional democracy. Constitutional democracy has been reflected greatly here since we assumed office.

“What we face now is the challenge of terrorism. Security of life and property is very necessary for development. I can tell you we are achieving success. We have degraded terrorism to a level that they cannot threaten the sovereignty of Nigeria any longer.

‘“Banditry and kidnapping will be defeated. And there is no payment of ransom whatsoever. We are taking the battle to them. We are getting results more rapidly than before.

“We are working hard on intelligence gathering. Those who think they can threaten the sovereignty of Nigeria will have themselves to blame. They have a price to pay. And we are not going to relent,’’ he affirmed.

The Economic and Financial Crimes Commission (EFCC) will today (Thursday) arraign a former governor of Kogi State, Yahaya Bello, before a Federal High Court sitting in Abuja.

Naija News reports that the governor will be arraigned alongside three other suspects, Ali Bello, Dauda Suleiman, and Abdulsalam Hudu.

The EFCC is arraigning them before Justice Emeka Nwite on 19-count charges bordering on money laundering to the tune of N80, 246,470, 088.88 (Eighty Billion, Two Hundred and Forty-Six Million, Four Hundred and Seventy Thousand and Eight Nine Naira, Eighty Eight Kobo).

They will face 19 counts of alleged fraud in a charge marked FHC/ABJ/CR/98/2024 filed on March 6, 2024, by a Senior Advocate of Nigeria (SAN), Dr. Kemi Pinheiro.

Pinheiro and two other SANs – Jubrin Okutepa and Rotimi Oyedepo – will lead seven other lawyers from the EFCC against the defendants.

Count 1 of the charge reads: “That you, Yahaya Adoza Bello, Ali Bello, Dauda Suleiman, and Abdulsalam Hudu (Still at large), sometime in February 2016, in Abuja, conspired amongst yourselves to convert the total sum of N80,246,470,089.88 which sum you reasonably ought to have known forms part of the proceeds of your unlawful activity to wit: criminal breach of trust and you thereby committed an offense contrary to Section 18(a) and punishable under Section 15(3) of the Money Laundering (Prohibition) Act, 2011 as amended.”

Count 2: “That you, Yahaya Adoza Bello, sometime in 2023, in Abuja, indirectly procured one Ali Bello, Dauda Suleiman, and Abdulsalam Hudu (still at large) to use the sum of N950,000,000.00 for the acquisition a property lying, being and situate at No. 35 Danube Street, Maitama District, Abuja, which sum you reasonably ought to have known forms part of proceeds of your unlawful activity to wit: criminal breach of trust, and you thereby committed an offense contrary to section 18 (c) of the Money Laundering (Prohibition) Act, 2011 as amended and punishable under section 15 (3) of the same Act.”

Count 3: “That you, Yahaya Adoza Bello, sometime in February 2021 in Abuja, indirectly procured one Ali Bello, Dauda Suleiman and Abdulsalam Hudu (still at large) to use the sum of N100,000,000.00 for the acquisition a property lying, being and situate at No. 1160, within Cadastral Zone C03, Gwarimpa II District, Abuja, which sum you reasonably ought to have known forms part of proceeds of your unlawful activity to wit: criminal breach of trust, and you thereby committed an offense contrary to section 18(c) of the Money Laundering (Prohibition) Act, 2011 as amended and punishable under section 15 (3) of the same Act.”

Count 4 “That you, Yahaya Adoza Bello, sometime between 2018 to 2020, indirectly procured one Yakubu Siyaka Adegbenga, Iyadi Sadat and Abba Adaudu to use the sum of N920,000,000.00, for the acquisition a property lying, being and situate at No.2 Justice Chukwudifu Oputa Street, Asokoro, Abuja, which sum you reasonably ought to have known forms part of proceeds of your unlawful activity to wit: criminal breach of trust, and you thereby committed an offense contrary to section 18(c) of the Money Laundering (Prohibition) Act, 2011 as amended and punishable under section 15 (3) of the same Act.”

Count 5: “That you, Yahaya Adoza Bello, sometime in 2022, in Abuja, within the jurisdiction of this Honorable Court, indirectly procured one Ali Bello, Dauda Suleiman, Rabiu Musa Tafada Global Ventures and Abdulsalam Hudu (still at large) to use the sum of N170,000,000.00 for the acquisition of a property lying, being and situate at block D Manzini Street, Wuse Zone 4, Abuja, which sum you reasonably ought to have known forms part of proceeds of your unlawful activity to wit: criminal breach of trust, and you thereby committed an offense contrary to section 18(c) of the Money Laundering (Prohibition) Act, 2011 as amended and punishable under section 15 (3) of the same Act.”

The EFCC also accused Bello of procuring a firm to transfer the aggregate sum of US$570,330.00 to an account number in TD Bank, United States of America, “which sum you reasonably ought to have known forms part of proceeds of unlawful activity to wit: Criminal breach of trust.”

The last count accused the former Kogi State Governor of indirectly procuring E-Traders International Limited, Aleshua Solutions Services, Whales Oil and Gas, Forza Oil and Gas, Dada Grand Merchant Limited to transfer $556,265 to account number 4266644272 domiciled in TD Bank, United States of America “which sum you reasonably ought to have known forms part of proceeds of unlawful activity to wit: Criminal Misappropriation and you thereby committed an offense contrary to section15(2)(d) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15(3) of the same Act.”

The Central Bank of Nigeria (CBN) has reduced the Loan-to-deposit ratio (LDR) of banks to 50 per cent from 65 per cent.

The apex bank made this known in a circular to Deposit Money Banks titled “Re: Regulatory Measures to Improve Lending to the Real Sector of the Nigerian Economy”.

The circular was signed by the Acting Director of the Banking Supervision Department, CBN, Adetona Adedeji.

In a bid to increase lending to the economy especially Small and Medium Enterprises, SMEs, retail mortgage and consumer loans, the CBN on July 3, 2019, increased Banks’ LDR to 60 per cent from 57 per cent.

The LDR was further raised to 65 per cent in January 20020.

The reduction in the LDR according to analysts at Afrinvest Securities is to allow banks to comply with the Cash Reserve Ratio, CRR of 45 per cent.

They said, “Today, the CBN in a circular to Deposit Money Banks titled “Re: Regulatory Measures to Improve Lending to the Real Sector of the Nigerian Economy” announced a scale down of the Loans to Deposits Rate (LDR) by 15.0ppts to 50.0% – reversing previous threshold set by the past CBN administration in January 2020.

“In our view, this downward review of LDR allows banks to comply with the 45.0% CRR directive, and eases off pressure on the lenders considering the restrictive nature of other CBN directives including the Net Open Position (NOP) ceiling of 20.0% short and 0.0% long. Thus, we believe this policy would enhance the ability of banks to sweat out assets without creating unnecessary risks.”

The CEO of Rainoil Limited, Gabriel Ogbechie, disclosed that the Nigerian government has resumed the controversial payment of fuel subsidies, now estimated at about N600 billion monthly, due to the recent devaluation of the Naira.

This statement was made during the Stanbic IBTC Energy and Infrastructure Breakfast Session in Lagos, stirring significant discussions on the nation’s economic and energy policies.

Return of the Subsidy

Mr Ogbechie detailed the resurgence of the fuel subsidy following the adjustment in foreign exchange rates. “When Mr. President came in May last year, one of the things he said is that subsidy is gone. And truly, the subsidy was gone because immediately, the price of fuel moved from 200 to 500 per litre. But a few weeks later, the government devalued the exchange rate, and the Dollar moved to about N750. At that point, the subsidy was beginning to come back,” Ogbechie explained.

He further highlighted that with the official closure of the dual exchange rate markets and the consolidation to about N1,300 per dollar, the subsidy on petrol was unmistakably reinstated. “The moment the two markets officially closed, officially the market went to about N1,300. At that point, that conversation was out of the window. Subsidy was fully back on petrol,” he emphasized.

Subsidy Calculations and Implications

Ogbechie broke down the current subsidy figures, stating, “If you look at our daily consumption, say 40 million liters, and we’re spending N500 per liter, that is about N20 billion every day, N600 billion every month, and 7.2 trillion yearly depending on how we look at it. So, subsidy is definitely back on petrol.” These numbers not only highlight the financial magnitude of the subsidy but also underscore the economic pressures faced by the Nigerian government in maintaining fuel price stability.

Government and Public Perspectives

The reimplementation of the fuel subsidy has sparked debates across various sectors. The former governor of Kaduna State, Nasir El Rufai, echoed concerns by stating that the federal government is spending more on petrol subsidy than before. Meanwhile, Mrs. Olu Verheijen, Special Adviser to the President on Energy, elucidated the government’s stance, “The subsidy was removed on May 29. However, the government has the prerogative to maintain price stability to address social unrest. They reserve the right to intervene.”

She added, “If the government feels that it cannot continue to allow prices to fluctuate due to high inflation and exchange rates, the government reserves the right to intervene intermittently, and that does not negate the fact that subsidy has been removed.”

NNPC’s Position

Contrarily, the Nigerian National Petroleum Corporation (NNPC) has maintained that no subsidy is paid to its account from the federal government. Mele Kyari, GCEO of NNPC, stated in August 2023, “I told you there’s no subsidy whatsoever, we are recovering our full cost from the products that we import. We sell to the market, we understand why the marketers are unable to import. We hope that they do this very quickly, and these are some of the interventions the government is doing. There is no subsidy.”

A few days after the commemoration of the 10-year anniversary, another Chibok girl, Lydia Simon, has been rescued by troops of Operation Desert Sanity III, North East Operation Hadin Kai.

She was rescued with her three children by the troops of 82 Division Task Force Battalion in Ngoza LGA of Borno State, yesterday.

Sources told Vanguard that, Lydia, who was on serial number 68 among the abducted missing girls, escaped from the camp of Ali Ngulde in Mandara Mountain, where she was held in captivity for several years.

She surrendered to troops of 82 Division Task Force Battalion at Ngoshe in Gwoza LGA. The rescued Chibok girl was five months pregnant and claimed she was from Pemi Town in Chibok.

President Bola Tinubu, on Wednesday, promised harsh consequences for persons who pit themselves against Nigeria’s sovereignty and security.

He also said his administration had made considerable gains against banditry and kidnapping through intensified campaigns buoyed by intelligence gathering.

“Those who think they can threaten the sovereignty of Nigeria will have themselves to blame. They have a price to pay. And we are not going to relent,” Tinubu said when he received leaders of the Yoruba socio-political Organisation, Afenifere, at the State House in Abuja on Wednesday.

The delegation was led by the leader of Afenifere, Pa Reuben Fasoranti, Oba Olu Falae, and other eminent citizens.

The President’s Special Adviser on Media and Publicity, Ajuri Ngelale, revealed the details of Wednesday’s talks in a statement titled, ‘President Tinubu receives leaders of Afenifere, says the administration is resolute in achieving economic security in a fair and equitable system for all Nigerians.’

Speaking on security, the President declared that those who threatened the sovereignty of Nigeria would pay a heavy price.

The declaration by Tinubu came days after Yoruba Nation agitators, dressed in military camouflage and armed with guns, stormed the Oyo State Government Secretariat, attempting to hoist the Yoruba Nation flag on the premises of the Oyo State House of Assembly.

The Yoruba Nation promoters are seeking the breakaway of the Yoruba people from the Federal Republic of Nigeria.

They contended that the interest of the Yoruba people had not been adequately protected in Nigeria, saying their welfare would be better taken care of under a separate sovereign entity to be known as Yoruba Nation.

But Tinubu speaking on Wednesday, vowed to keep Nigeria as one.

The President said, “I am irrevocably committed to the unity of Nigeria and constitutional democracy. Constitutional democracy has been reflected greatly here since we assumed office. What we face now is the challenge of terrorism.

“Security of life and property is necessary for development. I can tell you we are achieving success. We have degraded terrorism to a level that it can no longer threaten Nigeria’s sovereignty.

“Banditry and kidnapping will be defeated. And there is no payment of ransom whatsoever. We are taking the battle to them. We are getting results more rapidly than before. We are working hard on intelligence gathering.”

The President said his administration was re-engineering Nigeria’s finances and seeking to boost citizens’ purchasing power and spread prosperity by instituting a credit system where the element of cash does not impede a significantly enhanced standard of living for all citizens.

He argued that Nigeria must first secure itself economically before achieving its more sophisticated objectives.

“We are committed to our country’s economic survival. To re-engineer our country’s finances, we must start in earnest,” he explained.

According to Tinubu, this will require first retooling, revamping the economic opportunities available, and continuing to take the necessary firm, steady baby steps.

“Education is a strong weapon against poverty. To empower the people, we must invest in the future of our youths.

“We have seen the problems parents face in training their children in school; it is why we established the National Student Loan Programme, which is taking off well,” he explained.

He assured the Yoruba leaders that his administration would emphasise the Consumer Credit Scheme and provide allowances for the unemployed to reduce the high unemployment rate.

“We must help vulnerable people by providing social security.

“We are looking at how to provide allowances for the unemployed, and we are developing ways to boost the purchasing power of citizens with the Consumer Credit Scheme.

“If we remove the cash upfront element to buy a car or a house, we will reduce the propensity for fraud and corruption across the land,” President Tinubu said.

He thanked the delegation for their prayers and support and assured them he would not relent in his resolve to advance Nigeria.

“God bless Nigeria. God bless our unity; our diversity must bring prosperity for all for the sake of Nigeria,” Tinubu concluded.

Earlier in his remarks, Oba Olu Falae commended the President for his courageous decisions, the rehabilitation of the Third Mainland Bridge in Lagos, and other critical ongoing projects.

Oba Falae urged the President not to relent in ensuring fairness and equity for all Nigerians while noting the importance of a constitutional amendment to devolve more powers to the states.

He said, “We are delighted about what you are doing for our country, and we assure you of our continued support.

“We thank you for visiting Akure in February 2024 and believe it is proper to reciprocate your kind gesture.

“We appreciate this relationship, and we need to make it work in the interest of Nigeria.”

Describing President Tinubu as the most important political figure in Africa, the monarch conveyed the elders’ expectations of him to lead the country with knowledge, courage and integrity.

“We have no doubt that your tenure will mark a turning point in our country’s history. Under your leadership, Nigeria will be repositioned,” he said.

The Afenifere Chief also promised firm support for the President, saying, “We will stand by you as you make all efforts to improve the Nigeria story. Be assured that Afenifere will not abandon you in fair or foul weather. As long as you remain faithful to the principles of fairness, integrity, and courage expected of you as the leader of Nigeria, we will stand by you.”