The Central Bank of Nigeria, CBN, has increased the exchange rate for calculating tariff and import duties collection at the Nation’s seaports and airports by N162.51 amid the Naira depreciation.

The apex bank’s data showed that customs exchange increased to N1327.35 per dollar on Monday from N1,164.84 per dollars on Sunday.

This represents a 12.2 per cent or N162.51 increment. 

This development means the Dollar remains rising in the Nation’s foreign exchange market.

FMDQ data showed that the Naira lost N79 against the Dollar in the foreign exchange market on Monday.

Nigeria’s custom exchange rate has been consistently affected by the fluctuation in the forex market.

The Centre for the Promotion of Private Enterprise’s Chief Executive Officer, Dr Muda Yusuf, advocated that the customs exchange rate should be fixed for at most N1,000 per Dollar for at least six months.

“How are you coping with this fuel scarcity? Fuel queues everywhere. Even the bus stops are crowded. People waiting for buses that also do not have fuel.” 

“What I don’t understand is why every administration since 1999, marking the return to civilian rule, has had to deal with exactly the same problems: fuel scarcity, a big debt burden, lack of electricity supply, unemployment, big corruption, terrorism and banditry. Sometimes, I take a look at this democracy and I am like: what really have we gained putting civilians in power?”

“The worst civilian government is better than the best military government.”   

“I hear that all the time, yes. But why are we not making progress? Can you believe that one of my brothers had to contact me to ask if I could help get fuel. How am I supposed to do that from Lagos, when I am also looking for fuel.”

“Don’t worry when the Dangote refinery starts producing PMS and the Warri refinery kicks off, everything will be fine.”

“I have been hearing that for about a year. Were we not also told that the Port Harcourt Refinery has been mechanically completed?  A mechanical refinery that has refused to produce petrol. We don’t need mechanical stories we want fuel at the filling stations”

“President Tinubu has advised us to be patient. At the Special Meeting of the World Economic Forum in Riyadh, Saudi Arabia, he told his audience that his government had to remove fuel subsidy and manage the foreign exchange market to prevent the country from slipping into bankruptcy.”

“I watched the video. He spoke well, ex tempore. He keeps doing a good job of marketing the country and selling the country as an important destination for Foreign Direct Investment. Good outing overall. You know City Boy is a show man. He met with the Dutch Prime Minister, Bill Gates, Chairman of shipping giant AP Moeller-Maersk, CEO of Samsung. But he didn’t tell the full story”

“Which full story do you want him to tell the international community? Which story?” 

“He should have been honest enough to tell the business community that Nigeria under his watch is still a work in progress. Electricity supply is epileptic. Diesel is expensive. The cost of business is so high many businesses are leaving the country, the latest being PZ Cussons which has been in West Africa for more than 140 years. Even the businesses that are still in the country are raising prices. Multichoice has increased its subscription rates, effective May 1. The Telecom companies have also served notice that call rates will go up…”

“Market forces. Companies are doing business not charity. They have to make ends meet. For a business to be profitable, the Return on Investment (ROI) must be higher than the Cost of Investment. If you can’t afford to pay for Multichoice Premium, the same company offers you other options. If the Telcos increase their call rates, you simply talk less and reduce the number of calls you make.”

“But are you aware that one court has barred MultiChoice from increasing its subscription rates? And I guess the same thing will happen to the telcos. And if they cannot make ends meet, some of these companies will also close shop.”

“Just hearing that from you.” 

“That is why I am talking about honesty. You are asking me to adjust and adapt. President Tinubu should have told his audience that back home IPMAN has announced that this fuel scarcity will linger for two weeks, further making life difficult for businesses and persons.” 

“IPMAN talked about fuel scarcity and supply chain problems. The Independent Petroleum Marketers did not say there will be fuel queues for two weeks.” 

“What is the difference?”

“So, what do you expect President Tinubu to do? To promise potential investors an enabling environment and then at the same time, de-market his own country? Trust is the biggest element in international trade. President Tinubu only needs potential investors to trust him. Or do you want him to behave like President Buhari who used to go abroad to tell people that Nigerian youths are lazy, or that a woman’s place belongs in the other room? Sorry, Tinubu is much smarter.” 

“But why was he behaving like that during the campaigns making it look like he could not complete his sentences and had to be assisted to complete ordinary tasks like climbing the stairs. The same man is now energetic and bouncing, prancing, with energy and panache.”

“Strategy my friend. People underestimated Asiwaju Bola Tinubu, even within his own party. He outsmarted them all, even with the power of the tongue. Strategy is the soul of politics.” 

“Okay, congratulations. Let him solve the problem of electricity, fuel supply, foreign exchange and the hunger in the land. Soon, it will be May 29, one year since he assumed office. Enough of the promises of hope. I want action, results.” 

“You have to be patient. You cannot expect Tinubu to fix eight years of maladministration in one year. But come to think of it, I think in a mysterious manner, Nigeria has just stumbled on a divine solution.” 

“Beware of blasphemy. Leave God out of this. Our problems in Nigeria are man-made. Nobody should blame God.” 

“I said divine. I didn’t mention God but you know God works through human beings. God has sent unto us one of his prophets to solve our problems.”

“And who is that?”

“Prophet Odumeje. Abidoshaker. Ganduka Gandusa. Indaboski. The Liquid Metal. The man has acquired powers. He says with his powers, he brought down the value of the dollar against the Naira and the Naira appreciated. But he left town for London with his powers, the Naira lost a little value and now that he is back, he will fix the Naira.” 

“What powers?”

“Citadel. Pandemic. Epidemic. Pandemonium. Sanctus Sanitorias and Burning Fire.”

“Listen to that meaningless mumbo-jumbo. And who is Abido Shaker?”

“Man of God.”

 “I think he is a clown. A comedian. An entertainer. I think he should be in Nollywood, not anywhere near a pulpit. You people worship pastors, not God. You actually believe that a prophet is the solution to Nigeria’s problems?”

 “When the man went to London, people rushed to the airport to receive him. They even paid to watch him perform his latest song: Powers. He attracted a large crowd. When he returned to Nigeria, he was received by a large crowd, dancing and singing his praises. The man has his own style.”

“Nigerians like entertainment and that pastor is good at making skits. I am not surprised.” 

“I hear he can use his powers to ensure steady electricity supply, generate employment and place Nigeria on the path of growth. You never know with these spiritualists. Don’t you think he should be consulted by the Nigerian government? Yemi Cardoso and Wale Edun can invite him to a meeting and explore ways of how his powers can be unleashed to fix monetary and fiscal policies.”

“He should be given a stern warning to stop misleading people. One of these days he would cause a pandemonium. The person that actually shocks me is that musician called Flavour. What does he hope to gain doing a collabo with Indaboski?”

“He probably hopes to get powers that would jump-start his musical career.” 

“I sympathize with him if that is the case. He doesn’t need powers to do well as an artiste. Let him go and work hard on his talent and concentrate on his craft. Can’t he see that Indaboski is using him? Nonsense.”

“His choice. This is a free country. He is responsible for his own brand and identity. And in any case, I don’t think anybody is using anybody. They are both using each other. You will be surprised that their song may end up as a bestseller on the charts.”

“What I know is that people make stupid choices in this country. Like those young men who went to protest at the EFCC Headquarters yesterday. They turned EFCC vs. Alhaji Yahaya Bello into an Ebira youths vs Igalla youths conflict. I hear the protesters were ethnic gladiators.”

 “Everything in Nigeria is always ethnicized. With so much unemployment in the country, you will always find more than enough idle youths to support any cause.” 

“EFCC has already staged enough drama around this case. It should not get involved in Ebira or Igalla politics. The matter is already in court. The courts will decide on the weight of evidence provided. Enough of the circus and all you television lawyers should beware of running foul of the law.”

“I understand what you are saying. The part of the story that shocks me, actually, is the fact that people spend foreign currency in this country as if it were the national currency. The Chinese supermarket that was shut down in Abuja the other day, we were told designates items in Chinese and price tags in yen, not Naira. There are many schools, real estate companies, and luxury stores that transact business in dollars only.”

“Even some government agencies collect tariffs in dollars and claim that it is because their business is international. Nigeria’s crude oil is sold in dollars for example.”

“So, how do we expect the Naira to remain stable? I think what the American International School Abuja (AISA)’s involvement in the Bello case so far is that the government must move swiftly to outlaw the use of dollars for basic transactions in the country, instead of chasing people who are spraying small change at social parties.” 

“Even that is an offence. There is no such thing as a small offence. The law is the law.” 

“The law must be seen to be fair to all parties concerned. This is why I support the idea of a justice sector reform. For Heaven’s sake, we can’t even maintain correctional facilities. There was a small downpour the other day in Suleja and the perimeter wall of the correctional facility gave way. Over 100 inmates escaped. Before now, there have been jail breaks in Koton Karfe in Kogi state, Benin and Oko in Edo State, Kuje in FCT, and Okitipupa in Ondo State. Every incident has been traced to the poor management of the correctional facilities.” 

“But what has this got to do with justice sector reform?”

“Everything. Justice administration is a chain from law enforcement to the judicial system to the custodial centres. There is no justice if the prisons are congested, if children are kept in maximum prison facilities, if security dogs are fed with N800 per day and inmates N700 per day. There is no justice when cases are delayed and the prisons are full of awaiting trial persons.”

“I am really sorry. I don’t want to talk about the plight of prisoners. Even those of us who are not in custodial centres are in prison in real terms. This country is a big prison yard.” 

“I won’t put it like that. I guess we should at least be grateful for the little opportunities we get. There is nothing like being free, and having tomorrow to look forward to. Look at one example. The Edo State Government has just increased the minimum wage in the state to N70, 000. That is good news.”

“I hear Lagos has also done the same thing.” 

“No. That story has been debunked by Gbenga Omotoso, the Lagos Commissioner for Information. What Lagos has in place is a comprehensive welfare programme called Eko Cares which covers food, healthcare and transportation.”

“Lagos can in fact pay up to N100, 000 if it so decides. Afterall, the Governor’s nickname is Sanwo Eko. Let him bring out the money. Sanwo Eko, show us the money. What is money?”

“Just confess that your sister works with the Lagos State Government and you want her to earn more.” 

“There is nothing wrong with that. We are in a country where you have to look out for yourself.”    

“This is why we are where we are”

“That is why Africa is the way it is.”

“Look at South Africa. Thirty years after the end of apartheid rule, the racist masters have been replaced by a local elite which has not really done much for the poor black majority. Our leaders in Africa only want power for power’s sake. If the ANC is not careful, it may not even get up to 40% in the May 29 elections. Obsession with power and corruption have broken up the party.”

“Typically African. South Africa after Mandela.”

“Look at Togo where the people went to the polls yesterday in a parliamentary election.”

“Is that an election? Faure Gnassingbe amended the Constitution to keep him in power till 2033. There is also the chance that he will remain President for life. He has been in power since 2005, the year that he seized power as birthright. His family has been ruling Togo since 1967.”  

“The opposition parties do not stand any chance in Togo.”  

“The Black man is the biggest problem to himself and to others.”

Nigeria, the most populous nation in Africa, is endowed with an abundance of natural resources, including crude oil, natural gas, coal, iron ore, and tin, among others. Despite being the largest oil producer in Africa and the 12th largest in the world, the country's citizens continue to grapple with the irony of fuel scarcity, high prices, and its far-reaching consequences on the economy and daily life. This article delves into the complexities of Nigeria's fuel situation, its impact on the citizens, and proposes solutions to address this perennial problem.

The Federal High Court sitting in Abuja has issued an interim order for the freezing of about 1, 146 bank accounts that were allegedly linked to unauthorized foreign exchange transactions.

The court, in a ruling that was delivered by Justice Emeka Nwite, ordered that the identified accounts, belonging to individuals and companies, should be frozen for at least 90 days, to allow the Federal Government to conclude its investigations that they could have been used for money laundering and terrorism financing.

“It is hereby ordered as follows: That the applicant’s application is hereby granted as prayed.

“That an order of this honourable court is hereby made freezing the bank accounts stated in the schedule below which accounts are owned by various individuals who are currently being investigated in a case involving the offences of unauthorised dealing in foreign exchange, money laundering and terrorism financing to the extant that the investigation will be for a period of 90 (Ninety) days,” the court held.

The order, dated April 24 but sighted by newsmen on Monday, followed an ex parte application that was brought before the court by the Economic and Financial Crimes Commission, EFCC.

The anti-graft agency had in the motion ex-parte marked: FHC/ABJ/CS/543/2024, maintained that the accounts it listed in a schedule it attached to the court process, were subject of its ongoing investigations.

“That preliminary investigation conducted thus far reveals that the bank accounts are linked to persons who take advantage of the virtual crypto currency exchange platforms to illegal manipulate the value of Naira and laundering proceeds of unlawful activities.

“That there is need to preserve the funds in the identified bank accounts pending the conclusion of investigation and possible prosecution,” the EFCC added in the affidavit that was filed by its lawyer, Mr. Ekele Iheanacho.

Some of the account names the EFCC listed in the attached schedule, included: Akitoye Adeyemi Ayomide with GTBank account number; 0165110025; Clyp Trading Ltd, Titan Trust Bank account number: 0000331101; Clyp Consulting Ltd, Providous account number: 9401374554; and Toyetech Platforms Ltd, Titan Trust Bank account number: 0000134962.

Others were: Winx International Platforms Ltd, Titan Trust Bank account number: 0000135055; Shutterscore Trading Platforms Ltd, Access Bank account number: 1532363954; Tradecillion Trading Ltd, Stanbic IBTC account number: 0045672922; and Nsofor Nmamdi, GTBank account number: 0449088666
They equally include Kora Payments Network Ltd-Operations, UBA account number: 1022242089; Renderstack Technologies Ltd, Zenith Bank account number: 1210355120; Korex Payments Ltd, Globus account number: 5000007837; and Awe Microfinance Bank Ltd, Providous account number: 5400760781; and Victor Asuquo, Opay Digital Services Ltd account number: 9020132068.

As well as: Akingbade Sabit Juwon, ECONANK account number: 3442053006; Nsofor Nmamdi, Union Bank account number: 0140460572; Asuquo Samuel, First Bank account number: 3153199542; Oty Ugochukwu Stanley, FCMB account number: 4039304011; Oty & Sons Global Concepts, Fidelity Bank account number: 6060410145; and Pelumi Ayandoye, Wema Bank account number: 0234852277; and David Ajala, Fidelity Bank account number: 5090680780.

Meanwhile, Justice Nwite adjourned the matter till July 23 for mention.

It will be recalled that the court had in March, ordered Binance Holdings Limited to release to the EFCC, a comprehensive detail of all persons from Nigeria that are trading on its platform.
Binance is a cryptocurrency exchange platform that lists more than 350 digital currencies that serve as alternative form of payment, created, using encryption algorithms.

FG had asked the company to disclose its top 100 users in the country, as well as all transaction history for the past six months.

The Governor of the Central Bank of Nigeria, CBN, Mr. Olayemi Cardoso had on February 27, disclosed that about $26billion passed through Binance from unidentified sources.

In an abrupt move on March 8, the crypto firm discontinued all transactions in naira on its exchange platform, following reports that the government demanded $10bn as retribution for profiting from “its illegal transactions” in Nigeria.

However, in an ex-parte motion it filed before the court, the EFCC said it would need a detailed data of Binance users in the country to aid its ongoing investigation on issues relating to money laundering and terrorism financing.

In a supporting affidavit that was attached to the motion, deposed to by one Hamma Bello, an operative of the EFCC, he told the court that he was attached to the Special Investigation Team (SIT) of the commission domiciled in the Office of the National Security Adviser (ONSA).

Bello averred that following the inauguration of the Technical Committee on Currency Stability and Forex Manipulation by the ONSA, the SIT, “received an intelligence stating the nefarious activities (money laundering and terrorism financing) on Binance, a crypto currency exchange platform.”

According to him, “That from the information afforded to the team by Binance shows that the total trading volume from Nigeria in 2023 alone stood at $21.6 (twenty one billion, six hundred million dollars).”

FG had since charged both the company and two of its top officials to court for money laundering and tax evasion.

The Northern governors and monarchs have commended Aliko Dangote, billionaire businessman and president of the Dangote group, for the N15 billion food intervention programme launched to cushion the burden of economic hardship on Nigerians.

The governor of Nasarawa and Benue who joined others to laud Dangote’s effort said the scheme was monumental in scope and impactful.

Hyacinth Alia, governor of Benue who was speaking during the weekend at the commencement of the food distribution in the state described Dangote’s action as ”multifaceted philanthropic efforts benefiting the poor and vulnerable populace of the state”.

Alia who was represented by Abah Isaiah, his senior special assistant appreciated Aliko Dangote Foundation (ADF) for supporting the state with twenty thousand bags of 10kg rice.

Sen. Suswam Opposes Establishment of State Police, Citing Immaturity of Nigeria
He disclosed that a committee has been constituted to distribute rice palliatives to the poor, vulnerable, and all local government areas in the state, including non-governmental and faith-based organizations.

Other members of the distribution committee are; foundation for justice, development and peace; first step action for children initiative; Benue state emergency management agency (SEMA); national orientation agency (NOA), Benue directorate; and Islamic charity.

Alia said that the food intervention would support its citizens living in IDP camps that are yet to return to their farms, commending Dangote for creating thousands of jobs through the Dangote Cement Plant in Gboko.

He added that the job creation and economic activities as precursors to peace and stability.

Alia urged host communities to support Dangote, stating they would do everything possible to ensure its success in Benue

“We would do everything possible to make sure that Dangote succeeds in Benue. I also want to urge you to support this company,” he said.

“As you can see there is a cordial relationship between the Dangote Cement Plc and the host communities. You can see how Dangote staff and host communities have been relating with each other.”

The governor urged the company to continue its charity work in the state, stating that the state is ready to provide an enabling environment for businesses to thrive.

Speaking further, Abdullahi Sule, governor of Nasarawa, said the intervention would ‘undoubtedly’ ease economic hardship being faced by many Nigerians.

Emmanuel Agbadu Akabe, deputy governor of the state who represented Sule said each LGAs of the state were allocated 2,000 bags apart from Karu and Lafia who were allocated 2,500 bags each.

He lauded Dangote, describing him as the “father of charity in Nigeria.”

Jonathan Kunde, general manager of Dangote Cement Plant Gboko, praised the peaceful and supportive communities over the years and promised them of more interventional schemes.

Zaki Atoo Mande, a monarch and representative of the host communities pledged the support of the communities towards the continuous realization of a hitch-free mining and production activities.

Muhammad Shaibu, emir of Tunga in Nasarawa, said the ADF’s National Food Intervention Programme is supporting the government to cushion the impact of economic hardship being experienced in the country.

“The Aliko Dangote Foundation is not only a gift to Nasarawa State, but to all Nigerians,” he said.

Ibrahim Galadima, district head of Tunga
described Dangote as God’s gift.

The Adamawa state also said it received its share of one million 10Kg rice distributed nationwide by the foundation, he added that thirty-five thousand beneficiaries, primarily vulnerable and disadvantaged, have received support to combat hunger due to the country’s current economic situation.

Abdullahi Bello Dan Musa, chief operating officer of Dangote sugar refinery numan, confirmed successful distribution across zones and almost completed the exercise in Taraba.

He added that the foundation has partnered with community leaders in the state to ensure the commodity is delivered to its intended beneficiaries.

Anthony Chiejina, spokesperson of the company, stated that the food initiative is part of the foundation’s ongoing commitment to aiding the Nigerian government and populace in overcoming economic challenges.

Ivase Eugene, a representative of the Aliko Dangote Foundation, and deputy general manager social performance and community relations, said the company was sharing one million bags of 10kg rice in all LGA of the country.

On March 24, Dangote launched a N15 billion food intervention programme to cushion the burden of economic hardship on Nigerians

During the launch in Kano, Dangote said the distribution of food items will run from March to early April, adding that over one million 10kg bags of rice will be distributed across the 774 LGAs of the 36 states of the federation, including the federal capital territory (FCT).

The Foundation had equally distributed thousands of bags of rice to beneficiaries and vulnerables in FCT with at least 48 charity organizations and orphanages involved in the process.

The former presidential aspirant of the People’s Democratic Party (PDP) from Abia State, Chief Cosmos Ndukwe, has announced his resignation from the PDP.

Chief Ndukwe posted his resignation letter on his official Facebook page on Monday.

Chief Ndukwe was once a Councillor, Deputy Local Government Chairman, Chief of Staff to the Executive Governor of Abia state, Deputy Speaker of Abia 6th House of Assembly, and also a presidential aspirant under the PDP umbrella.

Stating his reasons for leaving the party, he wrote, “My decision to resign as a member within the party stems from personal reasons and my reflection on my current commitments and aspirations.

“After careful consideration, I have concluded that porting out of PDP is the best course of action for me now”.

However, in his letter, he did not state if he was joining another party or quitting politics.

He also thanked Abia state PDP for their support and expressed appreciation for all the role the party played in his political career.

Burkina Faso has suspended a swathe of international news organisations, some indefinitely, for airing accusations of an army massacre of civilians, with the communications regulator CSC adding more outlets over the weekend.

Among those named are French newspaper Le Monde, British publication The Guardian, German broadcaster Deutsche Welle and French broadcaster TV5 Monde.

They were suspended for reporting on a Human Rights Watch (HRW) statement accusing soldiers of killing at least 223 people in revenge attacks on two villages on February 25.

Other news media named by the CSC in an order dated Saturday, were French regional newspaper Ouest-France, African website APAnews and the Swiss-based Agence Ecofin.

Already on Thursday, the CSC announced it had directed internet service providers to suspend access to the BBC, VOA and HRW from Burkinabe territory for two weeks.

The military rulers of Burkina Faso have dismissed as “baseless” the HRW report on the massacre, which found 56 children were among the dead.

“The killings at Nodin and Soro led to the opening of a legal inquiry,” communications minister Rimtalba Jean Emmanuel Ouedraogo said in a statement late Saturday.

He expressed his surprise that “while this inquiry is underway to establish the facts and identify the authors, HRW has been able, with boundless imagination, to identify ‘the guilty’ and pronounce its verdict”.

HRW described the massacre as “among the worst army abuse in Burkina Faso since 2015”.

“These mass killings… appear to be part of a widespread military campaign against civilians accused of collaborating with Islamist armed groups, and may amount to crimes against humanity,” the New York-based group said on Thursday.

– ‘Grave and abusive decisions’ –

Reporters Without Borders (RSF) condemned what it called “grave and abusive decisions” from the junta.

In an email sent to AFP, the defender of press freedom said it “reminds the authorities that the publication of general news on the country’s security situation must not be a pretext for the worst attacks recorded against the media in recent months”.

According to the Burkina statement, “The media campaign orchestrated around these accusations fully shows the unavowed intention … to discredit our fighting forces.”

“All the allegations of violations and abuses of human rights reported in the framework of the fight against terrorism are systematically subject to investigations” followed by the government and the UN high commissioner for human rights.

The latest suspensions against media come after a series of similar moves, both temporary and indefinite, that have been taken since Captain Ibrahim Traore came to power in September 2022.

Under Traore, the junta has distanced Burkina Faso from France, which ruled the country until 1960, and has already targeted a number of French media outlets.

The West African nation has been battered by a jihadist insurgency that swept in from neighbouring Mali in 2015.

Thousands of civilians, troops and police have been killed, two million people have fled their homes, and anger within the military at the mounting toll sparked two coups in 2022.

AFP

The United Kingdom (UK) government has announced a crackdown on criminals such as terrorists, drug dealers, and fraudsters who use cryptocurrency to raise and hide money.

According to the UK government, over £1 billion illicit transactions occur via cryptocurrency annually.

The UK Home Office made this known in a recent post on its X official page declaring that the law enforcement agencies have been given the greenlight to go after those involved.

Vanguard reports that the UK has embarked on diverse policies bordering on immigration, economic and financial matters.

“Over £1 billion in illegal crypto transactions take place in the UK each year,” the UK Home Office said. “Drug dealers, fraudsters and terrorists use crypto to hide and raise money.

“We’re giving law enforcement new powers to seize, freeze and destroy crypto assets,” it added.

This clampdown on illegal cryptocurrency operators in the UK is coming weeks after major stakeholders are found culpable of criminal activities.

In late March, FTX founder Sam Bankman-Fried was sentenced to 25 years in prison in the United States, for the securities fraud conspiracy that doomed his cryptocurrency exchange and a related hedge fund, Alameda Research.

Bankman-Fried also was ordered to pay $11 billion in forfeiture at the sentencing in Manhattan federal court.

In another development, five days ago, the US prosecutors wanted Changpeng Zhao, the founder and former chief executive of Binance, the world’s largest cryptocurrency exchange, to serve three years in prison after he pleaded guilty to violating laws against money laundering.

Foreign students likely using university courses as cheap means to obtain visas, UK laments
In February, the Governor of the Central Bank of Nigeria (CBN), Dr Olayemi Cardoso, said that over $26 billion in illicit flows has passed through the crypto platform Binance in the last year.

The revelation led to the arrest and detention of two Binance executives by the Office of the National Security Adviser (ONSA).

The two officials detained were Tigran Gambaryan, a US citizen and Binance’s head of financial crime compliance, and Nadeem Anjarwalla, a British-Kenyan who is a regional manager for Africa.

According to the ONSA, the duo were charged with four counts of tax evasion and with laundering over $35 million.

Meanwhile, Anjarwalla escaped from the custody of the security operatives, but was arrested by Kenya authorities, days later.

The Governorship candidate of the Peoples Democratic Party (PDP) in Edo State, Asue Ighodalo, has refuted claims that he has a hand in the impeachment of the state’s former Deputy Governor, Philip Shaibu.

Ighodalo who described the allegation as fake, added that the claims was cooked up to tarnish his reputation.

This was contained in a statement released by his media team on Monday.

The statement read, “While we would not usually join issues in response to every passing comment, it has become imperative to address the recent spurious allegations by former Deputy Governor Phillip Shaibu.

“It is necessary for the record, to state in no uncertain terms, that Mr. Asue Ighodalo has had no role or involvement in any form whatsoever in the very public process leading to Mr. Shuaibu’s impeachment and subsequent removal from office by the Edo State House of Assembly.

“These claims are completely without merit, and Mr. Ighodalo categorically denies any such involvement. These allegations are a clear attempt to unjustly tarnish his reputation and divert attention from the actual issues at hand.”

He, however, called on the public to disregard the claim, saying, “We urge the public and the media to regard these false statements with well-deserved skepticism.”

Ighodalo had earlier said he remained focused on running a governorship campaign based on issues and devoid of distractions.

On April 8, the state House of Assembly impeached the embattled state deputy governor after the adoption of the report of the seven-man investigative panel set up by the state Chief Judge to probe allegations of misconduct against Shaibu.

Shaibu was probed on allegations of perjury and leaking of government secrets