AFOLABI

AFOLABI

The Nigerian National Petroleum Company, NNPC Ltd, has assured Nigerians that the ongoing fuel scarcity and queues will be cleared out Wednesday, May 1.

According to the News Agency of Nigeria, NAN, the Chief Communications Officer, NNPCL, Olufemi Soneye, disclosed this to newsmen on Tuesday in Lagos.

He said the company currently has an availability of product exceeding 1.5 billion litres, which can last for at least 30 days.

 

“Unfortunately, we experienced a three-day disruption in distribution due to logistical issues, which has since been resolved.

“However, as you know, overcoming such disruptions typically requires double the amount of time to return to normal operations,” he said.

He said: “Some folks are taking advantage of this situation to maximize profits.

“Thankfully, product scarcity has been minimal lately, but these folks might be exploiting the situation for unwarranted gain

“The lines will be cleared out between today and tomorrow.”

Meanwhile, the National Vice President of the Independent Petroleum Marketers Association of Nigeria, lPMAN, Hammed Fashola, expressed optimism that the queues in Lagos and Ogun would ease off this week, relying on the words of the NNPCL.

Fashola, however, stated that the queues in Abuja might tarry a bit due to the distance to Lagos.

“The information available to us from the NNPCL was that there was a logistics problem, and when that happens, it will disrupt the supply chain.

“That might be a delay in the movement of ships from the mother vessel to the daughter vessel before it gets to the depot tanks.

“Before we can correct that, surely it will take some days. I think by Tuesday or Wednesday, there will be more products available for lifti¹ng by marketers.

“It might take time before it can ease off in Abuja, considering the distance to Lagos and the bad roads; Lagos might be calm this new week,” Fashola assured.

The talented Nigerian international goalkeeper, Chiamaka Nnadozie, has made an indelible mark in the annals of history by becoming the first African and Nigerian player to be honoured as the top goalkeeper in the French D1 Arkema (women’s league).

Naija News reports that throughout this season, the 23-year-old Super Falcons goalkeeper has showcased her exceptional skills, particularly in saving penalties, solidifying her position as one of the finest goalkeepers on the global stage.

Nnadozie triumphed over fierce competition from Christiane Endler of Olympic Lyon and Katarzyna Kiedrzynek of Paris SG, emerging as the deserving recipient of this prestigious individual recognition.

“It’s very pleasing because she deserves it and she achieved an exceptional Champions League and not only on penalties.

“She is adorable. It is deserved. We know that she will be courted this summer, but we will try to keep her,” said Pierre Ferracci, the president of Nnadozie’s club, Paris FC.

Naija News reports that Nnadozie has been unrivalled in saving penalties this season, leading Europe with an impressive seven saves.

Recall that Nnadozie was also awarded CAF Women’s Goalkeeper of the Year in 2023.

Paris FC is currently in third place in the league standings with 42 points, trailing Paris Saint-Germain by eight points and Lyon by 11 points.

After winning the French D1 Arkema Goalkeeper of the Year award, Nnadozie expressed her gratitude on social media platform X, stating that she was thrilled to have received this honour.

“A big thanks to everyone who voted for me, and also a special appreciation to my coaches and teammates for all the support and encouragement, to my amazing family, and to Naija fans Una too much. GOD DID,” she added.

Former African Footballer of The Year, Victor Ikpeba, believes the appointment of Finidi George as Super Eagles coach will be a blessing to home-based players.

After waiting almost two months, the Nigeria Football Federation (NFF) announced Finidi George as the head coach of the Super Eagles.

Before his appointment, Finidi served as the Super Eagles’ assistant coach for 20 months and was the head coach of Enyimba of Aba.

Ikpeba, a member of the Nigerian Football Federation Technical Committee that endorsed Finidi for the Super Eagles coaching job, said the former Nigeria international, who won the NPFL with Enyimba last season, will provide opportunities for homegrown players.

“Being actively involved in Nigerian football, Finidi understands the local talent pool,” Ikpeba said on Monday Night Football aired on SuperSport.

“As the coach of NPFL champions Enyimba, he’s in touch with the domestic scene and will provide opportunities for homegrown talents, just as he once emerged as a star player himself.”

Reports claimed that Finidi George signed a one-year contract with the NFF with a one-year extension option. His first assignment is to lead the Super Eagles to qualify for the 2026 FIFA World Cup.

The journey to that goal will commence on June 3 when the Super Eagles take on South Africa in their third game of the qualification series. After the game in Uyo, the Eagles will fly to Abidjan in Ivory Coast to take on Benin Republic on June 10.

Nigeria is currently third in Group C, a point behind second-placed South Africa, and two points below first-placed Rwanda. Hence, the Eagles are expected to win their games this June to increase their chances of qualifying for the 2026 FIFA World Cup.

“In the upcoming matches against South Africa and Benin in June, Nigeria faces crucial fixtures that could define our World Cup aspirations,” Ikpeba said.

“We find ourselves in a challenging position having drawn our initial qualifiers, so securing victories in the upcoming games is imperative. With the talents at our disposal, if Finidi can extract the best from the players, qualification is within our reach.”

Everton have already established contact with Wilfred Ndidi over a summer move.

Ndidi has less than two months on his contract with Leicester City and is not expected to sign an extension.

A number of clubs have already expressed interest in signing the defensive midfielder. 

Anticipating they could face stiff competition for the Nigeria international, Everton have decided to send their proposal to the player early.

Ndidi, according to reports, is yet to decide his destination.

The 27-year-old played a crucial role in Leicester City’s promotion to the Premier League.

The Foxes won the Sky Bet Championship title after a 3-0 victory over Preston North End on Monday.

The Central Bank of Nigeria, CBN, has ordered four fintech companies to stop onboarding of new customers pending further notice.

The affected fintechs- OPay, Palmpay, Kuda Bank, and Moniepoint have been reportedly linked to allegations of accounts being used for illicit foreign exchange transactions.

Representatives from two affected firms confirmed the development to DAILY POST on Monday.


“I can that confirm that 90 per cent of the accounts implicated in the illicit forex transactions are with commercial banks, and only 10 per cent are with fintechs.

“Why then has the CBN not extended this directive to the commercial banks? We face a widespread issue here, and targeting fintechs seems like an unfair focus on the more vulnerable targets,” one source who preferred anonymity explained.

Meanwhile, as of the time of filing the report, none of the four firms have responded to the development.

The development comes amid clamped down on currency speculators in the foreign exchange market.

Recently, the Court granted the Economic Financial Crimes Commission’s request to freeze 1,146 bank accounts.

After a halt of more than five weeks, members of the Senate and House of Representatives are set to resume plenary in their renovated chambers on Tuesday, April 30.

The legislators, who had embarked on Easter and Eid el-Fitr holidays on March 20, were initially scheduled to reconvene on April 16. However, the resumption was postponed.

 

Led by Tajudeen Abbas, the Speaker of the House of Representatives, and his predecessor Femi Gbajabiamila, the leadership of the House inspected the green chamber on Monday in anticipation of Tuesday’s resumption.

The renovation of the chamber, which commenced in April 2022, has been long-awaited. During this period, legislators have been using a temporary chamber located in one of the committee rooms.

The renovation project attracted considerable attention in 2019 when the National Assembly budgeted over N30bn for the overhaul of the complex, sparking widespread criticism.

 
 

Below are photos of the revamped green chamber:

L-R; Deputy Speaker of the House of Representatives, Benjamin Kalu, Chief of Staff to the President, Femi Gbajabiamila, and Tajudeen Abbas, Speaker House of Representatives at the revamped green chamber
The revamped view of the green chamber
The revamped green chamber

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 Oil Paradox
 
Nigeria's oil industry, which accounts for approximately 90% of the country's foreign exchange earnings, has been a significant contributor to its economic growth. However, the benefits of this natural resource have not trickled down to the masses. The country's refineries operate below capacity, leading to a reliance on imported fuel to meet the demand. This dependence on imports, coupled with inadequate infrastructure and inefficient distribution networks, results in frequent fuel scarcity and high prices.
 
Consequences of Fuel Scarcity
 
The effects of fuel scarcity are multifaceted and far-reaching, impacting various sectors of the economy and daily life. Some of the consequences include:
 
1. Economic Contraction: Fuel scarcity leads to increased transportation costs, which in turn affect the prices of goods and services. This results in higher inflation rates, reduced economic growth, and decreased productivity.
 
2. Business Disruption: Fuel scarcity forces businesses to operate at reduced capacity or shut down temporarily, leading to lost revenue, reduced employment opportunities, and decreased economic activity.
 
3. Increased Transportation Fares: With fuel scarcity, transportation costs skyrocket, making it difficult for people to commute to work, school, or other essential activities.
 
4. Social Unrest: Fuel scarcity often leads to long queues at fuel stations, causing frustration and social unrest among citizens.
 
5. Environmental Impact: The reliance on generators and other alternative energy sources during fuel scarcity periods contributes to environmental pollution and health hazards.
 
6. Inefficient Resource Allocation: The focus on fuel importation and distribution diverts resources away from other critical sectors, such as education, healthcare, and infrastructure development.
 
Solutions to Nigeria's Fuel Plight
 
To address the fuel scarcity and high prices, Nigeria must adopt a multifaceted approach that involves short-term and long-term strategies.
 
Short-term Solutions:
 
1. Diversification of Energy Sources: Encourage the use of alternative energy sources like solar, wind, and hydroelectric power to reduce reliance on fossil fuels.
 
2. Improved Refinery Capacity: Invest in upgrading and expanding existing refineries to increase domestic fuel production and reduce import dependence.
 
3. Efficient Distribution Networks: Develop and maintain efficient fuel distribution networks to minimize transportation costs and reduce scarcity.
 
4. Fuel Subsidy Reform: Implement a targeted fuel subsidy program to benefit only the most vulnerable citizens, rather than the current blanket subsidy approach.
 
5. Price Regulation: Establish a price regulation mechanism to prevent arbitrary price hikes and ensure fair pricing.
 
Long-term Solutions:
 
1. Deregulation of the Downstream Sector: Encourage private sector participation in the refining, marketing, and distribution of petroleum products to promote competition and efficiency.
 
2. Investment in Infrastructure: Develop critical infrastructure, such as roads, railways, and waterways, to facilitate the transportation of fuel and reduce costs.
 
3. Renewable Energy Development: Invest in renewable energy sources, such as solar and wind power, to reduce dependence on fossil fuels and promote sustainable energy development.
 
4. Energy Conservation: Implement energy conservation measures, such as efficient lighting and appliances, to reduce energy consumption.
 
5. Human Capacity Development: Invest in education and training programs to develop the skills and expertise needed to manage the energy sector effectively.
 
Conclusion
 
Nigeria's fuel conundrum is a complex issue that requires a comprehensive approach to address. By implementing short-term and long-term solutions, the country can reduce its reliance on imported fuel, increase domestic production, and promote sustainable energy development. It is only by tackling this perennial problem that Nigeria can unlock its full economic potential and provide a better life for its citizens.

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.