The United Kingdom will hold its first national election in almost five years on Thursday, with opinion polls suggesting that Prime Minister Rishi Sunak’s Conservative Party will be punished for failing to deliver on promises made during 14 years in power.

The centre-right Conservatives took power during the depths of the global financial crisis and have won three more elections since then. But those years have been marked by a sluggish economy, declining public services and a series of scandals, making the Tories, as they are commonly known, easy targets for critics on the left and right.

The Labour Party, which leans to the left, is far ahead in most opinion polls after focusing its campaign on a single word: Change.

But the Tories face other challenges as well. The new Reform Party is siphoning off votes from the rightwing of the Conservatives after criticizing the Tory leadership for failing to control immigration.

How will the election work?
People throughout the United Kingdom will elect all 650 members of the House of Commons, one for each local constituency. There are no primaries or run-offs, just a single round of voting on July 4.

Britain uses a “first past the post” system of voting, which means that the candidate that finishes top in each constituency will be elected, even if they don’t get 50% of the vote. This has generally cemented the dominance of the two largest parties, Conservatives and Labour, because it is difficult for smaller parties to win seats unless they have concentrated support in particular areas.

How is the prime minister chosen?

The party that commands a majority in the Commons, either alone or with the support of another party, will form the next government and its leader will be prime minister.

That means the results will determine the political direction of the government, which has been led by the center-right Conservatives for the past 14 years. The center-left Labour Party is widely seen to be in the strongest position.

Who is running?
Sunak, a former Treasury chief who has been prime minister since October 2022, is leading his party into the election. His primary opponent is Keir Starmer, a former director of public prosecutions in England and leader of the Labour Party since April 2020.

But other parties, some of which have strong regional support, could be crucial to forming a coalition government if no one wins an overall majority.

The Scottish National Party, which campaigns for Scottish independence, the Liberal Democrats, and the Democratic Unionist Party, which seeks to maintain ties between Britain and Northern Ireland, are currently the three largest parties in Parliament after the Conservatives and Labour. Many observers suggest the new Reform Party, fronted by Brexit campaigner Nigel Farage, may siphon votes from the Conservatives

Why are the Conservatives under pressure?
The Conservatives have faced one challenge after another since they took power in 2010. First there was the fallout from the global financial crisis, which swelled Britain’s debt and caused the Tories to impose years of austerity to balance the budget. They then led Britain out of the European Union, battled one of the deadliest COVID-19 outbreaks in western Europe, and saw inflation soar after Russia invaded Ukraine.

Regardless of the circumstances, many voters blame the Conservatives for the litany of problems facing Britain, from sewage spills and unreliable train service to the cost-of-living crisis, crime and the influx of migrants crossing the English Channel on inflatable boats.

On top of that, the party has been tarred by the repeated ethical lapses of government ministers, including lockdown-busting parties in government offices. The scandals chased former Prime Minister Boris Johnson from office and ultimately from Parliament after he was found to have lied to lawmakers. His successor, Liz Truss, lasted just 45 days after her economic policies cratered the economy.

What are the big issues?

The economy: Britain has struggled with high inflation and slow economic growth, which have combined to make most people feel poorer. The Conservatives succeeded in controlling inflation, which slowed to 2% in the year through May after peaking at 11.1% in October 2022, but growth remains sluggish, raising questions about the government’s economic policies.

Immigration: Thousands of asylum seekers and economic migrants have crossed the English Channel in flimsy inflatable boats in recent years, triggering criticism that the government has lost control of Britain’s borders. The Conservatives’ signature policy for stopping the boats is a plan to deport some of these migrants to Rwanda. Critics say the plan violates international law, is inhumane, and will do nothing to stop people fleeing war, unrest and famine.

Health care: Britain’s National Health Service, which provides free health care to everyone, is plagued with long waiting lists for everything from dental care to cancer treatment. Newspapers are filled with stories about seriously ill patients forced to wait hours for an ambulance, then longer still for a hospital bed.

The environment: Sunak has backtracked on a series of environmental commitments, pushing back the deadline for ending the sale of gasoline- and diesel-powered passenger vehicles and authorizing new oil drilling in the North Sea. Critics say these are the wrong policies at a time the world is trying to combat climate change.

Why is the election being held now?

Sunak surprised pundits and most of his own lawmakers six weeks ago when he set the election for July 4, at least three months earlier than expected.

While most observers thought the vote would take place in the fall, Sunak gambled on a summer election, hoping that positive economic news would help him persuade voters that Conservative policies were beginning to work.

The decision was so startling that it landed the Tories in hot water. Allegations have emerged that party members and police officers assigned to protect government officials had placed wagers on a summer election, suggesting they had inside information and damaging Sunak’s ability to claim that his party is more trustworthy than Labour.

Commentators had been speculating about the timing of the election for months because the parliamentary term was scheduled to end in mid-December. While each parliament is elected for up to five years, the prime minister can call an election whenever it is most advantageous politically.

An operative of the Economic and Financial Crimes Commission (EFCC) has died by suicide at his residence in Abuja, Nigeria’s capital city.

The deceased, a member of Course 5, was described as diligent, efficient, and unassuming.

A source at the headquarters of the commission said, “The deceased was a diligent and efficient operative, known for his unassuming nature. His death has come as a shock to everyone at the EFCC.”

An investigation is currently underway to determine the circumstances surrounding the suicide, EFCC spokesperson Mr. Dele Oyewale confirmed.

When asked about the incident, Mr. Oyewale reiterated, “An investigation is currently underway to determine the circumstances surrounding the suicide.”

He added that the Commission is exploring possible factors, including mental health and family challenges, that may have contributed to the operative’s depression and tragic decision.

The EFCC has not released the operative’s name pending the conclusion of the investigation into the circumstances surrounding the suicide.

The Nigeria Customs Service (NCS) has disclosed another interception of a significant amount of arms and ammunition at the Murtala Muhammed International Airport (MMA) in Lagos, valued at ₦270 million.

The intercepted consignment, which originated from Turkiye, was found in the cargo section of the airport, and one suspect has been apprehended.

It was mentioned that military equipment and gear were also seized by the Airport Command of NCS.

Naija News reports that the latest recovery is coming barely 48 hours after the seizure of a container filled with arms and ammunition smuggled into the country from Turkiye at Onne Port, Rivers State.

Confirming the latest recovery in a statement issued on Wednesday night, the Comptroller General of the NCS, Bashir Adewale Adeniyi, said, “On 19th June 2024, the MMA 2 command deployed personnel to man all exit points and conducted examination on all consignment due to the intelligence available to us and upon examination a parcel with number 235/587737755 which originated from Turkiye was intercepted.

“The consignment was exterminated from the rest, and it was gathered that 55 pieces of Tomahawk semi-automatic short gun were Intercepted with one suspect arrested.”

On the Onne Port in Rivers State, the Service reported earlier that it intercepted a 40-feet container with the number MAEU165396, which contained pump action rifles and ammunition worth N4.17 billion.

Naija News learnt that due to the numerous risk factors linked to the importation, it caught the attention of the Customs Service, resulting in a comprehensive inspection of the container.

This inspection unveiled that the container was carrying 844 rifles and 112,500 pieces of live ammunition imported into the country from Turkiye.

IT was confusion and lamentation galore in Lagos, yesterday, as activities in most parts of the state were paralysed following early morning rains that left many neighbourhoods heavily flooded, with motorists trapped along major roads, including the ever-busy Third Mainland Bridge.

It was also blame galore, with many pointing accusing fingers at the state government for failing to enforce environmental protection laws and prosecuting those caught dumping refuse in drainage channels leading to their blockage and flooding whenever it rains.

For instance, an environmental expert and publisher of EnvironNews, a publication on environment issues, Mr Michael Simire, said: “About nine hours of torrential rainfall is a lot of water that is bound to cause some sort of havoc in a city like Lagos that has a considerable landmass below sea level and with numerous swampy areas that have all become built-up residential areas.

“The poor drainage network is worsened by the habit of dumping refuse in drainage channels which become blocked and lead to flooded neighbourhoods. Also, a considerable amount of structures in Lagos are built along drainage channels.

“Government should endeavour to clear and maintain the secondary and primary drainage channels so that they can accommodate run-offs from heavy rains like this one.”

Poor drainage system, planning lead to flooding — Experts

Also reacting, a consulting town planner, Mr Ayo Adejumo said “Everything that was not planned will give bad or wrong results or lead to disasters such as flooding we experience all over Lagos now.

The lack of proper planning of our environment is giving us what we see now in our environment.

When the government spends money to do development plans and they are not implemented, ungodly situations like flooding is what we get because development plans take care of environmental issues like this and profer adequate mitigation measures.

“Lack of provision of dump sites as part of planning is also a factor causing flooding as residents of Lagos dump wastes and refuse in the drainage and water bodies thus blocking free flow of water.

“Inefficient physical development control is another major cause. People build to block water channels. Government, through its planning agencies, should not have allowed this.”

We’re unable to leave our homes — Residents

Some Lagos residents, who spoke with Vanguard, lamented that poor drainage system in some parts of the metropolis, such as Oworosonki, Oshodi, and Alimosho, among others, is the major cause of the perennial flooding situation in the state.

Expressing their displeasure with the flooding situation in the state, they called on the state government to come to their rescue.

A resident of Lekki, one of the worst hit by flood, lamented that the flooding in their area has become so massive lately that they are unable to leave their homes.

LAWMA seals building over refuse dumping

But speaking with Vanguard over a viral video where some residents were seen dumping refuse in the drainage, a Lagos State government official vowed that the suspect would be fished out and prosecuted to serve as a deterrent to others.

In the Ijesha area of the state, the state government sealed an apartment building whose occupants were seen throwing trash into the street.

The Lagos State Commissioner for the Environment and Water Resources, Mr Tokunbo Wahab confirmed the development.

An X user, Adeoye Adetutu had posted a picture of some residents appearing to throw their trash out on the street, tagging the commissioner in the image.

Adetutu wrote: “(These) people just poured out their waste to the street water. This is no 2 Akewukewe Street beside Ikate Local Government in Ijesha Surulere.”

In response, Wahab requested that the matter be looked into by the Lagos State Waste Management Authority, LAWMA.

In an update hours later, the commissioner said: “The house has been identified and locked immediately by the Environmental Health Service Department of Itire-Ikate LCDA.”

NiMet predicts 3-day thunderstorm

The torrential rain which more or less confirmed the Nigeria Meteorological Agency, NiMet, earlier prediction of thunderstorms and rains from Wednesday to Friday across the country, lasted for several hours.

Many residents whose houses were submerged in flood were seen bailing out storm water from their apartments.

Some commuters, who braved the rain by venturing out soon, found themselves stranded at flooded bus stops.

Also, many daring motorists had sad tales to tell as their vehicles broke down in the flooded highways in different parts of the city.

To add to the confusion and dismay, the combination of high-intensity rainfall and heavy flooding led to trees falling across some roads and roofs being blown off some buildings in parts of the metropolis.

Children, wards stopped from going to school

As a result of the downpour, some parents and guardians stopped their children and wards who are not currently sitting for examinations from going to school. Indeed, some public and private schools recorded low turnout as pupils stayed away, while parents with vehicles were seen dropping off their children in their various schools.

Most hard hit by the heavy flooding were places like Ikeja, Agege, Ikorodu Road, Oworosonki, Egbeda, Oshodi, Funsho Williams, Lekki, Ajah, Obalende, among others.

Multiple videos and pictures which trended online captured areas such as the Iyana-Oworo, Olopo Meji area toward the Third Mainland Bridge submerged in flood, resulting in a chaotic traffic situation, extending as far Alapere, old Toll Gate, along the Lagos-Ibadan Expressway of the state.

Hoodlums collect levies from pedestrians in flooded areas

Some miscreants in the mostly affected areas took advantage of the situation to make quick money from innocent pedestrians by extorting them before allowing pedestrians to pass through improvised structures across flooded areas.

A video of one of the scenes captured saw miscreants laying siege under the Lagos Trade Fair, along the Lagos-Badagry Expressway, demanding the sum of N100 per individual before they could be allowed passage over the flooded part, claiming they provided the structures through their efforts and not government’s.

It was the same situation at Agege, Oshodi, Obalende and other areas monitored as hoodlums carried pedestrians on their backs for agreed fee ranging from N100, N200, and above across flooded points.
Meanwhile, some pedestrians, who felt they were being compelled to pay under duress, refused to pay, resulting in altercations with the hoodlums.

Residents react, recount bitter experiences

A resident in the Ojodu area of the state, Bode Alayande, said: “This situation is a recurrent experience annually in Lagos. So what would the government say it is doing to address this worrisome, life-threatening situation? The answer is obvious, practically nothing.” 

Also, Mr Kayode Abolore, a businessman, who resides in Egbeda and works on the Island, recounted his experience.

He said: “I left home at about 6 am when the rain was still minimal. On getting to the Ejigbo area to connect Seven and Eight, the entire road was covered with stormwater as motorists and commuters were stranded. I had to make a detour back home after about two hours of standstill with the rain getting more intense.

“I believe the flood was a result of blocked drainage channels. Local governments should be alive to their responsibilities by supporting the efforts of the state government.”

Lagos govt reacts

Reacting to yesterday’s downpour, the Lagos State Government called for calm from residents over the flash flood, saying despite the severity of the situation, there was no cause for alarm.

Wahab, in a statement, explained that Lagos has experienced about nine hours of non-stop rainfall since the early hours of Wednesday, coupled with heavy rainfall which the state has been experiencing daily since last week resulting in a rise in the level of the Lagos lagoon.

He said: “Lagos is a coastal city with almost one-third of its landmass underwater, as such necessitating a genuine reason for every resident to be more responsive to the state of the environment.

“The state government on its part has embarked on a-year-long maintenance and cleaning of all its secondary and primary collectors to be able to contain runoffs that may come from heavy rainfalls.

Residents on their part are expected to regularly clean and maintain the tertiary drains in front of their tenements and refrain from dumping refuse in the drains for the collective good of everyone.”

On the flood experienced around the Falomo area, Wahab said: “The contractors have deployed, and mobilized men to the blocked outlets to allow for seamless movement of stormwater.”

NiMET prediction

Meanwhile, the Nigeria Meteorological Agency, NiMet, had earlier predicted thunderstorms and rains from Wednesday to Friday across the country. NiMet‘s weather outlook released on Tuesday in Abuja predicted morning thunderstorms on Wednesday over parts of Jigawa, Kano, Katsina, Sokoto, Kebbi, Zamfara, Taraba and Adamawa states. 

NiMET said: “While afternoon/evening thunderstorms are expected over parts of Adamawa, Taraba, Jigawa, Kaduna, Yobe, Bauchi and Gombe states.

“Thunderstorms are expected over parts of the Federal Capital Territory, Kwara, Kogi, Plateau, Benue and Niger states in the North Central in the morning. Later in the day, thunderstorms are expected over parts of Plateau, Nasarawa, Niger, Kogi, Kwara, the Federal Capital Territory and Benue states,”

According to NiMet, morning rains are expected over parts of Lagos, Ondo, Delta, Ogun, Abia, Rivers, Edo, Akwa Ibom and Cross Rivers states in the southern region. It anticipated high prospects of continuous rains for Lagos which might lead to flooding. The agency forecast thunderstorms with rains over the entire region during the afternoon and evening hours.

It predicted morning thunderstorms over parts of Kano, Katsina, Zamfara and Kaduna states on Thursday with thunderstorms over parts of Bauchi, Gombe, Adamawa, Borno, Yobe and Jigawa states later in the day.

“Thunderstorms are expected over parts of the Federal Capital Territory, Kwara, Kogi and Niger states in the North Central in the morning. Later in the day, thunderstorms are anticipated over parts of Nasarawa, Plateau and Benue states.

“Morning thunderstorms with rains are expected over parts of Enugu, Anambra, Imo, Ebonyi, Bayelsa, Lagos, Delta, Abia, Rivers, Edo, Akwa Ibom and Cross River states in the southern region.

“Rains are expected over the entire region during the afternoon and evening hours, “it said.

NiMer predicted morning thunderstorms over parts of Adamawa, Borno, Yobe, Bauchi and Gombe states on Friday while thunderstorms are expected over the entire region later in the day.

It anticipated a partly cloudy atmosphere in the morning over the North Central region with thunderstorms over parts of the Federal Capital Territory, Plateau, Nasarawa, Niger, Benue and Kogi states later in the day.

“Morning rains are expected over parts of Lagos, Delta, Rivers, Bayelsa, Akwa Ibom and Cross River states in the southern region.

“In the afternoon/evening hours, rains are expected over the entire region during the afternoon/evening hours,” it said.

NiMet urged the public to take adequate precautions as strong winds might precede the rains in areas where thunderstorms were likely to occur.

It further urged the public to take note and take safety precautions in places where continuous rains were expected, flood incidences might occur.

It advised Airline operators to get updated weather reports and forecasts from NiMet for effective planning in their operations.

President Bola Tinubu, on Wednesday, approved the appointment of qualified Nigerians to the Board of the Nigerian Consumer Credit Corporation CREDICORP.

The appoinment was announced by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale.

According to Ngelale, the appointment was to further expedite the process of expanding consumer credit access to Nigerians.

He disclosed that Otunba Aderemi Abdul, an Independent Non-Executive Director, has been appointed as the board chairman of the nine-member board, while Engr. Uzoma Nwagba is appointed as the Managing Director/Chief Executive Officer.

Mrs. Aisha Abdullahi is appointed as the Executive Director (Credit, Risk & Portfolio)/CRO, Ms. Olanike Kolawole, Executive Director (Operations)/COO,
Dr. Armstrong Ume Takang, Non-Executive Director (MOFI Nominee), Dr. Peter Iwegbu, Non-Executive Director (NIMC Nominee), Mr. Mohammed Nasiru Abbas, Non-Executive Director (FMITI Nominee), Mr. Marvin Nadah, Non-Executive Director (FCCPC Nominee) and the Federal Ministry of Finance, FMF Representative, Non-Executive Director (FMF).

The statement added, “The President expects the new members of the Board of this pivotal institutional vehicle to bring their vast experience, competence, and dedication to bear in their functions to achieve CREDICORP’s mandate of accelerating access to consumer credit to millions of Nigerians.”

The Independent National Electoral Commission (INEC) office in Sankara, the headquarters of Ukum Local Government Area in Benue State, was set ablaze by protesting youths on Wednesday.

The National Commissioner and Chairman of the Information and Voter Education Committee, Sam Olumekun, confirmed the incident in a statement released late Wednesday.

According to the Resident Electoral Commissioner for the state, Prof. Sam Egwu, the attack took place at 2 pm during a protest against the activities of bandits in the region.

The demonstration turned violent, resulting in the destruction of various government facilities, including the INEC office.

Although no casualties were reported, the damage to the building was extensive.

See photos from the scene below:

The statement mentioned that numerous items were destroyed, such as furniture, 10 electric generators, 300 ballot boxes, and 270 voting cubicles.

Olumekun stated that security agencies have been informed and have dispatched personnel to the area to restore order and investigate the incident.

The statement read, “The Resident Electoral Commissioner for Benue State, Professor Sam Egwu, has reported that our Local Government Area office in Sankara, headquarters of Ukum Local Government Area, has been attacked and burnt down.

“The incident occurred at 2 p.m. today, Wednesday, 3rd July 2024, when the youths in the area were said to be protesting against the activities of bandits who attacked facilities of government agencies, including INEC.

“Although no casualties were reported, the building has been extensively damaged. Office furniture and other movable and immovable materials, including 10 electric generators, 300 ballot boxes, and 270 voting cubicles, were destroyed in the attack.”

It could be recalled that the INEC released data on December 16, 2022, revealing that there were 50 attacks on its facilities in the past four years across 15 states.

Imo State had the highest number of incidents, with a total of 11 attacks.

The Federal Government has invited the Senior Staff Association of Nigerian Universities (SSANU) and the Non-Academic Staff Union of Educational and Associated Institutions (NASU) for a crucial meeting.

The meeting is scheduled to be held on Thursday at the office of the Minister of Education, Prof. Mamman Tahir.

Naija News had reported that both SSANU and NASU threatened to shut down universities on Thursday, July 4, over the non-payment of the four months withheld salaries by the government.

The Joint Action Committee (JAC), comprising SSANU and NASU, had a few days ago issued a two-week ultimatum to the Federal Government to pay its members the four months withheld salaries.

Out of the four university-based unions that embarked on a prolonged strike in 2022, the federal government had paid the Academic Staff Union of Universities (ASUU), leaving behind the other three unions.

It could be recalled that the Federal Government, through the Ministry of Labour and Employment, then under Chris Ngige as minister, had invoked the ‘No Work, No Pay’ policy, which caught up with the entire unions when they went on a protracted strike.

Despite the presidential directive to release their salaries, SSANU and NASU members have been ignored by those implementing the directive.

Shortly after assuming office as Minister of Education, Professor Mamman reiterated that all affected unions are to benefit from the payment.

However, the latest threat by SSANU and NASU seemed to have hit the right chord as the federal government summoned an emergency meeting scheduled to be held on Thursday by 1 pm on Thursday in a bid to avert the looming strike.

“The Minister of Education has called to meet with SSANU and NASU today, maybe to persuade us not to go on strike. We will honour the invitation. We are also going to meet with the Minister of State for Labour and Employment by 3 pm,” a source in the know reportedly told the Daily Post.

Reports also revealed that JAC was originally set to convene at 10 am on Thursday before proceeding to the other meeting.

The JAC intended to convene on July 4, following the two-week deadline, to assess the government’s reaction to their requests and announce a perpetual strike should the government persist in failing to pay their suspended wages.

Sheila Courage, the estranged wife of singer, Davido’s Logistics Manager, Israel Afeare, popularly known as Israel DMW, has said she has no regret ending her marriage.

Naija News recalls that Israel and Sheila tied the knot in a star-studded wedding ceremony that was held in Benin City, the Edo State capital.

However, the couple got separated barely eight months after their lavish wedding over allegations of domestic violence and infidelity from both parties.

In a recent podcast interview with her friend, Ginika, Shiela admitted that she was hurt after her ex-husband involved her friend and her mother in their divorce saga.

She said, “I did not regret any decision I have taken because it was all bound to happen. I believe strongly that God is in charge of all that happens in our lives, whether positive or negative, there’s a master planner behind everything.

“But I’ve had my moments of sadness. I feel so bad about the whole thing especially the way my friend and my mum were dragged into it [our divorce]. That has hurt me. But generally, I have zero regrets.”

Randy Waldrum, Super Falcons head coach, has unveiled 18 players for the women’s football event at the 2024 Paris Olympics.

According to the list released by the Nigeria Football Federation (NFF) on Wednesday, Asisat Oshoala, Chiamaka Nnadozie, and Rasheedat Ajibade are among the stars that will represent Nigeria at the competition billed for later this month.

Some other big names on the list include Michelle Alozie, Deborah Abiodun, Osinachi Ohale and Halimatu Ayinde.

Ifeoma Onumonu and Gift Monday are named on the alternative players list alongside two home-based players: Morufa Ademola of Rivers Angels and Nasarawa Amazon’s Jumoke Alani.

The team will depart Abuja for Sevilla, Spain, on Thursday for a two-week training camp. The players are scheduled to head to France on July 18.

Falcons will participate in the Olympics for the first time in 16 years.

The team is placed in Group C and will play Brazil on July 25 before facing Spain three days later and Japan in the final game in the group on July 31.

SUPER FALCONS FOR PARIS 2024 OLYMPICS:

Goalkeepers: Chiamaka Nnadozie (Paris FC); Tochukwu Oluehi (Shualat Alsharqia FC, Saudi Arabia)

Defenders: Osinachi Ohale (Pachucha Club de Futbol, Mexico); Oluwatosin Demehin (Stade de Reims, France); Michelle Alozie (Houston Dash, USA); Nicole Payne (Portland Thorns FC, USA); Chidinma Okeke (Mynavi Sendai Ladies, Japan)

Midfielders: Deborah Abiodun (University of Pittsburgh, USA); Halimatu Ayinde (FC Rosengard, Sweden); Christy Ucheibe (SL Benfica, Portugal); Jennifer Echegini (Juventus Ladies, Italy); Toni Payne (Sevilla FC, Spain)

Nigeria government is to receive a 7.5 percent Value Added Tax on Cryptocurrency transactions from users registered in the country from July 8, 2024.

A popular cryptocurrency platform, KuCoin disclosed this in a recent email notice to users in Nigeria.

“We are writing to inform you of an important regulatory update that impacts our users from the Republic of Nigeria.

“Starting from July 8th, 2024, we will begin collecting a Value-Added Tax (VAT) at a rate of 7.5 percent on transaction fees in each trade for users whose KYC information is registered in Nigeria.”

According to official data, cryptocurrency transaction volume is $59 billion yearly.

Meanwhile, Ray Youssef, director of NoOnes, a cryptocurrency platform said peer-to-peer business is worth $500 billion.

In February 2024, the Governor of the Central Bank of Nigeria, Olayemi Cardoso raised the alarm that a suspicious $26 billion was funneled through Binance without a trace.