Connect with us

News

Court Slates May 17 To Decide Bail Request By Binance Executive

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

Justice Emeka Nwite of a Federal High Court in Abuja has adjourned till May 17 to rule on the bail application filed by a Binance executive, Tigran Gambaryan.

Justice Nwite fixed the date on Tuesday after taking arguments from parties for and against the bail of Gambaryan, who is the second defendant in the charge filed by the Economic and Financial Crime Commission (EFCC) against Binance Holdings Limited, a cryptocurrency firm, and its executive over alleged money laundering to the tune of $35,400,000.

Arguing the bail application on behalf of his client, Mark Mordi (SAN) said, the court has the inherent jurisdiction to admit the defendant to bail, more so that, the offences for which he was charged are bailable offences.

Besides, he said, the defendant is presumed innocent until proven otherwise by the court and added that his client is anxious to prove his innocence before the court.

Advertisement

According to Mordi, Gambaryan is not a flight risk and his international passport has been seized by the EFCC adding that, “The only reason the EFCC is holding the defendant is that, they want to use him as a leverage in making his employer provide them with information”.

While accusing the anti-graft agency of not acting according to law, Mordi prayed the court to admit the defendant to bail adding that, the court has the power to put in place necessary safeguards to ensure that the defendant attends his trial.

Opposing the application for the bail of the Binance executive, EFCC lawyer, Ekele Iheanacho, in a 14-paragraph affidavit, prayed the court to refuse the bail application of the defendant.

Iheanacho told the court that the second defendant is both an American and Amanian citizen and had attempted to process a new passport on the ground that his initial passport was missing.

Advertisement

He said if EFCC had not intercepted the second defendant, he would have perfected the act, pointing out also that the second defendant had no attachment to any community in Nigeria to ensure that he would be available for his trial if granted bail.

Replying on point of law, Mordi prayed the court to discountenance the submission of the prosecution to the effect that the defendant is an American citizen by birth as there is nothing before the court to buttress that submission.

He said the second defendant who had been in custody for 50 days is eager to go to trial to prove his innocence.

After hearing the submissions of counsel, Justice Nwite adjourned till May 17, 2024, for ruling.

Advertisement

Gambaryan, who took a plea on behalf of the Company as its representative pleaded not guilty to the money laundering allegation preferred against him by the EFCC.

The anti-graft agency had charged Binance Holdings Limited, a cryptocurrency firm, and Tigran Gambaryan, the company’s head of financial crime compliance on a five-count charge bordering on money laundering.

In the charge filed on March 28 by the anti-graft agency, the company executives are being accused of money laundering to the tune of $35,400,000.

EFCC alleged in one of the counts that, the defendants, between January 2023 and January 2024 in Abuja, carried out a specialised business of other financial institutions without valid licence.

Advertisement

The offence is said to be contrary to Section 57(1) and (2) of the Banks and Other Financial, Institutions Act, 2020, and punishable under Section 57(5) of the same Act.

Continue Reading
Advertisement
Click to comment

Warning: Undefined variable $user_ID in /home/naijuinz/public_html/wp-content/themes/zox-news/comments.php on line 49

You must be logged in to post a comment Login

Leave a Reply

News

37 miners’ deaths: FG inaugurates probe panel, gives ultimatum

Published

on

By

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

The Federal Government has inaugurated a 10-member independent investigative committee, headed by retired Deputy Director-General of the Department of State Services (DSS), Mr Jonathan Kure, to investigate the reported deaths of 37 persons in the custody of the Nigeria Security and Civil Defence Corps (NSCDC) in Niger State.

Minister of Interior, Olubunmi Tunji-Ojo, inaugurated the committee in Abuja on Tuesday, following reports that 37 persons arrested on suspicion of illegal mining died while in the custody of the NSCDC Niger State Command.

The committee has two weeks to complete its assignment and submit its report to the Minister.

Tunji-Ojo said the committee was constituted in line with President Bola Tinubu’s directive for a comprehensive, transparent and unhindered investigation into the incident.

Advertisement

He said the government’s immediate priority was to establish the facts surrounding the deaths and ensure that anyone found culpable would be held accountable.

The Minister said: “No life should be lost in the custody of the State. This is not who we are. This is not what President Bola Ahmed Tinubu, GCFR, stands for.

“This administration was elected on the promise that every Nigerian life matters, and that security must be provided with humanity, professionalism and respect for human rights.”

Tunji-Ojo disclosed that he had ordered the immediate suspension of the Niger State Commandant of the NSCDC, as well as all officers who were on duty covering arrest, investigation, legal, station and guard duties between 15 and 17 September 2026.

Advertisement

He said the affected officers would remain suspended pending the outcome of the investigation.

According to him, the committee is expected to establish the identities of the deceased; investigate and document the circumstances surrounding their arrest and detention; and determine, through appropriate medical and forensic examination, the cause and manner of death.

The committee is also expected to determine whether negligence, misconduct, complicity or any breach of duty occurred and recommend appropriate disciplinary action, compensation where applicable, as well as measures to prevent a recurrence.

Members of the committee are Kure, chairman; Prof Isa Hayatu Chiroma, SAN, former Director-General of the Nigerian Law School, secretary; retired AIG Hosea Hassan Karma; Prof Olayinka Buhari, Professor of Histopathology and former Chief Medical Director, University of Ilorin Teaching Hospital; a representative of the Minna Emirate Council; a representative of the Niger State Government; Alhaji Liman Sulaiman, National Secretary, Miners Association of Nigeria; lawyer and human rights activist, Mr Deji Adeyanju; Mrs Zainab Suleiman Okino of Blueprint Newspapers; and Dr George Agbakahi, public affairs analyst.

Advertisement

The Minister authorised the committee to co-opt relevant experts, access facilities and request memoranda from members of the public in the course of its assignment.

He also directed the NSCDC leadership and relevant officers to cooperate fully with the investigation, stressing that all records and material evidence connected with the incident must be preserved and made available to the committee.

Tunji-Ojo warned against any attempt to destroy or conceal evidence, intimidate witnesses or obstruct the investigation, saying such actions would be treated as a serious offence.

He assured Nigerians that the government was committed to uncovering the truth, adding that no officer, regardless of position, would be shielded if found culpable.

Advertisement

“To Nigerians, I say this: We owe you the truth. This committee will give you the truth. No officer, no matter how highly placed, will be shielded if found culpable,” he said.

He also appealed to the families of the deceased to remain calm and patient, assuring them that the government would not abandon them.

Speaking after his inauguration, the committee chairman, Kure, described the assignment as a call to national service rather than an appointment.

He said members of the committee were committed to protecting their integrity and would approach the investigation without bias or sentiment.

Advertisement

“This is a privilege and we do not see it as an appointment but a call to national service. Some of us have had the opportunity to serve this nation for 35 years and even in retirement, we are always willing to answer this type of call,” Kure said.

He disclosed that when the minister approached him to lead the committee, he accepted on the condition that his integrity would not be compromised.

“When the Minister called me, I said, Hon Minister, on one condition – you know who I am. And he said that was precisely why he was calling me, and I believe it is so with all members of this committee,” he said.

Kure assured Nigerians that the committee would conduct the investigation with open minds and would not be influenced by sentiments or media reports.

Advertisement

“We shall ensure justice by going to the field with open minds. We want to give this assurance to Nigerians. We are not swayed by sentiments or media hypes that might have been given.

“We will come back with our report and our integrity intact. We must give hope to this country,” he said.

Continue Reading

News

Malami, Fagbemi clash over $200m Mambilla settlement

Published

on

By

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

Former Attorney-General of the Federation, Abubakar Malami, and his successor, Lateef Fagbemi, have offered contrasting accounts of the controversial $200m settlement reached between the Federal Government and Sunrise Power over the Mambilla Hydroelectric Power Project.

While Malami said on Tuesday that the settlement was pursued in Nigeria’s interest and was not motivated by any promise of personal financial benefit, Fagbemi said the protracted dispute and litigation had held the Mambilla project “hostage” and deepened the country’s energy poverty.

Their differing positions followed a September 16 final award by an International Chamber of Commerce arbitration tribunal in Paris, which rejected Sunrise Power and Transmission Company Limited’s claims against Nigeria and ordered the company and its promoter, Leno Adesanya, to reimburse Nigeria $11.82m in legal fees and $414,125 in arbitration costs.

The dispute centres on the Mambilla project in Taraba State, whose development dates back to a 2003 agreement under which Sunrise was to construct a 3,050MW hydropower plant on a build-operate-transfer basis.

Advertisement

Sunrise subsequently commenced arbitration against Nigeria in 2017, seeking about $2.35bn over the project. The dispute later produced a January 2020 settlement under which Nigeria was to pay Sunrise $200m, followed by a March 2020 addendum that introduced a further $200m default provision, potentially raising Nigeria’s exposure to $400m plus interest.

In his reaction on Tuesday, Malami, through his Special Assistant on Media, Mohammed Bello Doka, rejected suggestions that his actions as AGF were undertaken pursuant to a corrupt agreement or in exchange for personal financial benefit.

“Malami rejects any suggestion that his official actions were undertaken pursuant to a corrupt agreement or in exchange for personal financial benefit,” the statement said.

Malami argued that the dispute predated his tenure as AGF, noting that the controversy had existed since 2003 and had passed through several administrations, attorneys-general and ministries.

Advertisement

He said the government’s consideration at the time was whether “an asserted multibillion-dollar exposure, continuing litigation, financing difficulties and delays to the Mambilla project could be brought to an end through a substantially smaller negotiated settlement.”

Malami also pointed out that the $200m settlement was never paid to Sunrise, adding that there was no evidence before the tribunal linking him to any financial benefit from the proposed arrangement.

“One obvious factual question is whether any money or other financial benefit from Sunrise, Adesanya or any connected entity was ever received by Malami pursuant to the alleged arrangement,” he said.

“The settlement money itself was never paid by the federal government to Sunrise.”

Advertisement

The former AGF also acknowledged that former President Muhammadu Buhari did not approve the payment, saying he subsequently instructed government lawyers to resist Sunrise’s attempt to enforce the settlement against Nigeria and preserve the Federal Government’s legal position.

Malami further cautioned against presenting the tribunal’s findings as a criminal conviction, noting that the proceedings were commercial arbitration between parties to a dispute and that he was neither a party to the proceedings nor given an opportunity to state his own side of the story.

Fagbemi, however, said the legal battle had come at a substantial cost to Nigeria, particularly in terms of the delay to the power project.

According to the AGF, the progress of the Mambilla project was “held hostage” by the “relentless litigation and arbitration” instituted by Sunrise.

Advertisement

He said the tribunal had established that the settlement agreement and its addendum were not binding on Nigeria because the former government officials who signed them lacked the requisite authority.

“As a result, the project has been unable to achieve financial close, depriving Nigeria and its people of the enormous economic benefits of 3,050 megawatts of clean, renewable hydroelectric power,” Fagbemi said.

He added that the consequences of the delay included “lost power generation, foregone industrial output, and continued energy poverty.”

The AGF said the tribunal’s decision sent a message that Nigeria “will not be a soft target for predatory litigation and arbitration.”

Advertisement

Fagbemi also commended President Bola Tinubu for maintaining that Nigeria should not succumb to what he described as “fraudulently contrived contractual agreements” and adverse claims arising from them.

The ICC tribunal, in its 616-page award, found the settlement agreements unenforceable, including on grounds of corruption and violation of Nigerian public policy. It also rejected Sunrise’s claim for $400m, while directing the company and Adesanya to bear their own legal expenses.

Malami said he would issue a comprehensive response to the tribunal’s individual findings after reviewing the full award and the underlying records.

Credit: Punch

Advertisement
Continue Reading

News

Osun ‌⁠‍‍⁠⁠‌⁠‌‍‌‌⁠‌assembly endorses state police

Published

on

By

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

The Osun House of Assembly on Tuesday passed a resolution supporting the establishment of state police to complement existing security agencies in combating insecurity in the state.

The resolution followed the National Assembly’s transmission of the proposed constitutional amendment to the State Houses of Assembly for consideration and approval.

The National Assembly passed the constitutional amendment bill seeking to establish state police on June 24.

The motion for the resolution and passage of the proposed state police amendment was moved by the majority leader of the assembly, Babajide Kofoworola, and seconded by Tajudeen Adeyemi, representing Ifelodun State Constituency.

Advertisement

The speaker of the assembly, Adewale Egbedun, directed that the resolution and amendments approved by the assembly be forwarded to the National Assembly for further consideration.

The assembly later dissolved into the Committee of the Whole to consider the Osun State Park Management System Bill, 2026.

The assembly considered corrections and amendments to the bill, and incorporated the agreed changes into the proposed legislation.

(NAN)

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News