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Financial Crimes: Reps To Issue Warrant Of Arrest On Binance Chief Executive For Refusal To appear

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9 months ago

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…as legal adviser say two executives were arrested by NSA
By Gloria Ikibah
The House of Representatives had said it will evoke its constitutional powers against Binance Holdings Limited and issue a warrant of arrest for its failed to appear for public hearing to respond to series of allegations of terrorism,  money laundry,  tax invasion among other financial crimes.
This was the resolution of the House Committee on Financial Crimes Chaired by Rep. Obinna Ginger, at its resumed investigative hearing on Monday in Abuja.
Naijablitznews.com recalled that a coalition of civil society organisations led by the Niger Delta Youth Council Worldwide and Empowerment for Unemployed Youths has written a petition against Binance Holdings Limited in January to investigate the firm’s activities.
The Committee had summoned the Managing Director of Binance, Richard Teng in a letter dated 12th December, 2023 and signed by its chairman, Rep. Ginger Onwusibe requesting his appearance at the hearing.
However, instead of the Management team of the Company to appear before the House Committee as required by law, a team of lawyers was sent, but were told by the committee that their representations will not be accepted.
Rather than appear before the committee Binance wrote through it’s lawyer Senator Ihenyen.
Speaking during the public hearing, in Abuja on Monday, the committee chairman, decried that the Chief Executive of Binance Holding limited, Mr Richard Teng has refused to appear before the committee after series of invitations.
Lawmaker stated that there was need to report to the larger House to evoke its constituonal powers for the arrest of Binance Executive.
Rep. Dogongaro therefore moved a motion for the committee to report to the larger house to enable it use its powers to arrest Binance Executives and make them appear before the committee.
The Chairman put it to a vote and it was unanimously adopted by committee members.
Rep. Ginger Onwusibe, while restating the resolve of the Committee to fight financial crimes maintained that, “the committee will be forced to recommend to the House to arrest Binance executive since they have failed to appear before the committee.
“As long as the committee is concerned,  Binance is not at this meeting because we have said it severally that we do not want representation by lawyers but the chief executives should appear before the committee.
“Binance is not here. We have taken a position on it in our last sitting that we are not going to entertain legal representation from Binance and that position stands.
“Based on the fact that Binance is not here, we need to make a recommendation to the House of Representatives for the House to invoke its powers of subpoena to issue a warrant for the leadership of Binance to be arrested and be brought to this Committee to answer questions of the grave allegations leveled against them in the petitions brought to us by the Empowerment for Unemployed Youths and Niger Delta youths Council.
“This Committee has resolved to recommend to the House to invoke its constituonal powers by issuing a subpoena and a warrant for Binance executives to be arrested and brought to this Committee to answer these questions relationship financing of terrorism, money laundering and other financial crimes as stated in the petition including evasion of tax.
“We thanks the petitioners for unearthing this grievous financial crimes going on in this country for more than six years now. Binance has been operating in the financial space of this country for more than six year and they have not less than 20 million Nigerians that they are exploiting.”
Earlier in his response, the legal team of Binance led by Senator Ihenyen who’s representation was rejected said Binance executives did not appear before the committee because two other executives of the organisation were arrested upon their arrival to Nigeria by the office of the National Security Adviser and still in custody.
According to him, other executives of the company which is not based in the country, were apprehensive because of two of their executives that were arrested recently and are still in custody.
He said: “Indeed we acknowledge that our client Binance was clearly given the time within it must respond to the petition as well as appear today before this committee
“Binance has been able to response to send a written responds dated 28 February 2024.
“The response to the petition attaches two annexures for purpose of fully responding to the issues and allegations raiswd by the petitioners in their written petition dated 5th December 2023.
“The second resolution was that Binance representatives must be here. We would like to plead your indulgence that the situation that Binance has been faced with particularly in the last seven days have forced a very difficult situation on it. What has happened is that two Binance executives who came into the country were arrested by another Nigerian authority specifically the National Security Adviser. And since then till date this two Binance executives are still in custody. For this reason it has been extremely difficult for the global of Binance to mobilize other executive members of the company to Nigeria because there is genuine concern about their safety and security. So this is the situation that we have been forced to contend with. This is not a show of any disrespect to this House
“We believe the responses given by our clients would to a large extent address any outstanding issues or issues raised by the petitioners. If there are any outstanding areas that Binance has to respond to either by being in Nigeria physically or by making further written correspondence, we will do our best as legal counsel in Nigeria to advice Binance to proceed accordingly subject to the discretion of this House.
When asked by Rep. Ginger if those two arrested were coming to respond to the invitation of the committee or for another invitation.
He responded” As the legal counsel to Binance, we have information that Binance was planning to have Representatives on the ground but at time these two persons were arrested, it had not been expressly communicated to us that these two persons are the delegates for that purpose.
“We are aware there are quite a number of executives spaning the region of Europe, America and Asia in the Binqnce team. It is possible that one of these persons who was arrested or none of these persons were going to be delegates to this Honourable House today.
“Following the arrest of two executive,  other persons could could not come into Nigeria because if the first if been arrested too.
“Binance has responded appropriately to the demands of the committee and as our client we are pleading that this honorable committee consider taking the report”, he added.
Naijablitznews.com reports that Binance Holdings Limited, operators of Digital Assets Exchange in Nigeria has been operating in Nigeria over 6 years allegedly without any adherence to financial regulatory frameworks and has been accused of exploiting Nigerians and committing other financial crimes.
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Reps Okay $75 Oil Benchmark Price, 2.06mbpd, NGN1400/USD Exchange Rate

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November 27, 2024

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By Gloria Ikibah
The House of Representatives has adopted the projected oil benchmark prices at $75, $76.2, and $75.3 per barrel for 2025, 2026, and 2027, respectively.
This according to Chairman House committees on Finance and National Planning, and Economic Development, Rep. James Faleke, is aimed at providing a stable foundation for the country’s budget and economic planning.
The report also projects a significant increase in domestic crude oil production.
The projected production levels are 2.06, 2.10, and 2.35 million barrels per day for 2025, 2026, and 2027, respectively.
Other key projections include a GDP growth rate of 4.6%, 4.4%, and 5.5% for 2025, 2026, and 2027, respectively. The projected exchange rate is NGN1400/USD for the same period. Inflation rates are projected at 15.75%, 14.21%, and 10.04% for 2025, 2026, and 2027, respectively.
The 2025 Budget proposes spending of NGN47.9 trillion, with NGN34.82 trillion retained and new borrowings of NGN9.22 trillion.
Debt service is valued at NGN15.38 trillion, while pensions, gratuities, and retirees’ benefits stand at NGN1.443 trillion.
The report also highlights concerns over the non-remittance of operating surpluses into the Federation Account by the NNPC, as well as the failure of some revenue-generating agencies to comply with the Fiscal Responsibility Act.
“The three-year projections for domestic crude oil production had a significant increase from 1.78mbpd in the preceding year to 2.06, 2.10 and 2.35 for the subsequent years of 2025, 2026 and 2027.
“Some critical Agencies such as NNPC, NLNG, Immigration Services and others that are relevant to the attainment of set revenue targets engage in Public Private Partnership and Joint Venture
Arrangements that are inimical to the revenue growth of the Country.
“Historical non-remittance of operating surpluses into the Federation Account by the NNPCL due to what it called under recovery with the claim that the federating units owed it the sum of Ten Trillion Naira.
“The GDP growth rate is projected at 4.6%, 4.4% and 5.5% for years 2025, 2026 and 2027 respectively. The projected exchange rate which stands at NGN1400/USD for years 2025, 2026 and 2027.
“Inflation rates projections are 15.75%, 14.21% and 10.04% for 2025, 2026 and 2027; following the criteria in the overview of the framework for revenues and expenses, the 2025 FGN Budget proposed spending stands at NGN47.9 trillion, of which NGN34.82 trillion was retained. New borrowings stood at NGN9.22 trillion which constitutes both domestic and foreign borrowings.
“Debt service was valued at NGN15.38 trillion; pensions, gratuities and retirees’ benefits stood at NGN1.443 trillion and fiscal deficit at NGN13.08 trillion.
“Capital expenditure is projected at NGN16.48 trillion which is exclusive of transfers; statutory transfers stand at NGN4.26 trillion; Sinking Fund is projected at NGN430.27 billion.
‘Total recurrent (non-debt) is projected at NGN14.21 trillion; special intervention for recurrent and capital is pegged at NGN200 billion and NGN7 billion respectively.
“That the existing liabilities and debt obligations are largely responsible for increasing debt profile of the Country.
“Most revenue generating agencies violate the Fiscal Responsibility Act due to the lack of punitive provisions in the Act. Noncompliance with the Nigerian Export Supervision Scheme (NESS) Act by relevant government agencies, specifically focusing on the inspection and monitoring of oil and gas exports as well as non-oil exports.
The committees findings also Identified systemic gaps and irregularities in the operations of the Import Duty Exemption Certificate (IDEC); and that the Federal Government Ministries Departments and Agencies (MDAs) as well as the Government Owned Enterprises (GOEs) are not complying with the financial reporting standards.
Among other recommendations, the House noted: That the National Assembly, through its Committees on Finance, National Planning and other relevant Committees should carry out in-depth investigation of such agreements by the NNPC, NLNG and Immigration Services with a view to reconcile remittances to the Federation Account.
It added that the Committees on Finance,Petroleum Upstream, and Petroleum Downstream are tasked to
investigate reports from the Revenue Mobilization, Allocation, and Fiscal Responsibility Commission alleging that the NNPC withheld ₦8.48 trillion as claimed subsidies for petrol.
Additionally, the investigation will address the NEITI report stating that NNPC failed to remit $2 billion (₦3.6 trillion) in taxes to the Federal Government.
The committees are further directed to
verify the total cumulative amount of unremitted revenue (under-recovery) from the sale of Premium Motor Spirit (PMS) by the NNPC between 2020 and 2023.
That the GDP growth rate which is projected at 4.6%, 4.4% and 5.5% for years 2025, 2026 and 2027 respectively be approved ; and that the projected exchange rate which stands at NGN1400/USD for years 2025, 2026 and 2027 be approved subject however to review in early 2025 according to monetary and fiscal policies.
The House further noted that the Inflation rates projections which are 15.75%, 14.21% and 10.04% for 2025, 2026 and 2027, be approved.
That the following the criteria in the overview of the framework for revenues and expenses, the 2025 Federal Government of NigeriaBudget proposed spending stands at NGN47.9 trillion, of which NGN34.82 trillion was retained; new borrowings stood at NGN9.22 trillion which constitutes both domestic and foreign borrowings; debt service was valued at NGN15.38 trillion; pensions, gratuities and retirees’ benefits stood at NGN1.443 trillion and fiscal deficit at NGN13.08 trillion.
That the Capital expenditure is projected at NGN16.48 trillion which is exclusive of transfers statutory transfers stand at NGN4.26 trillion; Sinking Fund is projected at NGN430.27 billion; That the Committee approves the respective figures for total recurrent (non-debt) at NGN14.21 trillion; special intervention for recurrent and capital is at NGN200 billion and NGN7 billion; and that the National Assembly do approves the Promissory Note Programme and Bond Issuance to  settle outstanding claims and liabilities of Federal Government owed to States, high priority judgments as well as liabilities incurred by Federal Ministries, Department and Agencies on behalf of Government.
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A Bill To Create Jobs, Process Raw Materials To Finish Goods Pass Second Reading

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November 27, 2024

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By Gloria Ikibah
The House of Representatives has passed for second reading “A Bill to establish the National Commission for Technology Transfer, Acquisition and Promotion” to continuously monitor the inflow of foreign products and technology to Nigeria  on Wednesday at plenary.
The Bill which was sponsored by Rep. Clement Jimbo, lawmaker representing Abak/Etim Ekpo/Ika Federal Constituency of Akwa Ibom State, seeks to leverages on the huge and active Nigerian population to create jobs for youths, process raw materials into finished goods/products, as well as increase the Gross Domestic product (GDP) and Transfer Technology to Nigeria.
Leading the debate on the general principles of the Bill, Rep. Jimbo explained that the overriding principle behind the introduction of this Bill is to ensure regular value addition to the country’s solid mineral’s exploration.
According to him, this was triggered by the need to create sustainable jobs for our teeming youths.
The piece of legislation also seeks to jack up our Gross Domestic Products GDP and increase our revenue base through foreign exchange.
Jimbo noted that the National Bureau of Statistics, NBS disclosed that over 200 million cell phones, over 500,000 solar systems, over 12 million cars, millions of cameras, microphones, laptops and remote controls are currently in used in Nigeria.
He said all the above listed products have one thing in common which is batteries. He added that the major ingredient in the production of battery is a solid mineral lithium.
He further noted that a German foreign broadcasting company, Deutsche Welle DW said lithium has been discovered in large quantities in Abuja, Nasarawa, Kogi, Ekiti, Kwara, and Cross River.
“The Minister of Solid Mineral, Mr Dele Alake said ‘we will do everything possible to discourage the carting away of our solid minerals without value addition’ this statement is in sync with the intendment of this Bill Mr. Speaker,” he said.
Addressing reporters after the plenary on Wednesday, Jimbo stressed the need for speedy passage of the Bill, which he said would lead to better life for Nigerians.
He said in compliance with relevant sections of the Standing Orders of the House as amended, the proposed Bill has no financial Implication when passed into law.
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Kano Reps Seek Legal Expertise from Women Lawyers to Improve Lawmaking

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2 hours ago

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November 27, 2024

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By Gloria Ikibah

Members of the Kano State Caucus in the House of Representatives have emphasized the critical role of legal professionals in enhancing their legislative duties. The caucus made this call during a meeting with the International Federation of Women Lawyers (FIDA), Kano State Chapter, held in Abuja on Tuesday

Speaking on behalf of the caucus, the leader of the Kano and Northern Caucus, Hon. Alhassan Ado Doguwa, acknowledged that while lawmakers bear the primary responsibility for crafting legislation, their work can be significantly enriched through collaboration with legal experts.

“Those of us here are called lawmakers, but while making laws, we need fine and brilliant minds like yours to assist us,” Doguwa said. He pointed out the importance of avenues like public hearings and constituency offices where legal professionals can provide valuable input.

“When we have professionals like you collaborating with us, it ensures that our critical duty of lawmaking is executed with precision. Despite my 34 years in the House, having been elected six times, I acknowledge that I am not perfect. I am not a lawyer, and there are gaps only your expertise can fill,” he admitted.

Doguwa also highlighted the ongoing constitutional review process as an opportune moment for legal professionals to contribute meaningfully. “Virtually all the laws in the Federation can be reviewed. They are not cast in stone. Your insights will help us address gaps in legislation, such as with the Petroleum Industry Act, which continues to generate debate,” he said.

In her remarks, the Chairperson of FIDA Kano State Chapter, Barrister Bilkisu Suleman, outlined the organization’s mission to provide free legal services to underprivileged individuals, particularly women and children.

“FIDA is an international body of legal professionals dedicated to promoting the rights of women and children. Our services are offered pro bono, and we allocate time to advocacy, legal representation, and mediation,” Suleman said.

She elaborated on the organization’s efforts to ensure access to justice, including handling sensitive cases in courts, mediating disputes, and conducting community sensitization programs.

“Our work often involves resolving family disputes outside the courtroom to foster peace and stability. We mediate cases, even if they are already in court, because ensuring harmony within families is crucial,” she explained.

Suleman also highlighted the challenges of addressing legal issues in impoverished communities and stressed the importance of collaboration with lawmakers to improve societal welfare.

“We deeply appreciate the efforts of representatives in promoting the welfare of society and encourage continued cooperation to make meaningful impacts,” she concluded.

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