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Court Slates May 17 To Decide Bail Request By Binance Executive

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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.

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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.

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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.

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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.

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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.

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FEC approves ₦47.9tn 2025 budget

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By Kayode Sanni-Arewa

The Federal Executive Council, FEC, has approved a proposed national budget of ₦47.9 trillion for the 2025 fiscal year.

Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this on Thursday while briefing State House correspondents after the FEC meeting presided over by President Bola Tinubu.

This was part of the Medium-Term Expenditures Framework, MTEF, for 2025 to 2027 and in line with the Fiscal Responsibility Act of 2007.

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“And equally, the fiscal objectives were conservative, because we want to ensure that we study the course much as we believe the projections will be exceeded.

“The budget size that was approved for presentation to the National Assembly in the MTEP is ₦47.9 trillion, with new borrowings of ₦9.2 trillion to finance the budget deficit in 2025,” Bagudu said.

“We need to sustain the market deregulation, commendable market deregulation of petroleum prices and exchange rate, and to compel the Nigerian National Petroleum Corporation Limited to lower its oil and gas production cost significantly, and even to consider the need to amend the relevant sections of the petroleum industry act 2021 to address the significant risk to Federation.

“The Federal Executive Council approved the Medium Term Expenditure Framework and the physical strategy paper, and it will be submitted to the National Assembly.

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“This is in addition to bills that are already at the National Assembly, the economic stabilization bills and tax reform bills, which we believe we will have a very, very strong growth in 2025.”

During the meeting, the FEC approved its submission to the National Assembly as required by the 2007 Fiscal Responsibility Act.

The framework projected a gross domestic product (GDP) growth rate of 4.6 percent, an exchange rate of $75 to the naira, and oil production of 2.06 million barrels per day. [Channels TV]

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Nigeria to get 6,000 power generation by December-Power Minister vows

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By Kayode Sanni-Arewa

The Minister of Power, Adebayo Adelabu, has expressed his unwavering optimism that the government will successfully meet its ambitious target of generating 6,000 megawatts of electricity by December 2024, despite the numerous challenges currently affecting the power sector.

The Special Adviser on Strategic Communication and Media Relations, Bolaji Tunji, conveyed this assurance at the fourth edition of the Power Correspondents Association of Nigeria’s annual workshop, themed “Ending the Talk, Moving the Action,” held on Thursday in Abuja.

Nigeria’s power generation currently ranges between 3,500 and 4,000 MW for a population of approximately 200 million people. For instance, on Thursday, the country’s power generation was 3,556.38 MW as of 8 am.

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Earlier this year, Adelabu pledged that power generation in Nigeria would reach 6,000 MW by the end of the year, citing improvements in the sector over the past year.

However, the frequent collapse of the nation’s electricity grid and the vandalisation of towers have raised concerns about the stability of the Nigerian Electricity Supply Industry and its ability to achieve the target.

In his goodwill address, the Special Adviser emphasised that the minister’s primary focus remains on achieving the goal of increasing generation and ensuring its efficient distribution to consumers.

Tunji said, “The minister aims to achieve what seems to be an intractable goal—improving generation and ensuring that what is generated reaches the final consumers. There are challenges, but they are surmountable.

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“The minister has promised that by December this year, we will reach 6,000 megawatts; yes, we still hope to get there.

“We are confident that we will get there, but we are aware of the current issues with grid collapse. Efforts are being made to resolve these problems. Day and night, teams are being dispatched to address the various issues, and we remain hopeful that we will achieve the 6,000 MW target by December.”

The Director of Renewable Energy, Sunday Owolabi, also reiterated that the government is committed to ensuring 24-hour power supply for Nigerians.

Owolabi, another representative of the minister, stressed that the government’s policies are focused on resolving the challenges facing the country’s electricity transmission, distribution, and generation sub-sectors.

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“We are fully committed to transforming the country’s power sector. We are focused on ensuring that our policies are practical and sustainable. We are resolute in ensuring power supply for every Nigerian.

“The government remains fully committed to transforming Nigeria’s power sector through meaningful and actionable reforms.

“We are focused on ensuring that our policies are not only visionary but also practical, impactful, and sustainable. From the ongoing efforts to address infrastructure gaps, enhance power generation, and improve transmission networks, to vital reforms in distribution and the full implementation of the electricity market, we are resolute in our mission to improve power supply for every Nigerian.”

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Just in: Wike sends FCDA Executive Director on indefinite suspension

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By Kayode Sanni-Arewa

Minister of the Federal Capital Territory, Nyesom Wike has suspended the Executive Secretary, Federal Capital Development Authority (FCDA), Engr. Shehu Hadi Ahmad indefinitely.

According to a statement on Thursday, by Lere Olayinka, Senior Special Assistant on Public Communications and New Media to the Minister of Federal Capital Territory (FCT), the suspension of Engr Hadi Ahmad is with immediate effect.

The suspended Executive Secretary has consequently been directed to hand over to the Director of Engineering Services, in the FCDA.

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Meanwhile, Nyesom Wike has revealed that President Bola Tinubu ordered the construction of houses for judges in Abuja.

The former Rivers State governor said the project is part of the government’s plan to provide secure housing for judges and strengthen the judiciary’s independence.

Speaking during a media chat on Wednesday, the former Rivers Governor clarified that the housing project is not his personal initiative.

Wike explained that the housing scheme was included in the 2024 budget, approved by the National Assembly, and is not his personal decision.

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He added that judges currently live in rented homes, which could make them vulnerable.

He compared this to similar projects he carried out as Rivers State governor and expressed surprise at the criticism, especially from legal professionals.

Wike insisted the project is lawful and should be welcomed as a step in the right direction.

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