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Alleged money laundering: Reps invite Binance CEO, threatens to effect an arrest if…

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… nobody shows up on Monday

The Nigerian House of Representatives has invited the Chief Executive Officer (CEO) of Binance Holding Limited, Richard Teng to appear before the House Committee on Financial Crimes.

The House of Representatives summoned the Binance CEO over allegations bothering on terrorism financing, money laundering and tax evasion.

The House Committee on Financial Crimes, chaired by Ginger Onwusibe last Friday issued a seven-day ultimatum to the management of Binance Holdings LTD., to appear before the committee on or before March 4, 2024.

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Binance, an online exchange where users trade cryptocurrencies, has been flagged by the Central Bank of Nigeria (CBN) to have been involved in money laundering amongst other sundry allegations.

Onwusibe, however, warned that the committee will be forced to invoke its constitutional powers to take appropriate measures if Teng or any representatives of Binance fails to heed the invite.

The committee chair decried the refusal of Binance CEO to appear after a series of invitations.

He stressed the invitation was for Teng to brief the committee on issues relating to the total disregard for extant laws governing business and financial operations in Nigeria.

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The committee had summoned the Managing Director of Binance, in a letter dated December 12 2023 and signed by its chairman, Onwusibe requesting a hearing on December 18, 2023.

Onwusibe, while restating the resolve of the committee to fight financial crimes maintained that “the constitution of the Federal Republic of Nigeria has empowered us to protect Nigerians from financial crimes, especially by foreign companies.

“We also have to protect and defend the country’s finances, especially now that the country is nose-diving into recession. The allegations of terrorism financing, money laundering and tax evasion amongst others levelled against Binance are damning enough.

At this material time, we need all the tax dollars and to block the leaks and channels to financing terror”.

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Onwusibe went further to say: “It is also our duty to do everything in our power to protect Nigerian investors from predatory firms, and no distraction and manipulation can stop us.

“You cannot run a company with over 10 million Nigerians on your platform without paying tax and having a physical office where Nigerians can lodge their complaints when they experience any challenge with your service.

“The era of exploitation is over and all culprits must be held accountable”.

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Just in: Sam Olumekun takes over as INEC’s Acting Chairman

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Mr. Sam Olumekun has taken over at the Independent National Electoral Commission (INEC) as Acting Chairman.

Olumekun is INEC’s National Commissioner in charge of Information and Voter Education.

He performed his first duties today, receiving a high-level delegation of the Labour Party (LP) at the Commission’s headquarters in Abuja with other National Commissioners in attendance.

The delegation was led by Abia State Governor Dr. Alex Otti, who visited the Commission to discuss key developments within the Labour Party.

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It was gathered that both parties engaged in discussions centered on enhancing collaboration and reinforcing democratic values.

During the visit, Governor Otti formally presented a Certified True Copy of the recent Supreme Court judgment concerning the party’s leadership.

He noted that the meeting was aimed at fostering clarity, mutual understanding, and institutional alignment regarding the Labour Party’s current structure.

Mr. Olumekun, the Acting INEC Chairman, reaffirmed the Commission’s unwavering commitment to neutrality, transparency, and the rule of law in the discharge of its constitutional responsibilities.

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Recall that a viral WhatsApp message had indicated that Prof. Mahmood was sacked by President Bola Tinubu and replaced with one Prof. Bashiru Olamilekan.

“INEC Chairman Prof. Mahmud Yakubu has been replaced with Prof. Bashiru Olamilekan by President Tinubu,” the message, which had no attribution, read. However, both INEC and the Presidency debunked the widespread report.

Yakubu, who is rounding off his second tenure in office, is expected to exit the system towards the end of this year.

The process of appointing an INEC chairman is the President nominating a candidate and forwarding his particulars to the Department of State Services (DSS) for profiling.

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After such screening, the President, thereafter, takes the name to the National Council of State for its advisory review.

Based on the outcome, the President sends the name to the Senate for screening and confirmation.

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Crude oil prices slide further, now selling below $57

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Crude oil prices have dropped below $57, following a previous rate of $59.78.

This decline coincides with the imposition of tariffs on several countries by US President Donald Trump.

A report from West Texas Intermediate attributes this price slump to consistent 6% reductions observed last week.

JPMorgan Chase & Co has warned that these tariffs could likely push both the US and global economies into a recession this year.

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The financial institution explained that the tariffs, set to take effect this week, are expected to have widespread economic repercussions.

Market analysts and the business community have expressed concerns about the negative implications of these measures, predicting a slowdown in economic activities and a subsequent decline in oil demand.

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Niger Republic Junta Abandons French, Adopts Hausa As New Official Language

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The military government of Niger has continued its efforts to cut ties with France.

In its latest move, it has officially designated Hausa as the country’s new national language.

Previously, French had served as the central and official language of the nation.

This new development was announced in a charter released on March 31 and published in a special edition of the government’s official journal.

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According to the document, the national language is Hausa,” while “the working languages are English and French.”

Before this announcement, Hausa was already widely spoken in Niger, particularly in regions such as Zinder, Maradi, and Tahoua.

Out of the country’s estimated population of 26 million, the vast majority speak and understand Hausa.

In contrast, only around three million people— roughly 13 percent — can speak French.

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The new charter also recognises nine other local languages, including Zarma-Songhay, Fula, Kanuri, Gourmanche, and Arabic, as “spoken languages of Niger.”

Additionally, the government has withdrawn from the Organisation Internationale de la Francophonie, a group similar to the Commonwealth that supports French-speaking nations.

In January, French President Emmanuel Macron criticised African leaders for what he described as a lack of gratitude.

Speaking about developments in the region, Macron said: “We had a relationship based on security — it was twofold. On one hand, it was our commitment to fighting terrorism since 2013. We were right, though I think someone forgot to say thank you. It’s okay, it will come with time.

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“Ungratefulness, I know too well, is a disease that cannot be transmitted to men. But I say this for all African heads of state who have lacked courage in the face of public opinion.”

“None of them would be sovereign countries today if the French army hadn’t been deployed in the region. My heart goes out to all our soldiers, some of whom have given their lives and fought for years.”

“We did the right thing. We left because there were coups. We were there at the request of sovereign states who asked France to come.”

“From the moment there were coups and the people stated their objectives no longer involved fighting terrorism — or were unclear— France no longer had a place there.”

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It’s worth recalling that in December 2023, Niger Republic officially expelled French troops from the country.

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