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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.
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.
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”.
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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Nigerian Lawmaker Onwusibe Denies Bribery Claims, Challenges Binance to Face the Law
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By Gloria Ikibah
Chairman House of Representatives Committee on Financial Crimes, Rep. Ginger Obinna Onwusibe, has firmly denied bribery allegations made against him by Binance Senior Executive Officer, Tigran Gambaryan, describing the claims as false and an attempt to tarnish his image.
The dispute began when Gambaryan accused Onwusibe and his committee of demanding bribes during an investigation into Binance’s activities in Nigeria. The allegations, widely shared on social media and reported by international media like NPR and Wired, portrayed Binance executives as victims of harassment.
According to Rep. Onwusibe, he initially chose to remain silent, as the matter was already in court. However, he has decided to respond publicly due to the backlash and what he called an “unfair attack” on his person, his political party (Labour Party), and his Igbo ethnic group.
Onwusibe explained that his committee started investigating Binance after receiving a petition from the Empowerment for Unemployed Youth Initiative. The group accused Binance of financial crimes that threatened Nigeria’s economy. The committee invited Binance CEO, Richard Teng, for a public hearing on January 10, 2024.
Before the hearing, Binance requested a private meeting to understand the allegations. On January 8, 2024, three committee members and a clerk met with Binance’s legal team at the National Assembly. Onwusibe, who had other official engagements, did not attend. He stressed that the meeting was professional and no bribe was requested.
Despite promising to attend the public hearing, Binance’s CEO, Richard Teng, failed to show up several times, sending lawyers to represent him instead. The committee postponed the hearing multiple times, but no senior Binance official appeared, raising concerns about the company’s willingness to cooperate.
The conflict worsened when Binance’s CEO, Richard Teng, published a blog post on May 7, 2024, accusing Onwusibe of corruption. The post also revealed that Binance executives were under investigation by security agencies, including the DSS and the Office of the National Security Adviser (ONSA).
Onwusibe, calling the blog post defamatory, instructed his lawyer, Nnamdi U. Nwokocha Ahaaiwe, to demand an apology and compensation from Binance. Binance refused to comply. On September 18, 2024, Onwusibe filed a lawsuit against Binance and Teng at the High Court of the Federal Capital Territory, seeking an apology, a retraction, and $3 billion in damages. The case, which began on January 22, 2025, will resume on February 19, 2025.
Onwusibe dismissed Gambaryan’s latest bribery claims as a distraction from Binance’s legal troubles. He stated that his committee worked independently and never collaborated with agencies like the DSS, ONSA, SEC, CBN, EFCC, or NFIU in the legislative probe.
He also highlighted Binance’s global legal issues, such as the U.S. conviction of its founder, Changpeng Zhao, for money laundering, and regulatory fines in countries like Canada, India, and Uzbekistan.
Onwusibe expressed disappointment that many Nigerians believed Binance’s narrative without checking the facts. He said the false accusations had not only damaged his reputation but also targeted his political party and ethnic group.
Despite this, Onwusibe remains determined to clear his name. He vowed to pursue his lawsuit to the end and accused Binance of using media blackmail to avoid accountability. He also referenced reports that one Binance executive fled from Nigerian custody, further proving, in his view, that the company was acting in bad faith.
Onwusibe stressed that Binance should face its case in court and stop using false accusations to cover up its actions. He assured Nigerians that the committee acted lawfully and that justice would prevail.
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FG hammers Canada for denying CDS visa
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The Minister of Interior, Olubunmi Tunji-Ojo, has condemned the Canadian Embassy’s denial of a visa to Chief of Defence Staff (CDS), General Christopher Musa.
The controversy unfolded when Gen Musa revealed that he and several senior military officers were not granted visa to attend an event in Canada meant to honour war veterans.
While some members of the delegation were granted visas, others were left stranded after their applications were denied.
Musa expressed disappointment, calling the incident a “wake-up call” for Nigeria to strengthen its sovereignty and resist being taken for granted by foreign nations.
Tunji-Ojo, who appeared as a guest on Channels Television’s Sunrise Daily on Friday, said the action by the Canadian embassy is condemnable and shows a lack of respect for Nigeria.
“Without knowing the full facts, I think even for us it is a policy, the issue of reciprocity as I always say, has to be given due consideration.
“As much as we are not ready to dabble into the sovereignty of other nations, the issue of visas, issue of migration management is a sovereign issue.
“As much as we don’t want to dabble into that, it is not a disrespect to the Chief of Defence Staff, to me, without knowing the facts, it is disrespectful to the country, and it is disrespectful to us as a people. If that can happen to the chief of defence staff, then I am worried for an average Nigerian.”
The Minister said that he was struggling to find justification for the action by Canada, noting that even if there are questions the embassy needed, there were diplomatic back channels in which that could have been done.
He said he was confident the Ministry of Foreign Affairs will take the necessary steps to resolve the issue diplomatically and ensure mutual respect between the two nations.
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Verydarkman in dark trouble as Deeone reveals his gay allegation video
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VDM in very dark trouble as finally ,the Ex-Big Brother Naija (BBNaija) housemate Adedayo Martin, better known as Deeone has shared his evidence against social media critic Martins Otse aka Verydarkman with a radio presenter on an on-air show.
Naijablitznews reports Deeone, who has repeatedly dragged VDM after making a bold claim about the critic being into men on Nedu Wazobia’s podcast, went live while speaking on Naija FM, a radio station in Nigeria.
The former BBNaija star when asked for his evidence against VDM, moved close to the radio presenter while showing him his phone including his proof about the social media critic lifestyle.
Deeone could be heard asking the radio presenter if he could see VDM in the video, which the latter affirmed it was the critic.
The BBNaija also said he is happy VDM refused to respond to him, stating that he would soon him if he did. “If verydarkman talks about I will sue him,” he said. Deeone revealed that he only wants Verydarkman to change, adding that he doesn’t hate the critic . “All I am doing is correction,” he said.
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