News

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

Published

12 months ago

March 4, 2024

Gloria Ikibah

…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.

News

President Xi Pledges Stronger Ties with Africa at AU Summit

Published

2 hours ago

February 15, 2025

Gloria Ikibah

By Gloria Ikibah

Chinese President, Xi Jinping has congratulated African countries on their achievements, even as he reaffirmed China’s commitment to supporting development In the continent.

President Xi in a message communicated through a letter to the 38th African Union (AU) Summit, by Chinese Ambassador to Nigeria, Yu Dunhai, acknowledged Africa’s growing influence in global affairs, eemphasising how the AU has played a key role in promoting regional unity and tackling challenges. He praised Africa’s progress and wished its nations continued success in their pursuit of economic growth and stability.

Reflecting on China-Africa relations in 2024, President Xi highlighted the success of the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC), which strengthened ties between the two regions. He emphasized China’s readiness to work with African leaders to implement key projects that will benefit both sides.

China has been Africa’s largest trading partner for 15 consecutive years and remains a major investor in infrastructure, energy, and industry. Chinese companies have contributed to projects like the Lekki Deep Sea Port in Nigeria, solar power plants in South Africa, and hydroelectric facilities in Zambia. By the end of 2023, China’s direct investment in Africa exceeded $40 billion.

Looking ahead, 2025 marks 25 years of FOCAC and China plans to introduce further trade benefits, infrastructure investments, and development programs aimed at boosting Africa’s economic transformation. Initiatives like zero-tariff treatment, improved transport networks, and new livelihood projects are set to create more opportunities for African nations.

Despite global uncertainties, President Xi reaffirmed China’s unwavering support for Africa, pledging continued cooperation based on mutual respect and shared benefits. He emphasized that China will always stand by Africa as a reliable partner in its modernization journey.

News

EFCC Arraigns 11 more Chinese over Alleged Internet Fraud in Lagos

Published

7 hours ago

February 15, 2025

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

The Lagos Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Friday, February 14, 2025, arraigned 11 more Chinese and a company, Genting International Co. Ltd, before Justice Chukwujekwu Aneke of the Federal High Court sitting in Ikoyi, Lagos for fraud.

The defendants are: Li Niu, Xiao Qinyun, Fu Zheng Yang, Xiao Yi, Bei Bei Linde Jun, Li Hang, Huan Livo, Wang Wei Tong Mo Ying, Gao Yang, Zebin Chen and Yuan Zhibin.
They are part of the 792-member syndicate of alleged cryptocurrency investment and romance fraud suspects arrested in Lagos on December 10, 2024 by officers of the EFCC in a surprise operation tagged “Eagle Flush Operation.”

The suspects were arraigned on separate charges bordering on cyber-terrorism,
cybercrimes, possession of documents containing false pretence, advance fee fraud and identity theft.

The charge against Jun reads: “That you, BEI BEI LINDE JUN, (Female), adult and GENTING INTERNATIONAL CO. LIMITED sometime between the 28th of November, 2024 and 10th of December, 2024. at No. 7, Oyin Jolayemi Street, Victoria Island, Ikoyi, Lagos, within the Jurisdiction of the Federal High Court of Nigeria with intent to defraud, willfully caused to be accessed, computer systems which were organized to destabilize the social and economic structure of the Federal Republic of Nigeria, when you secretly procured and employed several Nigerian youths for identity theft and other computer related fraud, and you thereby committed an offence, contrary to and punishable under Section 18 of the Cybercrimes (Prohibition, Prevention, Etc.,) Act, Laws of the Federation of Nigeria, 2015 (As amended).”

Niu’s charge reads: “That you, LI NIU sometimes in 2024 at Lagos within the jurisdiction of this Honourabe Court, had in your possession documents where you represented yourself as “LISA’ and that you are a female from Singapore, a representation which you knew or ought to have known is false and you thereby committed and offence contrary to Section 6 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006 and punishable under section 1 (3) of the same Act.”

They all pleaded “not guilty” to the charges when they were read to them, following which prosecution counsel, Ahmed Yerima, F.S. Mohammed, A.M. Dambuwq and N.C. Mutfwang asked the court for a trial date and for the defendants to be remanded in a Correctional Centre.

Justice Aneke adjourned the matter till March 14 and 21, 2025 for trial, and ordered that the defendants be remanded in the Ikoyi and Kirikiri Correctional Centres.
efcc.gov.ng

News

Igbos angry over teaching only Yoruba language in Lagos-owned schools, threaten to sue Sanwo-Olu’s govt

Published

7 hours ago

February 15, 2025

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

The Igbo Women Assembly, a pressure group, has vowed to drag the Lagos government to court over its legislation for the exclusive teaching of the Yoruba language in state-owned schools.

IWA national president Nneka Chimezie disclosed this at a news briefing in Umuahia on Thursday.

IWA is affiliated with Ohanaeze Ndigbo, an apex Igbo socio-cultural organisation

Ms Chimezie said the group was worried over such legislation in a cosmopolitan state as Lagos.

According to her, such a law is improper because the government knows Lagos harbours many other tribes.

“They should make it open: Igbo, Hausa and Yoruba – should be taught,” she said.

The IWA president, however, hailed the Yoruba for preserving their language.

She called on the Igbo sons and daughters to join IWA in the campaign to stop the Igbo language from going into extinction.

She said the group would organise an event to celebrate the Igbo Language on February 21 to commemorate the United Nation’s Mother Tongue Day.

Ms Chimezie said the event, which would be held in Umuahia, would bring together many prominent sons and daughters of Igboland to discuss the way forward for the language.

“We are coming together to talk about our language, rub minds to see how we can stop our language from going into extinction.

“We are going to have a roundtable, after which we will come up with a communique,” the IWA president said.

She called on Governor Charles Soludo to checkmate the activities of Agunechemba – a vigilance group and stop the extra-judicial killings in Anambra.

“When they make arrests, they should hand the suspects over to the police for proper investigation and prosecution rather than killing them.

“Agunechemba has no right to arrest and kill, and there have been too much blood-letting and killing of our youths in the South-East,” Ms Chimezie said.

(NAN)