News

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

Published

11 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

Speaker Abbas expresses sorrow over Niger tanker explosion, multiple fatalities

Published

48 minutes ago

January 19, 2025

Gloria Ikibah

By Gloria Ikibah

Speaker of the House of Representatives, Rep. Tajudeen Abbas, has described the tanker explosion in Niger State as tragic and unfortunate, saying the death toll is alarming.

Naijablitznews.com recalled that a tanker on high speed conveying Premium Motor Spirit (petrol) had crashed on Saturday morning at Dikko Junction, Niger State, along the Abuja-Kaduna highway

The Niger State authorities had put the death toll at 86, with 55 people injured and taken to hospital. The corpses have been given a mass burial at Dikko.

Speaker Abbas, in a condolence message signed by his Special Adviser on Media and Publicity, Musa Abdullahi Krishi, lamented that the accident caused the loss of many lives in a terrific and shocking manner.

The Speaker, who called for proper investigation of the accident by relevant authorities, urged motorists to be cautious while driving.

Speaker Abbas commiserated the families of those who lost their lives while praying for the speedy recovery of those who sustained injuries.

He also extended his condolences to the government and the people of Niger State while praying to Allah to grant the deceased Jannatul Firdaus.

News

Fear as Trump’s deportation raids in US to start in Chicago immediately afte inauguration

Published

1 hour ago

January 19, 2025

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

US President-elect, Donald Trump’s incoming administration plans to immediately order a series of deportation raids targeting illegal immigrants after his inauguration.

Chicago is expected to be the first major city targeted by Immigration and Customs Enforcement agents as part of Operation Safeguard, the New York Times reported, citing two people familiar with planning the undertaking.

The massive deportation operation is expected to target criminals and gang members in the United States illegally and run for one week.

Trump has promised to conduct the largest deportation program in U.S. history.

Up to 200 ICE agents are being sent to Chicago to help kick off the operation on Tuesday, the Wall Street Journal reported. The agency has already asked agents to volunteer for the post-inauguration raids.

“There’s gonna be a big raid across the country,” Tom Homan, who will be in charge of U.S. borders once Trump takes office, told Fox News in an interview.

Homan has previously said he will instruct ICE agents to carry out raids on illegal immigrants at their workplaces.

In addition to Chicago, the sweeping crackdown will also target other major U.S. cities with large immigrant populations.

Trump is set to take the oath of office on Monday, January 20, in an inauguration that will take place indoors.

News

Hajj: CSO lauds NAHCON’s selection of new Saudi-based service provider

Published

1 hour ago

January 19, 2025

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

A faith-based civil society organization, CSO that monitors and reports on Hajj and Umrah activities, the Independent Hajj Reporters, IHR, has commended the National Hajj Commission of Nigeria, NAHCON, for selecting a different Saudi-based Hajj service provider for the 2025 Hajj season.

It said the decision would create healthy competition among service providers interested in efficiently, qualitatively, and satisfactorily serving Nigerian pilgrims.

The CSO, in a statement signed by its National Coordinator, Malam Ibrahim Muhammed, in Makkah, Saudi Arabia, and made available to our correspondent on Sunday in Abuja, said the quest for improved Hajj services has been a major challenge for Nigerian pilgrims owing to the repeated failure of providing satisfactory services.

”We applauded the decision to pick another service provider that will cater for the needs of pilgrims within the Masha’ir areas during the five days of Hajj,” he said

The national coordinator, who is currently in Saudi Arabia to monitor the pre-Hajj arrangements, said available information shows that the new company, Mashariq Al Dhahabia, is an experienced provider that has served top-rated Hajj countries, like Indonesia and Malaysia, and ranked among the top five Hajj service providers by the Saudi Arabia Ministry of Hajj and Umrah.

“The company served 249 706 which is the largest number of Hajj pilgrims during the 2023 hajj. They were awarded as the Best Hajj Service Providers during the 2022 Hajj by the Saudi Ministry of Hajj and Umrah,” he stated.

IHR said it further understood that NAHCON is planning to recruit another service provider to provide services for very important personalities, VIP pilgrims so as not to repeat the experience of previous years, which is also a desired step forward.

It, however, urged NAHCON to set a parameter of performance for the newly selected service providers to serve as a baseline for determining continuous patronage, advising that such criteria should be based on pilgrims’ satisfaction and adherence to contractual terms.