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EFCC arraigns Binance chiefs Thursday, gets arrest warrant
The Economic and Financial Crimes Commission will on Thursday arraign Binance Holdings Limited and two of its senior executives, Tigran Gambaryan and Nadeem Anjarwalla, who recently escaped from custody and fled Nigeria, over an alleged $35,400,000 money laundering case.
The EFCC had on Thursday, March 28, charged Binance Holdings Limited, Gambaryan, Anjarwalla with laundering $35,400,000.
The EFCC, which has now fully taken over the case from the Office of the National Security Adviser, has also detained Gambaryan and has obtained a court warrant to arrest and extradite Anjarwalla.
Confirming the development to our correspondent on Friday, impeccable sources in the anti-graft agency said that Anjarwalla would be arraigned in absentia alongside Binance and Gambaryan.
“The detained Binance executive, Gambaryan, is now in the custody of the EFCC. The NSA has handed over the matter to the EFCC for investigation and prosecution. The commission has charged Binance, Gambaryan, and Anjarwalla to court for $35,400,000 money laundering, and they’ll be arraigned in court on Thursday, April 4, 2024,” a source told Sunday PUNCH.
Another source revealed, “The EFCC is now partnering with the International Criminal Police Organisation, the United States’ Federal Bureau of Investigation, the government of the United Kingdom of Great Britain and Northern Ireland, and the Kenyan government to effect the arrest and extradition of Mr Anjarwalla, the fugitive who fled from lawful custody in Nigeria.”
Following the takeover of the investigation into the financial irregularities allegedly committed by Binance, the EFCC has filed five counts bordering on money laundering against the cryptocurrency firm and two of its executives, Anjarwalla and Gambaryan, Sunday PUNCH can confirm.
The court documents exclusively obtained by our correspondent revealed that the charges were filed on Thursday, March 28, 2024, before the Federal High Court of Nigeria, Abuja division.
The charges read, “That you, Binance Holdings Limited (aka Binance), Tigran Gambaryan, and Nadeem Anjarwalla (now at large), between January 2023 and January 2024 in Abuja within the jurisdiction of this honourable court carried on specialised business of other financial institution without (a) valid licence and thereby committed an offence 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.
“Count two: That you, Binance Holdings Limited (aka Binance), Tigran Gambaryan, and Nadeem Anjarwalla (now at large), between January 2022 and January 2024 in Abuja within the jurisdiction of this honourable court engaged in (the) business of other financial institution (other than insurance, stockbroking and pension fund management) without (a) valid licence and thereby committed an offence contrary to and punishable under Section 58(5) of the Banks and Other Financial Institutions Act, 2020.
“Count three: That you, Binance Holdings Limited (aka Binance) between January 2022 and January 2024 in Abuja within the jurisdiction of this honourable court, not being an authorised dealer in Nigeria’s Autonomous Foreign Exchange Market, used your virtual asset services platform to unlawfully negotiate foreign exchange rates in Nigeria and you thereby committed an offence contrary to and punishable under Section 29(1) (c) of the Foreign Exchange (Monitoring And Miscellaneous Provisions) Act.
“Count four: That you, Binance Holdings Limited (aka Binance), Tigran Gambaryan, and Nadeem Anjarwalla (now at large), and other persons at large, between January 2023 and January 2024 in Abuja within the jurisdiction of this honourable court, conspired among yourselves to conceal the origin of the proceeds of your unlawful activities and thereby committed an offence contrary to Section 21 (a) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
“Count five: That you, Binance Holdings Limited (aka Binance), Tigran Gambaryan, and Nadeem Anjarwalla, between January 2023 and December 2023 in Abuja within the jurisdiction of this honourable court concealed the origin of a cumulative sum of $35,400, 000 generated as revenue by Binance in Nigeria knowing that the funds constituted proceeds of unlawful activity and you thereby committed an offence contrary to and punishable under Section 18(3) of the Money Laundering (Prevention and prohibition) Act, 2022.”
The Federal Government, on Monday, contacted INTERPOL and issued an arrest warrant for the apprehension of one of the detained executives of Binance, Anjarwalla, who escaped from lawful custody the previous Friday.
It was gathered from the Office of the National Security Adviser that Anjarwalla used a Kenyan passport to escape, while his colleague was still in custody.
Anjarwalla, who has British and Kenyan nationalities, escaped from Abuja through a Middle East airliner, as his firm confirmed that he was no longer in the country, adding that it would cooperate with security agencies.
The escape shocked security agencies, as they revealed that the fleeing executive was kept in a “safe house” guarded by soldiers, adding that the security guards on duty had been detained.
The ONSA confirmed the escape of Anjarwalla in a statement issued in Abuja on Monday by the Head of Strategic Communication, Zakari Mijinyawa, who stated that preliminary investigation showed that the escapee fled Nigeria using a smuggled passport.
He noted that efforts were ongoing to arrest the suspect.
The statement read, “The Office of the National Security Adviser confirms that Nadeem Anjarwalla, a suspect in the ongoing criminal probe into the activities of Binance in Nigeria, has escaped from lawful custody on Friday, March 22, 2024.
“Upon receiving this report, this office took immediate steps, in conjunction with relevant security agencies, Ministries, Departments, and Agencies, as well as the international community, to apprehend the suspect.
“Security agencies are working with INTERPOL for an international arrest warrant on the suspect. Preliminary investigation shows that Mr Anjarwalla fled Nigeria using a smuggled passport.”
Mijinyawa noted that the personnel responsible for the custody of Anjarwalla had been arrested, adding that investigations were ongoing to unravel the circumstances surrounding his escape.
He added, “The personnel responsible for the custody of the suspect have been arrested, and a thorough investigation is ongoing to unravel the circumstances that led to his escape from lawful detention.
“Recall that the Federal Government of Nigeria, like other governments around the world, has been investigating money laundering and terrorism financing transactions perpetrated on the Binance currency exchange platform.
“Until his escape, Nadeem Anjarwalla, who holds British and Kenyan nationalities and served as Binance’s Africa regional manager, was being tried by Nigerian courts.
“The suspect escaped while under a 14-day remand order by a court in Nigeria. He was scheduled to appear before the court again on April 4, 2024.”
The ONSA spokesperson urged Nigerians and the international community to help with information that could lead to the arrest of the suspect.
“We urge the Nigerian public and the international community to provide whatever information they have that can assist law enforcement agencies to apprehend the suspect,” Mijinyawa added.
Financial Times reported on February 28, 2024, that two executives of the company were arrested and detained after they flew into Nigeria as a result of a ban on their website.
On March 12, 2024, the FT reported that the EFCC asked Binance to share data on its 100 top users in Nigeria as well as transaction history for the past six months.
According to the report, the request is at the centre of negotiations between Binance and Nigeria.
By Gloria Ikibah
Speaker of the House of Representatives, Rep. Abbas Tajudeen, has launched a 21-member ad-hoc committee to keep an eye on governance in Rivers State during the current State of Emergency.
Speak Abbas during the inauguration of the committee, on Tuesday, said the move shows the National Assembly’s dedication to upholding the constitution and keeping things transparent.
He explained that the committee is meant to help maintain stability in Rivers State after President Bola Tinubu announced a six-month State of Emergency on March 18.
He said: “The 10th House of Representatives inaugurates an Ad-Hoc Committee tasked with overseeing the administration of Rivers State during the present emergency period.
“This moment marks not only a critical milestone in our constitutional mandate but also a display of our dedication to transparent governance and the rule of law in our country”.
President Tinubu’s declaration, made under Section 305 of the 1999 Constitution (as amended), followed what the Speaker described as a “grave crisis threatening public order.”
He made it clear that the President’s decision wasn’t made lightly, but was driven by a real concern for the safety and well-being of the people in Rivers State and the country overall.
Speaker Abbas also pointed out that this isn’t the first time the federal government has stepped in during a crisis. He mentioned past examples like Plateau in 2004, Ekiti in 2006, and the northeast states—Borno, Adamawa, and Yobe—in 2013, saying the goal has always been to bring back peace and restore normal government operations.
“In those periods of dire security and governance challenges, the National Assembly assumed a vital role in upholding constitutional order,” he said. “Our actions today are grounded in Section 11(4) of the 1999 Constitution, which confers upon us the authority to make laws for any state whose elected legislative body is unable to perform its statutory functions.”
The Speaker also clarified that the current caretaker government in Rivers State, led by Rear Admiral Ibok-Ete Ekwe Ibas (Rtd.), is a temporary arrangement intended to maintain order and perform basic governance functions until democratic institutions are restored.
“His role is strictly circumscribed, as he is charged with maintaining law and order and ensuring that the basic functions of governance are met only until full democratic governance is restored,” Abbas noted.
He aadded hat the Administrator must report directly to the National Assembly.
He urged the committee to uphold the highest standards of integrity and professionalism, cautioning against partisanship.
“You have been entrusted with the heavy responsibility of justifying the confidence reposed in you by the entire nation.
“You must conduct your oversight in strict accordance with the Constitution and avoid all forms of partisanship or bias”, he charged.
The Speaker emphasised that beyond oversight, the committee is expected to play a proactive role in peace-building and reconciliation efforts in Rivers State.
“Your work must actively support efforts to restore lasting peace and re-establish a fully functioning democratic system in Rivers State.
“This historic responsibility calls for conscientious, forthright and astute governance”, he added.
Speaker Abbas further reaffirmed that the National Assembly’s intervention is not an instrument of political vendetta but a constitutional necessity.
“We act not out of partisan interests but in the earnest service of a united and prosperous Nigeria.
“It is now my solemn duty and distinct honour to officially inaugurate the House Ad-Hoc Committee to Oversight Rivers State”, he stated.
The newly formed committee is expected to submit periodic reports to the House, monitor the implementation of federal policies in Rivers State, and ensure that the caretaker administration operates within constitutional boundaries.
In his response, Chairman of the adhoc committee and leader of the House, Rep. Julius Ihonvbere pledged their commitment to the task given to them.
He said: “We will not disappoint Nigerians, we will be committed to this task.
“If I am not wrong, this is probably the strongest ad hoc committee ever set up since 2019. So, to make our work a lot easier, with the experience, with the exposure, with the dedication, with the commitment to unbiased dispositions on national issues, I assure you on behalf of my colleagues in the ad hoc committee that we will not disappoint you, we will not disappoint the National Assembly, and we will not disappoint Nigeria.
“We will begin our work immediately and we will remain transparent, committed, and unbiased in the deliverance of our values.Once again, Mr. Speaker, we thank you for being the true Nigerian, the true patriot that you are. And I’m sure that when the history of Nigeria is written, there will be several extra pages added to your chapter”.
Members of the Committee include: Hon. Prof. Julius Ihonvbere – Chairman, Rep. Ali Isa J.C. – Deputy Chairman,Hon. Isiaka Ibrahim , Rep. Idris Ahmed Wase , Rep. Aliyu Muktar Betara, Rep. Sada Soli, Rep. James Abiodun Faleke, Rep. Igariwey Iduma Enwo, Rep. Shehu Saleh Rijau, Rep. Wole Oke.
Others are :Rep. Akarachi Etinosa Amadi, Rep. Patrick Umoh, Rep. James Barka,Rep. Alex Egbona, Rep. Isa Anka, Rep. Amos Daniel, Rep. Erhiatake Ibori-Suenu,Rep. Onuh Onyeche Blessing, Rep. Fatima Talba , Rep. Chris Nkwonta, and Rep Ebibake Marie Enenimiete.
The Economic and Financial Crimes Commission (EFCC) has warned citizens to steer clear of 60 illegal Ponzi scheme operators in Nigeria.
These companies, operating without registration with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC), have been identified as potential threats to the financial well-being of unsuspecting Nigerians.
According to the EFCC, some of these operators have already faced legal action, with five convicted and another five pleading guilty, awaiting sentencing.
The commission’s warning comes as a timely reminder for Nigerians to exercise caution when investing their hard-earned money.
The list of operators to avoid includes companies operating in various sectors, including agriculture, investment, and finance.
Full list below;
Wales Kingdom Capital
Bethseida Group of Companies
AQM Capital Limited
Titan Multibusiness Investment Limited
Brickwall Global Investment Limited
Farmforte Limited & Agro Partnership Tech
Green Eagles Agribusiness Solution Limited
Richfield Multiconcepts Limited Forte Asset Management Limited
Biss Networks Nigeria Limited
S Mobile Netzone Limited
Pristine Mobile Network
Letsfarm Integrated Services
Bara Finance & Investment Limited
Vicampro Farms Limited
Brooks Network Limited
Gas Station Supply Services Limited
Brass & Books Limited
Annexation Biz Concept & Maitanbuwal Global Venturescrowdyvest Limited
Crowdyvest Limited
Jadek Agro Connect Limited
Adeeva Capital Limited
Oxford International Group
Oxford Gold Integrated
Skapomah Global Limited
MBA Trading & Capital Investment Limited
TRJ Company Limited
Farm4Me Agriculture Limited
Quintessential Investment Company
Adeprinz Global Enterprises
Rockstar Establishment Limited
SU.Global Investment
Citi Trust Funding PLC
Farm Buddy
Eatrich 369 Farms & Food
Globertrot Farmsponsors Nigeria Limited
Farm Sponsors Limited
Cititrust Credit Limited
Farmfunded Agroservices Limited
Adamakin Investment & Works Limited
Cititrust Holding PLC
Green Eagles Agribusiness Solutions Limited
Chinmark Homes & Shelters Limited
Emerald Farms & Consultant Limited
Ovaioza Farm Produce Storage Limited
Farm 360 & Agriculture Company
Requid Technologies Limited
West Agro Agriculture & Food Processing Limited
NISL Ventures Limited & Estate of Laolu Martins
XY Connect Investment Limited
River Branch Unique Investment Limited
Hallmark Capital Limited
CJC Markets Limited
Crowd One Investment
Farmkart Foods Limited
KD Likemind Stakeholders Limited
Holibiz Finance Limited
Ifeanyi Okpe Oil & Gas Services
Servapps Nigeria Limited
Barrick Gold Mining Company
360 Agric Partners Limited.
How to Protect Yourself
To avoid falling prey to these illegal Ponzi schemes, Nigerians are advised to:
1 Verify investment opportunities with the CBN and SEC before committing funds
2 Be wary of unusually high returns on investment
3 Research the company’s background and reputation
4 Report suspicious activities to the EFCC
By being vigilant and informed, Nigerians can protect themselves from the dangers of Ponzi schemes and make informed investment decisions. Stay safe, and stay informed.
In response to recent allegations suggesting widespread hunger and fatalities among inmates, the Nigerian Correctional Service (NCoS) has firmly denied the claims, assuring the public that feeding standards remain intact and strictly monitored across custodial centres nationwide.
Speaking with journalist in Abuja on Tuesday, the Service’s Public Relations Officer, Abubakar Umar, dismissed the reports as “sensational, misleading, and devoid of truth.” He emphasized that the welfare of inmates, including their nutrition, remains a top priority under the supervision of both state and federal authorities.
“Inmates are not starving. There is no evidence, either in our records or from any credible oversight body, suggesting that custodial centres are neglecting their duty to feed inmates adequately,” Umar stated.
He explained that the Federal Government allocates a dedicated budget annually for inmate feeding, which is judiciously managed under stringent guidelines. “Every inmate is entitled to three meals daily — breakfast, lunch, and dinner — as clearly provided for in our operational manual,” he said.
Umar further questioned the credibility of the reports, citing the strict access protocols in place at custodial facilities. He noted that no unauthorized interviews with inmates could have occurred, given that access requires multiple layers of clearance, and the use of recording devices is prohibited within the facilities.
“How does a journalist claim to have interviewed inmates in such a controlled environment without any official clearance or access?” he asked. “That alone casts doubt on the authenticity of the reports.”
To reinforce its commitment to inmate welfare, Umar said the NCoS has put in place an internal monitoring system, with officers-in-charge held accountable for the utilization of resources, especially feeding provisions. He said supervisory structures exist at both the national and state levels to maintain compliance and discipline.
“Any officer found negligent or complicit in mismanaging resources faces disciplinary action in line with our code of conduct,” he stated.
While acknowledging operational challenges, Umar maintained that such issues have not translated into hunger or starvation within correctional centres. He warned that false narratives could damage the reputation of the Service and cause undue public concern.
“We are aware of the economic situation, but it has not compromised our duty to feed or care for those in custody,” he said. “We call on media houses to verify information through the appropriate channels before publication.”
Umar highlighted the current administration’s efforts in improving the welfare of inmates, including a significant 50 percent increase in the feeding budget approved by President Bola Tinubu’s government. He also lauded the Minister of Interior, Dr. Olubunmi Tunji-Ojo, for championing reforms in the correctional system.
“There is an ongoing review of inmate welfare and feeding programmes. Reforms are already underway and will yield even more positive changes,” he said.
He concluded by inviting civil society groups, media professionals, and international observers to visit correctional centres for independent assessments, stressing that transparency and accountability remain core to the NCoS’s operations.
“Our doors are open for oversight visits. We believe in constructive engagement that can help us do better,” Umar said. “We are not just holding inmates; we are working to rehabilitate and reintegrate them into society with dignity.”
The NCoS has reiterated its commitment to international standards on inmate care and has urged the public to disregard the alarming claims, which it described as fabricated and harmful to ongoing reform efforts.
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