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Court Slates May 17 To Decide Bail Request By Binance Executive

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Justice Emeka Nwite of a Federal High Court in Abuja has adjourned till May 17 to rule on the bail application filed by a Binance executive, Tigran Gambaryan.

Justice Nwite fixed the date on Tuesday after taking arguments from parties for and against the bail of Gambaryan, who is the second defendant in the charge filed by the Economic and Financial Crime Commission (EFCC) against Binance Holdings Limited, a cryptocurrency firm, and its executive over alleged money laundering to the tune of $35,400,000.

Arguing the bail application on behalf of his client, Mark Mordi (SAN) said, the court has the inherent jurisdiction to admit the defendant to bail, more so that, the offences for which he was charged are bailable offences.

Besides, he said, the defendant is presumed innocent until proven otherwise by the court and added that his client is anxious to prove his innocence before the court.

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According to Mordi, Gambaryan is not a flight risk and his international passport has been seized by the EFCC adding that, “The only reason the EFCC is holding the defendant is that, they want to use him as a leverage in making his employer provide them with information”.

While accusing the anti-graft agency of not acting according to law, Mordi prayed the court to admit the defendant to bail adding that, the court has the power to put in place necessary safeguards to ensure that the defendant attends his trial.

Opposing the application for the bail of the Binance executive, EFCC lawyer, Ekele Iheanacho, in a 14-paragraph affidavit, prayed the court to refuse the bail application of the defendant.

Iheanacho told the court that the second defendant is both an American and Amanian citizen and had attempted to process a new passport on the ground that his initial passport was missing.

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He said if EFCC had not intercepted the second defendant, he would have perfected the act, pointing out also that the second defendant had no attachment to any community in Nigeria to ensure that he would be available for his trial if granted bail.

Replying on point of law, Mordi prayed the court to discountenance the submission of the prosecution to the effect that the defendant is an American citizen by birth as there is nothing before the court to buttress that submission.

He said the second defendant who had been in custody for 50 days is eager to go to trial to prove his innocence.

After hearing the submissions of counsel, Justice Nwite adjourned till May 17, 2024, for ruling.

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Gambaryan, who took a plea on behalf of the Company as its representative pleaded not guilty to the money laundering allegation preferred against him by the EFCC.

The anti-graft agency had charged Binance Holdings Limited, a cryptocurrency firm, and Tigran Gambaryan, the company’s head of financial crime compliance on a five-count charge bordering on money laundering.

In the charge filed on March 28 by the anti-graft agency, the company executives are being accused of money laundering to the tune of $35,400,000.

EFCC alleged in one of the counts that, the defendants, between January 2023 and January 2024 in Abuja, carried out a specialised business of other financial institutions without valid licence.

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The offence is said to be 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.

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Canadian Prime Minister to resign – Report

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Canadian Prime Minister Justin Trudeau is expected to step down as early as Monday.

Following reports, the Globe and Mail broke the story first on Sunday night, citing three sources.

It is unclear when Trudeau will step down, but it is anticipated to happen before a national caucus meeting on Wednesday.

Trudeau’s popularity is expected to decline in Canada as a result of a number of issues, including a housing crisis, a declining per-capita GDP, and high inflation.

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As of December 24, his disapproval rate was approximately 68%, with only 28% of Canadians supporting him.

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Bride reportedly ‘vanishes’ 24hrs to her wedding in Plateau

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A bride-to-be identified as Nansik Dashe, reportedly ran away one day to her wedding in Plateau State.

The wedding between Nansik and Kapnan Daniel Ventur, was scheduled to be held on December 27, 2024, at COCIN LCC, NIMTIM, PIL Gani in Langtang North Local Government Area of the state.

It was gathered that Dashe disappeared on December 26, after developing cold feet, leaving the groom and family members stranded.

It was further learnt that her whereabouts is unknown.

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Osimhen transfer to Man U: Club seeks discount on £62m release clause

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By Kayode Sanni-Arewa

The club is exploring creative strategies to bring the Nigerian who’s on a season-long loan to Galatasaray from Napoli, to Old Trafford, which may include player exchanges to help offset costs.

According to Calciomercato journalist Daniele Longo, United’s recruitment team is working on a plan to negotiate a deal with Napoli that would allow them to pay less than Osimhen’s £62 million release clause.

This approach shows the club’s serious intent to strengthen their attacking options under new manager Ruben Amorim.

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In a decisive move, United is reportedly considering the sale of Joshua Zirkzee to facilitate the transfer.

The Dutch striker, who has struggled to make an impact since his arrival last summer, could be used to raise funds and reduce the overall cost of the deal

However, Manchester United faces stiff competition for Osimhen’s signature, as Paris Saint-Germain has also expressed interest, adding urgency to United’s negotiations.

The interest from the French giants could potentially drive up Osimhen’s price and complicate United’s plans.

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Currently on loan at Galatasaray, Osimhen has been in impressive form this season, scoring 12 goals in 15 competitive appearances.

His potential arrival at Old Trafford could provide the firepower that United desperately needs to climb up the Premier League table.

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