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Binance Reacts As FG Drops Tax Charges Against Executives

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Crypto exchange platform, Binance has reacted after its officials executives, Tigran Gambaryan, and Nadeem Anjarwalla were discharged of tax evasion charges filed by the Federal Inland Revenue Service.

They were cleared on Friday by the Federal High Court in Abuja.

The court’s decision came on Friday after the FIRS submitted amended charges that effectively dropped the tax evasion allegations against Gambaryan and Anjarwalla, who absconded to Kenya

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This change followed Binance’s notification of appointing a Nigerian representative, Ayodele Omotilewa, to handle its local operations. The original charges, filed on March 22, 2024, accused Binance and Gambaryan of tax evasion.

In a shared note with The PUNCH, the platform said it was relieved that tax charges against Gambaryan and Anjarwalla have been dropped because they are decision-makers at the company.

The platform said, “We are relieved that the Federal Inland Revenue Service (FIRS) has served and filed amended charges today, resulting in tax charges against Tigran Gambaryan being dropped.

“This further illustrates that Tigran is not a decision-maker at Binance and does not need to be held in order for Binance to resolve issues with the Nigerian government. We await the court’s ruling on this, discharging Tigran from this matter completely.”

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The crypto platform also called on the Economic and Financial Crimes Commission to take similar steps, allowing Gambaryan to return home to his family.

It emphasized Gambaryan’s deteriorating health due to 110 days of detention, during which he was diagnosed with malaria and pneumonia.

We commend the FIRS for their diligence and professionalism throughout this process. This situation unequivocally demonstrates Binance’s commitment to resolving this issue with the government transparently and cooperatively.

“In order for Tigran to be allowed to go home to his family, we are hopeful that the Economic and Financial Crimes Commission (EFCC) will take similar steps.

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“Tigran has been detained for 110 days, and his physical health is deteriorating, including a recent malaria and pneumonia diagnosis. Binance is committed to continuing to work with the Nigerian government to resolve this,” Binance added.

The next hearing in the case is scheduled for June 19, 2024. where the application for an order for the enforcement of fundamental rights will be heard.

On June 20, the EFCC trial is due to continue, while Tigran will remain detained at Kuje prison.

Since Tigran collapsed in court on May 23rd with Malaria, his health conditions have worsened and Tigran now has pneumonia.

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Despite a court order by Justice Emeka Nwite to take Tigran to the hospital immediately, it took the prison authorities 11 days to take him for a brief check-up.

The PUNCH reported last week that 16 US Members of Congress, including the chair of the Foreign Affairs Committee, Michael McCaul wrote to President Biden highlighting that he is a “U.S. Citizen wrongfully detained by a foreign government,” and urging him to do more to secure his release.

Recall the the Federal Government had accused the cryptocurrency exchange of manipulating foreign exchange (FX) rates, which led to increased scrutiny of crypto trading platforms.

Separately, the EFCC is prosecuting Binance and its executives on charges of alleged money laundering and foreign exchange violations.

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On February 28, 2024, Nigerian authorities detained two senior Binance executives when they arrived in Nigeria for a meeting following the Federal Government’s ban on cryptocurrency channels, part of a broader campaign against currency speculation

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11 DisCos collected N1.07tr revenue in 2023- NERC

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The Nigerian Electricity Regulatory Commission (NERC) on Monday, September 23, revealed that the 11 electricity Distribution Companies (DisCos) of the Nigerian Electricity Supply Industry (NESI) collected N1.07trillion in 2023.

The energy distributors, said NERC, failed to collect N385.83 billion out of the total N1.46 trillion electricity bills for the year.

This culminated in 73.64% collection efficiency in the year under review, according to the NERC document titled: “2023 Annual Report and Account.”

NERC said: “The total billings to electricity consumers by the DisCos was ₦1,463.24 billion of which only ₦1,077.51 billion was collected, leaving a total outstanding of ₦385.73 billion and corresponding to a collection efficiency of 73.64%.”

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On Market Remittances by DisCos, the report said in 2023, a total invoice of ₦858.033billion was issued to all the DisCos for energy received from NBET and for service charges by the MO, out of which a sum of ₦706.73 billion was settled by DisCos, leaving a total deficit of ₦151.30 billion in the market.

NERC said this payment translates to an overall remittance performance of 82.37%.

The report revealed that Eko and Yola DisCos had high remittance performances of 105.76% and 105.14% respectively to NBET in 2023 while Kaduna achieved the lowest remittance performance to NBET (17.59%).

NERC also said the highest remittance performances to the MO were recorded by Yola, Eko and Ikeja at 90.91%, 90.85% and 90.38% respectively while Kaduna recorded the lowest MO remittance performance of 10.75% in 2023.

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On Market Remittances by Special and Bilateral Customers, NERC said in 2023, the NESI continued to provide electricity to three international bilateral customers – i) Societe Beninoise d’Energie Electrique; ii) Compagnie Energie Electrique du Togo; iii) Societe Nigerienne d’electricite.

It noted: “Cumulatively, these 3 customers received an invoice of $53.55 million from MO and made a payment of $50.36 million.

“This corresponds to a remittance performance of 94.04%. There were nineteen (19) active domestic bilateral customers in 2023.

“Cumulatively, these customers received a total invoice of ₦10,320.84 million from MO and made a payment of ₦8,766.15million corresponding to a remittance performance of 84.94%.”

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Rivers Assembly hails court’s judgement, urges FG to Include state in flood response plan

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Four days after their victory at the Federal High Court, the Martin Amaewhule-led Rivers State House of Assembly convened its plenary session on Monday, expressing significant concern over the looming threat of flooding and its potential impact on residents.

During the session, lawmakers voiced their apprehensions and urged the National Emergency Management Agency (NEMA) and other relevant government bodies to include Rivers in their flood response strategies.

This appeal followed a motion introduced by Deputy Speaker Dumle Maol, who highlighted that the anticipated flood is linked to the Republic of Cameroon’s planned regulated release of water from the Lagdo Dam.

The motion received unanimous support from the assembly, underscoring the importance of informing constituents about the impending flood.

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Speaker Amaewhule lauded the motion’s intentions and mandated a joint committee to collaborate with NEMA, NDDC, and other government agencies to prepare for the disaster and provide aid to potential flood victims.

The joint committee, comprising the House Committee on Environment and House Committee on Emergency Relief, was expected to submit its report within a week.

Speaker Amaewhule congratulated assembly members on their recent victory at the Federal High Court and expressed confidence that the law would continue to favour them despite opposition.

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FEC approves construction of 40 houses for justices, judges in Abuja

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The Federal Executive Council (FEC) has approved the construction of 40 houses for judges and justices in the Federal Capital Territory (FCT).

Minister of the FCT, Nyesom Wike, announced this to journalists at the State House, Abuja, after the FEC meeting presided by President Bola Ahmed Tinubu.

The initiative, part of the government’s Renewed Hope Agenda, aims to provide secure and convenient accommodation for members of the judiciary.

According to Wike, the 40 residences will be constructed in the Kantampe district with 20 allocated to the FCT High Court, 10 to the Federal High Court and 10 to the Court of Appeal.

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He said the project is slated for completion within 15 months.

According to him:“Also for the importance that the President attach to the Judiciary, he finds it difficult how judges and Justices will be living in rented houses and hotels, that is not safe for our judicial officials, not convenient for them to do their work and do the President directed that the FCT through the FCDA should immediately construct 40 numbered judges and Justices quarters at Kantampe district.

“What it means is that out of these 40 FCT high courts which is like the FCT court will have 20, the federal high court Will have ten and the court of Appeal will have ten and this will be completed in fifteen months’ time.

In addition to the housing project, Wike said FEC approved several infrastructure developments to improve access to the judicial quarters.

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There are “construction of an access road from Artillery Road N11 from Mabuchi to the judges’ quarters.Development of all internal roads within the judges’ quarters.

Others are construction of an access road from Ring Road 1-N16 Shehu Shagari Way to the judges’ quarters and development of roads connecting to the Court of Appeal Abuja division.

He said these approvals are part of a larger infrastructure push in the FCT, which includes the development of over 75 kilometers of roads in satellite towns across Kwali, Gwagwalada, and Bwari area councils.

The Minister said the government aims to complete these projects by December.

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Wike also announced the termination of a previous contract for the development of Maitama 2, citing delays and lack of progress.

He said a new procurement process will be initiated to ensure the area’s development, potentially addressing housing deficits in the capital.

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