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Binance Executive arraigned for alleged $34m money laundering

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A Binance executive, Tigran Gambaryan  has been arraigned by the Economic and Financial Crimes Commission (EFCC) on Monday, April 8, 2024 before Justice Emeka Nwite of a Federal High Court sitting in Abuja.

They were arraigned on a 5-count charge bordering on alleged tax evasion, currency speculation and money laundering to the tune of $34,400,000 (Thirty-Four Million, Four Hundred Thousand United States Dollars).

At the last adjourned date, the second defendant, Tigran Gambaryan had claimed that he was not an agent, director, or a representative of the Binance Company in Nigeria and should not be served on behalf of the first defendant.

However, at Tuesday‘s sitting, Justice Nwite held that the second defendant, in his earlier affidavit, had stated that he is an American who visited Nigeria along with Nadeem Anjarwalla, a British-Kenyan citizen, solely for the purpose of attending a meeting with government officials as representatives of Binance. He also mentioned in the document that he joined Binance in September 2021, which clearly shows his involvement with the first defendant within jurisdiction, thereby striking out the objection to stop his arraignment.

“Count One of the charge reads; That you BINANCE HOLDINGS LTD (“A.K.A 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 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.”

Another count reads; that you BINANCE HOLDINGS LTD (A.K.A) BINANCE”) between January, 2022 and January 2024 in Abuja with the Jurisdiction of this Honorable Court not being an authorized 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.

He pleaded not guilty to all the charges when they were read to him.

In view of his plea, prosecuting counsel,  Ekele Iheanacho asked the court for a trial date.

However, defense counsel, Mark Mordi, SAN, pleaded with the court to grant his client bail, stating that the second defendant is a foreign national who has been in detention for over 40 days claiming that his detention is unlawful. He further again pleaded that the defendant should be remanded in EFCC custody instead of the correctional centre.

Responding, Iheanacho stated that the circumstances of the defendant‘s detention is lawful, adding that the law provides that after an arraignment is made, a defendant is supposed to be remanded in a correctional centre, as it does not matter the status of the defendant, hence his detention is lawful.

Justice Nwite fixed April 18, 2024 for hearing of bail applications and May 5, 2024 for trial. Furthermore, he ordered that the defendant be remanded in Kuje Correctional Centre.

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Apapa Customs Command generates N672.1bn in four months

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The Apapa Command of the Nigeria Customs Service (NCS) generated N672.1 billion between January and April this year.

The outgoing Area Controller, Babajide Jaiyeoba, said this during his handing over and retirement from service in Lagos on Monday.

He said that the command generated a record-breaking revenue of N182 billion in April alone, the highest monthly collection in the history of the service.

He attributed his success to the Almighty God, the Comptroller-General of Customs, Bashir Adeniyi and the entire staff of Apapa command as well as the cooperation of the stakeholders.

“I will describe the eight-month tenure as Area Controller of Apapa Command as joyful and characterised by exciting moments culminating into tangible results for the benefit of the nation.

“We have set the ball rolling for the actualisation of our target and the officers I am leaving behind are focused on this. My optimism is not misplaced because we have all proven to be tested and trusted,” Jaiyeoba said.

He thanked the officers for relentlessly pursuing maximum collection of duty by preventing leakages, fighting against smuggling and ensuring that traders enjoyed hitch-free clearance under his leadership.

He solicited the support of all officers, sister government agencies and stakeholders for the incoming Area Controller, Babatunde Olomu.

“Let’s triple or possibly, quadruple the cooperation and support I got for him. His success is our common benefit.

“For over three decades, I have known him to be a team player and result-oriented officer,” Jaiyeoba said.

He commended the speedy operations of the scanner centre which had contributed meaningfully to revenue collection in the nation’s busiest port.

The Chairman, Bonded Terminal Association, Gerald Mbamalu, said Jaiyeoba demonstrated professionalism in the customs profession.

Welcoming the new Comptroller, Mbamalu expressed optimism that Olomu would surpass the yearly revenue target of the command.

In his acceptance speech, Olomu pledged robust engagements with port stakeholders as his major goal as the new helmsman at the command.

Olomu spoke after receiving the handover notes, following the retirement of Jaiyeoba.

He said that Nigeria held a strategic position for trade in West and Central Africa and gave an assurance that Apapa Port would play a critical role in Nigeria’s participation in the African Continental Free Trade Area (AfCFTA).

“We are reviving Nigeria’s readiness for improved trade with fellow African countries and the world at large.

“The management of the service is committed to evolving a more modern customs with Apapa Port being a nucleus to the implementation of many trade facilitation reforms championed by the Comptroller-General of Customs, Bashir Adeniyi, MFR.

“I want to urge our officers to brace up for the changes that will feature as fallouts of customs modernisation, otherwise called e-customs, AEO, and many other groundbreaking World Customs Organisation (WCO) innovations like the recently-introduced advanced ruling policy.”

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Nigeria, France to tackle illegal migration, human trafficking

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France has expressed its commitment to strengthen existing relations with Nigeria, especially in tackling illegal migration and human trafficking.

France Ambassador in charge of Migration at the Ministry for Europe and Foreign Affairs, Mr Christophe Leonzi, made this known when he paid a courtesy visit to the Minister of Interior, Dr Olubunmi Tunji-Ojo, on Monday in Abuja.

“We will like to establish more regular dialogue between Nigeria and France, and the two ministries especially in area of illegal migration and how to tackle it headlong.

“Another area that calls for worry is in the area of human trafficking.

“It will be of immense benefit to both countries if we can cooperate more efficiently in different aspects to stem the tide,” the envoy added.

He said, though the two countries have been cooperating in that area, there was need to delve more into the already existing cooperation.

“Nigeria is a strong partner in this regard, no doubt,” Leonzi said, adding that the cooperation should be reinforced in the area of border security and management.

“If the borders are not porous and the necessary cutting-edge technology, aside human presence, are in place, no doubt it will go a long way to tackle the ugly trend to a reasonable level.

“A good border management brings about certain level of security of a country but a porus border usually brings about vulnerability of a country, especially in terms of security of that country,“ the envoy added.

In his remarks, Tunji-Ojo, said Nigeria would continue to strengthen its relations with France, to make it better and stronger.

“The stronger the relationship the better it is for both countries,” the minister said.

He said that development cooperation between the two countries have been extremely helpful to Nigeria over the years.

“In terms of meeting our goals, targets and of course taking us from where we were to where we are now, I believe that more of this programme will take us to where we actually want to be.

“Regular meetings and visits of this nature are very important for both countries, because when you do not share problems, when you do not talk to share problems, solutions will always be a mirage.

“For instance long before now, Nigerians going to Italy was a big problem, but today, I know building on our interactions, is a different ball game altogether and it will be difficult for any irregular immigrant from Nigeria to stay in Italy.

“This is because if we get you and we identify you, our immigration officer stationed solely in Italy for that purpose would ensure that bringing that person back becomes easier.

“I think in UK too, just two weeks ago, our team just came back from there for our biannual meeting that is of mutual benefit to both countries, especially in the area of irregular migration.

“With this development, we are beginning to see change of status in terms of illegal migration between the two countries.

“So, I align myself 100 per cent with your proposal, I think it’s one that will help us to be more proactive than being reactive.“

The minister added that the major problem the country had over the years, was the government being reactive when it comes to the issue of illegal migration, instead of being proactive.

“So, it means the more we invest our energy on being proactive, the better it is for us,“he said.

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Alia presents 6 SUVs to Judiciary

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Gov. Hyacinth Alia of Benue on Monday, presented six Sport Utility Vehicles (SUVs) to the State Judiciary.
Presenting the vehicles, the governor, said his administration has resolved to make the welfare of the judiciary staff a top priority for improved service delivery.
Alia commended the Judiciary for their services, urging them to do more to ensure that law and order are strictly maintained in the State.
Represented by the State Attorney General and Commissioner for Justice and Public Order, Fidelis Mnyim, Alia urged the Judiciary staff to put the vehicles to good use for the benefit of the State.
He said four of the cars are for the State High Court Judges, while two are for the Judges of the Customary Court of Appeal.
Speaking in his capacity as the Attorney General and Commissioner for Justice and Public Order, Mnyim commended the governor for promoting the rule of law in the state.
He also commended Alia for  granting autonomy to the judiciary for optimal performance.
Mnyim said the ministry took delivery of the vehicles and a  date would be communicated for the presentation of the vehicles to the Judges.
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