News
Nigeria Has Strong Evidence against Binance- Idris
Mohammed Idris, minister of Information and National Orientation, has said that due processes are being applied in all stages of the trial by the laws of the Federal Republic of Nigeria.
This is coming against the backdrop of continuing interest in the ongoing trial of Binance, crypto platform, and its executives.
Idris said that “At all stages, due process has been followed, and prosecutors are confident of their case, based on the facts and evidence gathered.
“Binance will have every opportunity to defend itself in court against these severe charges of financial crimes against the Federal Republic of Nigeria. The next hearing is on June 20, 2024,” he said.
The minister explained that Binance, the defendant, has received consular access and all due care, following normal diplomatic protocols and the rule of law, adding that the judge in the case has sufficiently posited that bail was denied because of the flight risk after a co-accused, now the subject of an Interpol warrant, illegally absconded.
It would be recalled that Binance had a turnover in Nigeria of over US$20 billion in 2023 alone, far above the federal budget for health and education, fueling currency speculation and the cost-of-living crisis.
In addition, it is not registered in Nigeria and neither has it ever paid any taxes within the Nigerian jurisdiction, having all the while operated without oversight or any of the normal guardrails to flag criminal activity.
Idris said Binance is an entity whose representatives have been variously imprisoned, fined, sanctioned, and banned in North America, Europe, and Asia in recent years.
“Changpeng Zhao, the billionaire co-founder and former CEO of Binance, is currently serving a four-month prison sentence in the United States after being found guilty of money laundering, while Binance has openly accepted its role in facilitating terrorism, corruption, sanctions busting, and in aiding and abetting paedophile gangs.
“Law enforcement agencies believe Binance operations in Nigeria are part of a broader international pattern. It will be for the courts here, as in other jurisdictions, to hold the company and its executives accountable,” Idris said.
News
Stanbic IBTC Insurance Launches Education Endowment Plan
Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings, has launched Education Endowment Insurance Plan, an offering that empowers parents and guardians to secure the academic future of their children or wards.
Targeting young adults, the underwriting firm said the Education Endowment Plan encouraged parents and guardians to adopt a long-term strategy for investing in the educational future of their children through the launch.
The company aims to raise awareness about the importance of investing in education.
It said by opting for the Stanbic IBTC Education Endowment Plan, parents could benefit from a comprehensive investment solution that safeguards their children’s academic journey.
At the media launch of the product in Lagos, the Chief Executive Officer Stanbic IBTC Insurance, Akinjide Orimolade, explained that the Education Endowment Plan offered families a strong financial safety net.
“This product ensures the protection of their children’s education, regardless of life’s uncertainties; providing reassurance and confidence. By making strategic investments today, parents can secure access to education for their children, enabling them to realise their full potential and pursue their aspirations.
“We are proud to launch the Education Endowment Plan campaign, an insurance product that aligns with our commitment to empowering parents in Nigeria to attain financial security for the education of their children,” he stated.
News
Gambaryan, Binance Exec Fights for his Life, Freedom as Health Deteriorates in Jail
The health of Tigran Gambaryan, Binance executive remains uncertain one month and one week after Justice Emeka Nwite ordered the Nigerian Correctional Service (NCS) to transfer him to a capable medical facility for treatment.
Gambaryan is Binance’s head of crime compliance.
His family said, “He has had double pneumonia and malaria whilst in prison” and reports said he Gambaryan’s health remains in grave danger.
In addition, the first witness from the Securities and Exchange Commission (SEC) was cross-examined on Monday, resulting in the adjournment of the money laundering trial against Binance and two executives until July 5.
The court is still aware that, despite repeated court orders, the prison where Gambaryan is being kept has not produced his medical documents from his single hospital visit, which occurred a month ago.
According to his family members, Gambaryan’s health is declining.
Justice Nwite again ordered that the reports be sent to Gambaryan’s counsel by Friday.
Gambaryan’s family spokesperson said that “Tigran’s health continues to deteriorate in detention, and he complained of numbness in his foot as well as back pain[…] He has had double pneumonia and malaria whilst in prison.” His wife added that: As I have stated many times before and as the evidence in court is showing, Tigran has never been a decision-maker at Binance, and there is no justification for his continued detention […] It is time for the Nigerian authorities to do the right thing and release my innocent husband.
The defense’s extensive questioning of a representative of SEC to refute allegations that Binance had engaged in the unlicensed offer and sale of securities has led to the recent dispute regarding Gambaryan’s health.
Gambaryan, the crypto exchange’s head of financial crime compliance, has been detained in Nigeria since February and is currently being held in Kuje prison.
The Binance exec is being held alongside members of the terrorist organization Boko Haram.
Nadeem Anjarwalla, another executive who is also accused of money laundering, has since fled.
News
Mauritania Cuts Internet Services Amid Election Protests
Internet services were restricted in several areas across Mauritania yesterday, including the capital Nouakchott, following the outbreak of protests rejecting the presidential election results.
According to eyewitnesses, the internet services of mobile phones were cut off in certain Mauritanian cities, while remaining functional on the landline services.
The Mauritanian authorities and telecommunications companies are yet to comment on the issue.
On Monday, several cities across Mauritania, including Nouakchott, saw protests by supporters of candidate and human rights activist Biram Ould Dah Abeid, who came second in the results of the presidential elections.
He rejected the election results, and called it an “electoral coup.”
The National Independent Electoral Commission on Monday said incumbent Mauritanian President Mohamed Ould Ghazouani won the presidential election with 56.12% of the vote, while Biram Ould Dah Abeid came in second with 22.10%.
On Saturday, Mauritanians cast their ballots to choose a new president among seven candidates.
The northern African country has experienced several coups between 1978 and 2008, with 2019 marking the first peaceful power transfer between elected presidents since its independence from France in 1960.
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