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General News

Again, Gambaryan, Binance Executive Accuses 3 Lawmakers, NSA of Demanding $150m Bribe

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Tigran Gambaryan, head, Financial Crime Compliance Unit at Binance
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Tigran Gambaryan, head, Financial Crime Compliance Unit at Binance, cryptocurrency firm, who was detained in Nigeria for several months last year, has again alleged that three Nigerian lawmakers demanded a $150 million bribe from him.

Again, Gambaryan, Binance Executive Accuses 3 Lawmakers, NSA of Demanding $150m Bribe

Tigran Gambaryan, head, Financial Crime Compliance Unit at Binance

Gambaryan, also alleged that, Nuhu Ribadu, National Security Adviser (NSA) demanded billions worth of crypto accounts to fund his future political ambitions. He, however, did not say in which currency the alleged demand was made.

Tweeting on his X handle, formerly known as Twitter, with the name @TigranGambaryan on Friday, Gambaryan named two lawmakers involved in a meeting of January 5, 2024, at the National Assembly as Peter Akpanke and Philip Agbese, whom he said were working under the committee of Ginger Obinna Onwusibe, while he could not recall the name of the third lawmaker.

Narrating his alleged ordeal in Nigeria on X, Gambaryan said that the lawmakers set up fake cameras and media to make the meeting with his team official but that the cameras were not even plugged in.

Onwusibe is the chairman of the House of Representatives Committee on Financial Crimes, Akpanke is a member of the committee, and Agbese is the deputy spokesperson of the House.

The NSA’s office and the lawmakers have all denied the allegations. This is just as the federal government called on Nigerians to disregard the accusations, saying there are false and outrageous.

Gambaryan, who was detained in February 2024 on a five-count allegation of money laundering, was released on October 23, 2024, on diplomatic grounds due to ill health.

Continuing, Gambaryan said ‘@NuhuRibadu invited us to the official meeting and worked through Sa’ad Abubakar. Another key figure in this situation was Hamma Adama Belloji. Ogunjobi was just a pawn; they used him too. This was sold as a friendly meeting with the NSA, the head of the SEC (Securities and Exchange Commission), and the CBN (Central of Bank of Nigeria) governor and includes a discussion of the briber that was solicited by the House of Representatives.

‘The $26 billion figure they kept pushing publicly as some mystery money escaping Nigeria is complete BS. This information was provided in response to their request and was simply cumulative trade data for Nigerians on the platform. This money didn’t leave Nigeria-it was just people buying and selling crypto. For example, if you trade $100 a hundred times, that’s $10,000 in trade volume, but in reality, you only used $100. Again, just another example of them lying to cover up their BS investigation.

‘They lied about Nadeem escaping during mosque prayers. In reality, he returned and escaped afterwards. I don’t know exactly how he managed to flee. He emailed me in November, but we haven’t discussed the details of his escape. It’s possible he paid someone off, but I have no proof. If Belloji had simply checked his passport for a visa, he would have realized that Nadeem did not use that passport to travel to Nigeria.

‘They sent a letter to the U.S. Embassy and the British High Commission, falsely claiming that we were voluntarily participating in strategic talks. This was a blatant lie’, he said.

While noting that some Economic and Financial Crimes Commission (EFCC) officials, who were not present when Nadeem escaped, were detained, he added that: ‘Nadeem did not escape lawful detention-we were being held illegally. Belloji even admitted that he would fabricate evidence to obtain a court order to detain us for 14 days. Once the court order expired, they were unable to get an extension from the judge. At that point, they continued holding us illegally and had no justification for doing so.

‘There was a lot of noise about using Interpol to capture Nadeem. As someone who has been involved in multiple extradition cases, I can confidently say this was a joke. Extradition is a lengthy legal process, and no rational judge in Kenya or wherever would ever approve extradition for someone who escaped illegal detention at the hands of rogue law enforcement-especially when that detention involved holding employees hostage to pressure their employer. All noise’, he said.

Our company was a scapegoat’

Gambaryan stated further that Binance was made a scapegoat for the naira’s devaluation, when it was the direct result of President Bola Ahmed Tinubu’s ‘monetary policy’. According to him, the Nigerian operatives violated international privacy laws on user data on all Nigerians to target opposition members for allegedly ‘manipulating the price of the naira.’

Accusations against Ribadu

Gambaryan said Ribadu emphasised that he wanted billions in payouts to fund his future political ambition but was ‘trapped’ because any settlement would be perceived as a bribe. He added: ‘I guess he really wanted his boss’ job.’

He added: ‘Ribadu even hired a U.S. law firm to negotiate my release, but this failed due to their incompetence and greed.

‘Ribadu overstepped his authority and embarrassed Nigeria in front of U.S. National Security Advisor Jake Sullivan. Ribadu acting like… angered the White House and led to diplomatic repercussions-the U.S. limited visas to the Nigerian delegation for UNGA (United Nations General Assembly), and (President Joe) Biden refused to meet with Tinubu until my situation was resolved.

‘In the end, Ribadu overestimated his influence. They thought they could secure a quick win, but instead, they created an international incident, exposing his incompetence on a global scale,’ the Binance executive said.

The federal government has however called on Nigerians to disregard what it called falsehoods being peddled by the Binance executive.

In a statement issued last night, Mohammed Idris, the Minister of Information and National Orientation.

It noted with concern the ‘outrageous allegations, misinformation, and defamatory statements being disseminated by Tigran Gambaryan’.

He said while the federal government is hesitant to engage Mr Gambaryan, ”given the high-level diplomatic intervention that resolved his case, we are obliged to set the records straight to stop his falsehoods from gaining grounds.

‘The first visit by Mr Gambaryan and his colleagues to Nigeria was discretional on their part and government was not officially involved. However, when the attention of the government was called to an alleged bribery demand during that trip, an investigation was immediately opened into it, though there was no formal complaint by anyone.

‘Mr Gambaryan’s second visit to Nigeria was part of a wider probe into the criminal manipulation of the Nigerian currency through peer-to-peer platforms like Binance, but investigators were frustrated by the tactics deployed by Gambaryan and his team.

‘Mr Gambaryan was released by the Nigerian government in October 2024, on humanitarian grounds and following a high-level diplomatic intervention that ended with tangible benefits for Nigeria.

The government rejected Binance’s offer of a $5 million down payment in exchange for Mr Gambaryan’s freedom, in favour of a more beneficial settlement with the American government.’

The minister added, ‘we categorically deny the retaliatory claims made by Mr. Gambaryan against Nigerian officials involved in his case, and we urge the public to disregard these false accusations in their entirety.

‘It is essential to note that Mr. Gambaryan’s allegations are not only unsubstantiated but also lack credibility, given his apparent motive to discredit and intimidate those who ensured he faced justice.

‘However, we are confident that both the Nigerian and American judicial systems will provide Mr. Gambaryan with a fair opportunity to substantiate his claims in court. Until then, we advise the public to exercise caution and not be swayed by Mr. Gambaryan’s unfounded and malicious claims.’

Also speaking on the allegations, the lawmakers mentioned denied demanding bribe from Binance, asking Mr Gambaryan to provide evidence to back his allegations or be ready to face consequences.

One of the affected lawmakers and deputy spokesman of the House, Agbese, said he was ‘outraged’ by the ‘false’ allegation as he was not part of any meeting with the Binance team, but had a chance encounter with them when he visited his friend, Akpanke.

He said: ‘Let it be on record that I am not a member of the Committee on Economic and Financial Crimes. I visited my colleague, Peter Akpanke, in his office, where he was meeting with some visitors about the activity of his committee, with Peter Anekwe, a member of the committee present. We exchanged pleasantries and, in character with my person as an avid pursuer of knowledge, discussed Binance’s activities that did not include any demand from anyone.

‘It was during this visit to the office of Peter Akpanke, with Peter Anekwe present, that he told me they were interfacing with the Binance team from abroad over a referral to their committee. What transpired between the two of them and the Binance executive after I left the office is left to them. I never saw those visitors again after that chance meeting and did not afterwards attend any meeting with Binance executives, the EFCC, or the DSS (Directorate of State Services).

‘I am aware that when this issue was first raised, the chairman of the committee went to court and Binance apologised. So, all inquiries should be directed to the committee, not to Philip Agbese.

‘I have never used any cryptocurrency as I do not have a crypto wallet anywhere in the world, so I could not have asked for funds to be credited to a non-existent wallet.

‘Gambaryan and his associate, who escaped from prison, should return to the EFCC and defend themselves. Instead of trying to implicate me, they should focus on addressing the allegations against them’, he said.

Agbese demanded a retraction and an apology from Gambaryan within seven days if he failed to provide evidence or face legal action from his lawyers.

When contacted, Akpanke also denied demanding bribe from Binance executives as alleged and challenged Gambaryan to provide evidence that he (Akpanke) and other members of the committee demanded gratification from him as alleged.

Akpanke said: ‘Whatever we did with Binance was transparent; it was an open thing. Is it just to allege; how did we demand? This is the question you people should ask them as journalists. Where did we demand it? What for? Did the Nigerian government not charge them to court? If there were such a thing, why did they charge them to court? It is not true. I have not met Binance executives since we had a meeting with him in my office, in which I represented the chairman and everything was open and transparent. There was nothing hidden’.

While maintaining that he had no contact with the firm after submitting his investigation report to the chairman of the committee, Akpanke said the allegation had been made before and there is a pending court case about it and the firm had failed to show up.

Meanwhile, efforts to get the reaction of the chairman of the Financial Crimes Committee, Ginger Onwusibe, were not successful as he did not respond to calls and WhatsApp messages sent to him.

But a top government source said Gambaryan was being economical with the truth.

Efforts to speak with the NSA, Ribadu, were not successful. Also, Zakari Mijinyawa, who speaks on behalf of the office, could not be reached.

‘He (Gambaryan) contradicted himself because in one place he said Ribadu asked him for bribe to fund his future political ambition, and in another place, he said any money collected by Ribadu will be seen as bribe’, said the source.

 

 

 

 

 


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General News

Firm Explores the Evolution of AI-powered Ransomware with Password-gated Capabilities

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Kaspersky experts have revealed the inner workings of FunkSec — a ransomware group that illustrates the future of mass cybercrime: AI-powered, multifunctional, highly adaptive and operating on volume with ransoms as low as $10,000 to maximise profits.

Kaspersky’s Global Research and Analysis Team (GReAT) constantly monitors the ransomware threat landscape, where attacks continue to rise. According to the company’s latest State of Ransomware report, the share of users affected by ransomware attacks worldwide increased to 0.44% from 2023 to 2024, up by 0.02 percentage points.

While this percentage may appear modest compared to other cyber threats, it reflects the fact that attackers typically prioritise high-value targets rather than mass distribution, making each incident potentially devastating. Within this evolving landscape, FunkSec has emerged as a particularly concerning threat.

Active for less than a year since its emergence in late 2024, FunkSec has quickly surpassed many established actors by targeting government, technology, finance and education sectors. What sets FunkSec apart is its sophisticated technical architecture and AI-assisted development.

The group packages full-scale encryption and aggressive data exfiltration into a single Rust-based executable, capable of disabling over 50 processes on victim machines and equipped with self-cleanup features to evade defenses.

Beyond its core ransomware functionality, FunkSec has expanded its toolkit to include a password generator and a basic DDoS tool — both showing clear signs of code synthesis using large language models (LLMs).

FunkSec’s approach reflects the evolving landscape of mass cybercrime, combining advanced tools and tactics. Kaspersky’s GReAT experts highlight the key features that define their operations:

Password-Controlled functionality

GReAT experts discovered that FunkSec ransomware features a unique password-based mechanism that controls its operation modes. Without a password, the malware performs basic file encryption, while providing a password activates a more aggressive data exfiltration process in addition to encryption to steal sensitive data.

FunkSec packs full-scale encryption, local exfiltration and self-cleanup into a single Rust binary—without a side-loader or a companion script. That level of consolidation is uncommon and gives affiliates a plug-and-play tool they can deploy almost anywhere.

Use of AI in development

Code analysis shows that FunkSec is actively using generative artificial intelligence to create its tools. Many parts of the code seem to be automatically generated rather than manually written. Signs of this generic placeholder comments (such as “placeholder for actual check”) and technical inconsistencies, like commands for different operating systems that don’t align properly. Additionally, the presence of declared but unused functions—such as modules included upfront but never utilised — reflects how large language models combine multiple code snippets without pruning redundant elements.

“More and more, we see cybercriminals leveraging AI to develop malicious tools. Generative AI lowers barriers and accelerates malware creation, enabling cybercriminals to adapt their tactics faster.

By reducing the entry threshold, AI allows even less experienced attackers to quickly develop sophisticated malware at scale,” comments Marc Rivero, Lead Security Researcher at Kaspersky’s GReAT.

High-volume, low-ransom strategy

FunkSec demands unusually low ransom payments, sometimes as little as $10,000, and pairs this with the sale of stolen data at discounted prices to third parties. This strategy appears designed to enable a high volume of attacks, helping the group quickly establish its reputation within the cybercriminal underground. Unlike traditional ransomware groups that seek million-dollar ransoms, FunkSec employs a high-frequency, low-cost model — further underscoring its use of AI to streamline and scale operations.

Expands beyond ransomware

FunkSec has expanded its capabilities beyond the ransomware binary. Its dark leak site (DLS) hosts additional tools, including a Python-based password generator designed to support brute-force and password-spraying attacks, as well as a basic DDoS tool.

Advanced evasion

FunkSec employs advanced evasion techniques to avoid detection and complicate forensic analysis. The ransomware is capable of stopping over 50 processes and services to ensure thorough encryption of targeted files. Additionally, it includes a fallback mechanism to execute certain commands even if the user launching FunkSec lacks sufficient privileges.

 


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IMF Raises Nigeria’s 2025 GDP Growth Forecast to 3.4%

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International Monetary Fund (IMF) has projected a 3.4 percent expansion in Nigeria’s real Gross Domestic Product (GDP) for 2025, following the conclusion of its annual Article IV consultation with the country.

The IMF announced the forecast in a statement on Wednesday, highlighting progress in macroeconomic reforms while cautioning about persistent vulnerabilities.

The Article IV consultation is a regular assessment of a country’s economic performance and policy framework by the IMF’s executive board. The latest review reflects cautious optimism about Nigeria’s economic trajectory amid ongoing reform efforts.

According to the IMF, Nigeria’s growth in 2024 reached 3.4 percent, mainly driven by increased hydrocarbon production and a robust services sector. However, agricultural output remained subdued due to security challenges and falling productivity.

The IMF expects the positive momentum to continue into 2025, supported by the start of operations at a new domestic refinery, higher oil production, and sustained performance in services. It projected that medium-term growth would remain around 3.5 percent, buoyed by domestic reforms despite an uncertain global environment.

“The Nigerian authorities have implemented major reforms over the past two years which have improved macroeconomic stability and enhanced resilience,” the Fund stated. “The authorities have removed costly fuel subsidies, stopped monetary financing of the fiscal deficit, and improved the functioning of the foreign exchange market.”

The IMF said investor confidence has improved, noting Nigeria’s successful re-entry into the Eurobond market and the resumption of portfolio inflows. However, it acknowledged that poverty and food insecurity have worsened, pushing the government to prioritize inclusive growth.

The report also highlighted positive trends in external reserves, foreign exchange market stability, and inflation. It noted that inflation dropped to 23.7 percent year-on-year in April 2025 from an annual average of 31 percent in 2024, based on the rebased Consumer Price Index released by the National Bureau of Statistics.

“Naira stabilization and improvements in food production brought inflation to 23.7 percent… Inflation should decline further in the medium-term with continued tight macroeconomic policies and a projected easing of retail fuel prices,” the IMF said.

On the fiscal front, the Fund said revenue gains from currency depreciation, improved administration, and higher grants helped offset rising interest payments and administrative costs, leading to improved fiscal performance in 2024.

Despite the progress, the IMF warned of growing risks. It said falling global oil prices or rising financing costs could negatively impact Nigeria’s economic stability. “A further decline in oil prices or increase in financing costs would adversely affect growth, fiscal and external positions, undermine financial stability and exacerbate exchange rate pressures,” it said.

The IMF further cautioned that any deterioration in domestic security could derail growth and worsen food insecurity across the country.


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General News

AfCFTA Opens Opportunity for Logistics Sector

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The African Continental Free trade Area (AfCFTA) has created an opportunity for truckers, airlines and other players in the logistics and transportation sector.

About 2.2 million trucks, valued at $345 billion, will be needed for trade facilitation under the AfCFTA between now and 2045, according to the African Export-Import Bank (Afreximbank).

Similarly, 243 aircraft, valued at $25 billion, will be required, with 169,000 rail wagons estimated at $36 billion needed for the continental trade.

Also, more than 130 vessels, valued at $4 billion, will be required to trade under the AfCFTA, Afreximbank said.

“Road, rail, air, and maritime infrastructure are inadequate,” said Gain more Zanamwe, director of trade facilitation and investment promotion, Afreximbank, said at a roadshow in Lagos on Monday.

“Most of the intra-African trade – about 77 percent – is done by road, and this needs to change,” he further said.

He noted that Nigeria is not playing in vehicle market due to a cacophony of poor policies.

“I have had conversations with original equipment manufacturers (OEMs). They said why they are not in Nigeria is because of lack of a comprehensive auto policy. If Nigeria fixes the policy, the country can surpass what South Africa is doing,” he noted.

The AfCFTA creates access to a market of 1.4 billion people or $3.4 billion. It also provides an opportunity for Africans to trade with each other and tap from continent’s resources.

Africa’s trade with each other stands at merely 15 percent as against Europe’s 60 percent -70 percent, Asia’s 50 percent -60 percent and North America’s 40 percent.

“We need an ‘Africa-First mentality,” said Kanayo Awani, executive vice president, intra-African trade and export development, Afreximbank, stressing the need for Africans to deepen trade with each other.

The World Bank says the AfCFTA offers a promising opportunity to revive stagnant investment and development.

According to World Bank research, fully implementing the AfCFTA Aagreement could drive intra-Africa FDI by 68 percent and external investment by 122 percent.

“But the devil is in the details: to achieve these gains, countries need to implement the AfCFTA Agreement and its protocols, including the Investment Protocol.

“Drawing on regional integration successes in the Association of Southeast Asian Nations (ASEAN) and the European Union (EU), we know it is imperative to proactively initiate and organize efforts to implement investment reforms,” the World Bank noted.

Nonye Ayeni, chief executive of the Nigerian Export Promotion Council (NEPC), said Africa needs to move beyond the fragmented trade units existing today. She said a nation like Nigeria must begin to produce to export to Africa’s large market.

“Everything needed to produce electric cars could be obtained here. From lithium to rubber, we do not need to import them. We have the tool to bridge the trade gap through collaboration, commitment and cooperation.”

Nigeria’s non-oil export sector recorded a 24.75 percent increase in the first quarter (Q1) of 2025, compared to the same period in 2024.

Non-oil products valued at $1.791 billion were exported between January and March 2025, up from $1.436 billion in the first quarter of 2024.

Cocoa beans accounted for 45.02 percent of total non-oil exports, while urea/fertilizer ranked second with 19.32 percent, with cashew nuts coming third with 5.81 percent.

However, these are agro-based products and insignificant when compared with other emerging markets.

Bangladesh’s exports hit $50 billion in 2024, driven by manufactured goods such as ready-made garments (RMG), jute and jute products, frozen fish and seafood, and leather and leather products, official data said.

Vietnam achieved a record export turnover of $405.53 billion, representing a 14.3 percent increase compared to the previous year.

Malaysia’s exports rose by 4.8 percent to $263.1 billion in 2024, with manufactured goods accounting for 86 percent of its total exports, , according to the nation’s MATRADE.

“It is time we began to think of what we can sell. What value chain can I play in, and what can we do? The world is watching,” said Jumoke Oduwole, minister of industry, trade and investment.


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