The Federal Government has traced fleeing Binance executive, Nadeem Anjarwalla, to Kenya, following his escape from custody in Nigeria.

Following the development, the Economic and Financial Crimes Commission, the International Criminal Police, the Nigeria Police Force and the Kenyan Police Service have deepened talks to quicken Anjarwalla’s extradition.

Sources in the Presidency who are on top of the case told Saturday PUNCH that Anjarwalla, whose cover has now been blown, went into hiding immediately after he landed in Kenya.

The source revealed, “We have found him. We know where he is. He is in Kenya, and we’re working with the authorities to bring him back to Nigeria.”

Another source also close to the matter, corroborated the first source’s statement.

The source noted, “All hands are on the deck. The government and all the security agencies are working hard in conjunction with the Kenyan authorities and INTERPOL, to ensure his return to Nigeria to face the charges brought against him.”

Meanwhile, the EFCC Chairman, Ola Olukoyede, had in the March edition of the agency’s bulletin titled, “EFCC Alert,” which was released last week, confirmed that the commission was working in conjunction with the International Criminal Police Organisation, the United States Federal Bureau of Investigation, the governments of the United Kingdom, Northern Ireland, and Kenya to extradite Anjarwalla.

Olukoyede noted, “The takeover of the prosecution of Binance chiefs by the commission is no less a strong message in the direction of EFCC’s resolve to hedge in distortions and disruptions in the country’s forex market.

“Tax evasion, currency speculation and money laundering to the tune of $35.4m  are at the foundation of the commission’s five-count charges against Binance Holdings Limited, Tigran Gambaryan and Nadeem Anjarwalla, the company’s chief executives.

“While Gambaryan is currently in the commission’s net, the process of extraditing the fleeing Anjarwalla is revving in full swing.

“Involved in partnership with the EFCC to nick Anjarwalla in flight are the International Criminal Police Organisation, the United States’ Federal Bureau of Investigation, the governments of the United Kingdom, Northern Ireland, and Kenya as the clock winds down to his arraignment in absentia alongside the company and Gambaryan.”

Saturday PUNCH had earlier reported that the Federal Government had commenced the extradition process of Anjarwalla back to Nigeria, over alleged $35,400,000 money laundering.

“Mr Anjarwalla’s extradition process has begun. The FG is working as did with INTERPOL to extradite the fugitive to Nigeria. He’s a fugitive that escaped from lawful custody, and his other partner is still in custody and would be arraigned on Thursday alongside their company, Binance,” a source had noted.

Another source revealed, “It is true that the FG has commenced the process of extraditing Binance’ Anjarwalla to bring him back to Nigeria to answer to his money laundering case in court, among others. The arraignment of Binance and Gambaryan in court on Thursday would also aid Anjarwalla’s extradition.”

Meanwhile, a top security source, working on the matter, confirmed to our correspondent that the soldiers detailed to monitor Anjarwalla were being grilled by special investigators drawn from the military, Department of State Services, Police, EFCC, and the National Intelligence Agency.

“The soldiers detailed to monitor Anjarwalla have been detained as you know, and they’re still being grilled by special investigators drawn from various security and intelligence agencies and services- the military, DSS, NIA, and the police, all hands are on deck, as it is a matter of national security,” the source stated.

 The EFCC had on Thursday, April 4, arraigned Binance Holdings Limited and two of its senior executives, Gambaryan and Anjarwalla (now at large) on money laundering allegations.

The EFCC, which has now fully taken over the case from the Office of the National Security Adviser, has also detained Mr Gambaryan and has obtained a court warrant to arrest and extradite Mr Anjarwalla.

Confirming the development to our correspondent on Friday, impeccable sources noted that Mr Anjarwalla would be arraigned in absentia alongside Binance and Mr Gambaryan who’s now in EFCC custody.

“The detained Binance executive, Gambaryan is now in custody of the EFCC. The NSA has handed over the matter to the EFCC for investigation and prosecution. The commission has charged Binance, Gambaryan and Anjarwalla to court for $35,400,000 money laundering, and they’ll be arraigned in court on Thursday, April 4, 2024.” a source noted.

Another source revealed, “The EFCC is now partnering with the International Criminal Police Organisation, the United States’ Federal Bureau of Investigation, the government of the United Kingdom of Great Britain and Northern Ireland, and the Kenyan government, to effect the arrest and extradition of Mr Anjarwalla, the fugitive who fled from lawful custody in Nigeria.”

The court documents exclusively obtained by Saturday PUNCH revealed that the charges were filed on Thursday, March 28, 2024, before the Federal High Court of Nigeria, Abuja division.

The charges read, “That you, Binance Holdings Limited (aka 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.

“Count two, that you, Binance Holdings Limited (aka Binance) Tigran Gambaryan, and Nadeem Anjarwalla (now at large), between January 2022 and January 2024 in Abuja within the jurisdiction of this Honourable Court engaged in business of other financial institution (other than insurance, stock broking and pension fund management) without valid licence and thereby committed an offence contrary to and punishable under section 58(5) of the Banks and Other Financial Institutions Act, 2020.

“Count three, that you, Binance Holdings Limited (aka Binance) between January 2022 and January 2024 in Abuja within the jurisdiction of this Honourable 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.

“Count four, that you, Binance Holdings Limited (aka Binance), Tigran Gambaryan, Nadeem Anjarwalla (now at large), and other persons at large between January 2023 and January 2024 in Abuja within the jurisdiction of this Honourable Court conspired amongst yourselves to conceal the origin of the proceeds of your unlawful activities and thereby committed an offence contrary to section 21 (a) and punishable under section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.

“Count five, that you, Binance Holdings Limited (“aka Binance”) Tigran Gambaryan, and Nadeem Anjarwalla between January 2023 and December 2023 in Abuja within the jurisdiction of this Honourable Court concealed the origin of a cumulative sum of $35,400,000 generated as revenue by Binance in Nigeria knowing that the funds constituted proceeds of unlawful activity and you thereby committed an offence contrary to and punishable under section 18 (3) of the Money Laundering (Prevention and prohibition) Act, 2022.”

Also on March 22, the Nigerian government approached the Federal High Court in Abuja and slammed another four-count charge on Binance Holdings Limited, Anjarwalla, and Gambaryan, accusing them of offering services to subscribers on their platform while failing to register with the Federal Inland Revenue Service to pay all relevant taxes administered by the service.

And in so doing, they committed an offence, contrary to and punishable under Section 8 of the Value Added Tax Act of 1993 (as Amended).

The defendants were also accused of offering taxable services to subscribers on their trading platform while failing to issue invoices to those subscribers to determine and pay their value-added taxes and, in so doing, committed an offence contrary to and punishable under S.29 of the Value Added Tax Act of 1993 (as amended).

Count three of the charges accused the three defendants of offering services to subscribers on their Binance trading platform for the buying and selling of cryptocurrencies and the remittance and transfer of those assets while failing to deduct the necessary Value Added Taxes arising from their operations and thereby committing an offence contrary to and punishable under Section 40 of the Federal Inland Revenue Service Establishment Act 2007 (as amended).

 The last count of the charges wants the defendants punished for allegedly aiding and abetting subscribers on their Binance trading platform to unlawfully refuse to pay taxes or neglect to pay those taxes and, in so doing, committing an offence contrary to and punishable under the provisions of S.94 of the Companies Income Tax Act (as amended).

FG crackdown

The Nigerian government had, in the past three months, been cracking down on suspected money launderers and terrorism financiers, some of whom it alleged were using the Binance platform for criminal activities

The Nigerian government said over $21.6bn was traded by Nigerians whose identities were concealed by Binance.

The government also claimed its investigations revealed that unscrupulous elements were using Binance for money laundering, terrorist financing, currency speculation, and market manipulation, distorting the Nigerian economy and weakening the naira against other currencies.

The detention of Binance officials in Nigeria began months after the crypto exchange platform pleaded guilty and agreed to pay $4.3bn to settle criminal money laundering charges levied by the United States Department of Justice.

Binance Founder and Chief Executive Officer, Changpeng Zhao, also known as CZ, pleaded guilty and agreed to resign.

His criminal trial has been postponed to April 30, 2024, by a United States court.

[Punch]

Following the announcement of the planned release of a new National Identification Number in the country by the Federal Government last week, the National Identity Management Çommission, NIMC has provided further clarifications on the proposed ID.

In a statement released and signed by Head of Corporate Communications, Kayode Adegoke on Friday, the Commission said the new National ID Card is coming as a single, convenient, and General multipurpose card (GMPC), eliminating the need for multiple cards.

The single card with GMPC is said to have multiple use cases. as: Payments/Financial, Government intervention/services, travel, etc.

The card, according to the National Identity Management Commission is working with the Central Bank of Nigeria and the Nigerian Interbank Settlement System to deliver the payment and financial use cases.

“The card will be powered by the AFRIGO card scheme, an indigenous scheme powered by NIBSS.

Applicants for the card will have to request with their NIN through the self-service online portal, NIMC offices, or their respective banks

” The card will be issued through the applicants’ respective banks in line with existing protocols with the issuance of the Debit/Credit cards.

“The card can be picked up by holders at the designated centre or delivered to the applicants at the requested location at an extra cost to be borne by the applicants'” the statement said.

[Vanguard]

Nigeria is struggling to find buyers for its crude oil due to a shortfall in demand from Europe, Bloomberg is reporting.

According to a report on Friday, strikes in the French refining sector and seasonal maintenance at plants in other parts of Europe reduced the country’s sales.

About 20 to 25 shipments of Nigerian crude for April loading are still seeking buyers, according to four traders specialising in the West African market.

The traders said it is a considerably weaker position than normal for this time of the month — when trade should be moving on to May’s barrels — and the prices the shipments can fetch are plummeting.

Each cargo is said to be about a million barrels of crude.

According to the report, France, one of Nigeria’s biggest buyers, purchased an average of 110,000 barrels a day from the African country over the past year.

However, the publication said a nationwide dispute in France, over pension reforms, according to Wood MacKenzie, has plunged crude imports — thereby shrinking the European country’s demand for Nigerian oil this month.

Also, over 80 percent of France’s 1.1 million barrels-a-day processing capacity has been suspended or is in the process of being shut down due to the industrial action, data compiled by the publication showed. 

In addition to the strike’s impact, traders said other plants in Europe are also purchasing less crude because of seasonal maintenance.

“Capacity is offline at some typical destinations for Nigerian crude such as Spain’s San Roque refinery and Italy’s Sarroch plant. Facilities that have halted capacity for work also include Shell Plc’s Pernis refinery near Rotterdam, Europe’s biggest plant,” Bloomberg said.

Also, the report said Mediterranean refiners can choose to skip Nigerian supply in favour of “cheap North African barrels that ship more quickly to the region, or they can process some of the large volumes of US West Texas Intermediate crude that have been arriving in Europe in recent months”.

“Long-haul buyers like Indian Oil Corp. and Indonesia’s Pertamina have been taking more discounted Russian volumes this year, easing their need for Nigerian supply,” the report said.

The publication said another reason for the unsold glut has been Nigeria’s resumption of crude production — which was halted in recent months by theft and technical issues — such as the Bonny Light stream.

[TheCable]

It would be good if we all realise the truth that nobody is going to build our country for us. As of now, the country needs to be built, brick and mortar, little by little. It is a good sign that President Bola Ahmed Tinubu has set up an Economic Team that looks quite formidable. No longer would the crucial business of the economy, the most important aspect of building our country, be left only in the hands of politicians. Looking at the team makes one to have the confidence that the government is serious about its self-imposed assignment of making tomorrow better than yesterday. The new team includes such giant private-sector players like Aliko Dangote, Tony Elumelu, Amina Maina, Funke Okpeke, Segun Agbaje and Rasheed Sarumi.

The effect has started showing. In Nigeria, whatever goes up does not come down, except you-know-what. But the naira exchange rate to the dollar and other international currencies is going down. We also hope that the price of petroleum and allied products would also stabilise. That is the opportunity and promise that Dangote Refineries, Lagos, has offered our country. In the months ahead, we would be able to grasp the full implication of Nigeria having the largest and most modern petroleum complex in the world.

The Dangote Refinery is sitting on 180 acres of land at the Lekki Free Trade Zone in Lagos State. It is going to be producing diesel, aviation fuel, petrol and other petroleum products. It has the capacity to process about 650,000 barrels of oil per day. When fully operational, it is expected to provide direct and indirect employment to 135,000 people in Lagos State. The refinery has cost almost 20 billion American dollars.

Already, even before the refineries start firing in all cylinders, its competitors in Europe and other theatres are jittery. Several refineries in Europe, which for some decades have been exporting petroleum products to Nigeria, are going to face a hard time. First, the Nigerian market would no longer be available for them. Second, Dangote petroleum products may also be ready to give them a good fight in the European market. This would be the first time an African company would directly threaten European companies in the theatre of Europe. There is no doubt that the months ahead would be very interesting.

However, it is not yet time for chest-beating for Nigeria. The old establishment is quite influential in the power loop of Nigeria and may pull one or two stings to make things happen here. The Dangote Group is already feeling the heat where it hurts most. For many weeks it could not buy crude oil to refine. Without crude oil, the refinery is not more than a tourist attraction. To start its operation, the Dangote refinery had been on queue with other competitors to get crude from the Nigerian National Petroleum Company plc. The NNPC has the monopoly to sell Nigeria’s crude. To get a share of the market, you have to be in the good book of the power-that-be. That is a delicate dance which the Dangote Group is learning in a hurry.
Of course, economic independence, which is more difficult and protracted than political independence, is not going to come on a platter of gold. In a recent newspaper interview, Professor Ehiedu Iweriebor of the Department of Africana and Puerto Rican/Latino Studies, Hunter College of The City University of New York, defines Dangote Refinery and its related projects as the “Freedom Projects,” because of its expected impact on the Nigerian economy. “The plant would reduce Nigeria’s import dependency, its vulnerability to external pressure and also empower the country to begin to generate its own prosperity through the production and export of value-added goods rather than raw materials export,” says Iweriebor. “It means that Dangote refinery can supply refined oil to Nigeria and to parts of Africa. It will detach these regions from the dependency on Western suppliers for expensive and critical fuel supply.”

What should we expect from those whose refineries are going to shut down while the Dangote Refinery is revving into life? It would be naïve for us to expect them to do nothing. Oil is the life of the industrial societies of Europe and the Americas. In the aftermath of the 1973 Arab-Israeli War, the Arab oil producing countries started the oil embargo against the West which gave birth to the Organisation of Petroleum Exporting Countries. The United States and its allies threatened to take military action if the stalemate was not resolve. In the end, many Arab countries had to back down. Today, the United States has a very large military base in Saudi Arabia, the home of Islam, and many other countries in the Middle-East. In the wake of the Israeli-Hamas conflict, there are thousands of American troops and sailors sent to the Middle-East.

Economic consideration has been a proper pretence for war. Saddam Hussein, the dictator of Iraq believed that the tiny kingdom of Kuwait was sabotaging his country’s interest by refusing to cooperate with Iraq at OPEC meetings on the issue of oil production quota. He also accused Kuwait of slant drilling that allowed Kuwaiti oil drilling to have access to Iraqi oil. Then he decided to invade Kuwait and the job was accomplished within 72 hours. The Western world could not imagine Saddam to be in charge of the oil fields of Iraq and Kuwait at the same time. The result was the ultimatum issued to Saddam: withdraw or face war. In 1990, Saddam faced war instead and the consequences are still with us till today. By the time of the second Iraq War in 2003, Saddam was driven out of his luxurious presidential palace and was made to have a date with the hangman.

Nigeria had faced the same kind of crisis with international oil politics. On the eve of the Nigerian Civil War, the Western World was in a dilemma about which side to support. Most of the active oil fields were in the newly proclaimed Republic of Biafra under the leadership of Colonel Chukwuemeka Odumegwu-Ojukwu. The Federal Government, under the leadership of General Yakubu Gowon, was in charge of a larger territory, mostly without oil. Gowon realised that crucial to the war efforts was the control of the oil fields. One night, Colonel Benjamin Adekunle led a flotilla of naval ships that took his troops to the rebel held island of Bonny. Thy arrived there around 5 a.m. and took the Biafran troops by surprise. After a firefight of more than one hour, Adekunle landed on Bonny, captured the oil fields and changed the tide of the war. The victorious troops formed the core of the new Third Marine Commando Division and its leader took the sobriquet, the Black Scorpion.
This time around in 2024, firefight would not solve the problem. The challenge of a Nigerian company sending European firms out of the market in Africa and Europe is not going to be taken with folded arms. The Tinubu Economic Team needs to draw up contingency plans for this eventuality. We have seen what is happening on the international air routes with the new muscles of Air Peace, the largest and most capable Nigerian Air Carrier. Suddenly, the foreign airlines who have resulted into a price-war, struggling to disrupt the emerging leadership of Air peace on the international routes. The dogfight in the sky promises to be interesting and messy.

The lesson is that we are capable of building our country. It is wrong for us to expect others to help us do the job even when we wrongly believe we can pay. The Soviet Union under Josef Stalin, helped Mao Zedong to power in the Chinese Civil War which ended with the victory of the communists on October 1, 1949. However, when the relationship between China and the USSR deteriorated, Soviet engineers removed the rail-tracks they had already laid across China in order to disrupt the Chinese economic programme. China responded with the campaign for self-reliance and built its own rail system, its cars, its air-craft and its aircraft carrier. Chinese built China. Let us build ours.

Nigeria's naira is poised to extend its gains, having already established itself as the top performer globally this month, according to a Goldman Sachs Group Inc. economist, contingent on continuing effective policy management.

In April alone, the naira surged 12% against the dollar, adding to a 1% increase in March. This rally is supported by capital inflows and consecutive interest rate hikes, helping to recover from significant losses following two devaluations since last June, triggered by the government easing currency controls.

Goldman Sachs economists, who previously forecasted in February that the naira would strengthen to 1,200 per dollar in 2024, now anticipate it could surpass this level due to aggressive measures by the central bank, including a total of 600 basis points in interest rate increases during policy meetings in February and March.

These initiatives have alleviated the local dollar shortage, reducing volatility and the reliance on parallel markets.

Andrew Matheny of Goldman Sachs notes, "This trend likely has further to run; we could see it reach 1,000 or even dip below," highlighting the promising six weeks since their initial prediction, which has seen sustained policy efforts.

President Tinubu's bold leadership and decisive reforms have birthed this economic resurgence. Since taking office in May, Tinub and his ACE team of Adedeji, Cardoso and Edun have implemented significant changes, including eliminating fuel subsidies, to revitalise Nigeria's economic landscape. These reforms have laid a strong foundation for sustainable growth and stability, showcasing President Tinubu's commitment to addressing long-standing economic challenges and steering Nigeria towards a prosperous future.

Peter Obi, the Presidential Candidate of the Labour Party, expressed deep sadness at the news of the passing of Dr. Ogbonnaya Onu, former Minister of Science and Technology. He described Onu's death as a significant loss to the nation.

Dr. Onu, who also served as the first civilian governor of Abia State, passed away Thursday morning after battling an undisclosed illness.

In a condolence message issued to the press, Obi hailed Late Onu as a patriotic and inclusive Nigerian leader who served the nation diligently in various capacities. He highlighted Onu's notable contributions to Nigeria's educational advancement, both as a lecturer and an author.

"Dr. Onu epitomized leadership characterized by a commitment to peace, progress, and justice," Obi's message read. "He courageously championed equity and good governance, leaving a lasting impact on our nation."

Obi further emphasized Onu's efforts to promote local production for national development during his tenure as Minister. He extended his prayers to Onu's grieving family and the entire nation mourning his loss.

"The passing of Dr. Onu is an immense loss to our nation. May God comfort his family and all of us as we mourn his departure, granting us the strength to bear this irreplaceable loss. May he rest in eternal peace," Obi concluded.

Arsenal legend, Paul Merson has made some unexpected predictions concerning games that will go down in the 2023-2024 Premier League matchday 33.

Paul Merson who has been consistent in predicting Premier League games all season long, believes Tottenham Hotspur would stand no chance against Newcastle United at St. James Park.

Merson spoke the mind of most football enthusiasts across the world as he believes that relegation-threatened Luton Town will stand no chance against the league’s reigning champions, Manchester City.

He believes that inconsistent Chelsea will be able to demolish Everton when they come visiting at Stamford Bridge in the Premier League matchday 33.

Premier League table-toppers, Arsenal are expected to continue with their fine form against Aston Villa who are not also pushovers so far this season.

Bottom-placed Sheffield United seems to be doomed to be relegated as Paul Merson believes that Brentford will be better than them this weekend.

Merson doesn’t see Manchester United claiming the entire three points when they visit inconsistent Bournemouth.

Below are the full predictions of Paul Merson for the Premier League matchday 33:

Newcastle 2-1 Tottenham
Brentford 2-1 Sheffield United
Man City 3-0 Luton
Nottingham Forest 2-2 Wolves
Burnley 2-2 Brighton
Bournemouth 2-2 Manchester United
Liverpool 3-1 Crystal Palace
West Ham 2-1 Fulham
Arsenal 2-0 Aston Villa
Chelsea 2-0 Everton

 

[NaijaNews]

The Senate has commenced probe into the financial records of 774 federal agencies based on the queries raised against them in the 2019 report of the Auditor General for the Federation.

The Chairman, Senate Public Accounts Committee (SPAC), Senator Aliyu Wadada, who represents Nasarawa West on the platform of the Social Democratic Party (SDP), disclosed this in Keffi, Nasarawa State, while speaking with newsmen., on Fridayng Khe Pass, White Stone Slope, Hoa Binh, Flycam - Nếm TV

He said his committee was not out to witch-hunt any one but pledged that members of the panel would discharge their responsibilities diligently in the best interest of the country.

Wadada also disclosed that the 10th National Assembly with the support of President Bola Tinubu and critical stakeholders in the nation’s economy would soon embark on the amendment to the 2007 Procurement Act so as to curb financial infractions before they take place.

The Senator appealed to leaders at all tiers and heads of government institutions at the federal, state and local government levels to embrace self-discipline and fear of God in the discharge of their responsibilities.

Wadada said, “We have since started work on the 2019 Auditor General’s report before us. Under my chairmanship of this sensitive and strategic committee, I have repeatedly said it that we are not out to witch-hunt or pull down anybody.

“Our ultimate objective vis-a-vis the primary focus of the committee is to ensure transparency and accountability in the management of public funds.”

[DailyTrust]

Manchester City manager, Pep Guardiola, has admitted his team cannot afford to drop more points in the Premier League title race.

The champions are looking to win the trophy for an unprecedented fourth consecutive season.

However, they are currently in third place, behind rivals Arsenal and Liverpool on the table.

City will play Luton Town first, before Liverpool host Crystal Palace and Aston Villa travel to Arsenal on Sunday.

“The Premier League is so important. I expect a game similar to the Premier League when we won 2-1 at the end of the FA Cup. We have to be ready.

“We’re fighting for the title, we cannot drop points,” Guardiola told reporters today.

[DailyPost]

The Olubadan-In-Council, on Friday, nominated Oba Owolabi Olakulehin as the 43rd Olubadan of Ibadanland.

[Punch]