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U.S. prosecutors are seeking an above-guidance sentence of 36 months for the former CEO of cryptocurrency exchange Binance on charges of enabling money laundering, according to a sentencing memorandum out late Tuesday.
The memorandum, which was filed with the court for the western district of Washington, states that Zhao should serve a higher sentence than suggested under advisory guidelines to “reflect the gravity of his crimes.”
Under advisory guidelines, Zhao’s sentencing would come in at a range of 12 to 18 months in prison.
“A custodial sentence of 36 months — twice the high end of the Guidelines range — would reflect the seriousness of the offense, promote respect for law, afford adequate deterrence, and be sufficient but not greater than necessary to achieve the goals of sentencing,” U.S. prosecutors said.
Zhao is accused of willfully failing to implement an effective anti-money laundering program as required by the Bank Secrecy Act, and of effectively allowing Binance to process transactions involving proceeds of unlawful activity, including transactions between Americans and individuals in sanctions jurisdictions.
Binance has separately been sued by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission over the alleged mishandling of customer assets and the operation of an illegal, unregistered exchange in the U.S.
The U.S., which separately accuses Binance and Zhao of violating the U.S. Bank Secrecy Act and sanctions on Iran, ordered Binance to pay $4.3 billion in fines and forfeiture. Zhao agreed to pay a $50 million fine.
Zhao stepped down as Binance’s CEO in November last year after reaching this plea and was replaced by the former Abu Dhabi markets regulator’s chief, Richard Teng.
Zhao was not immediately available for comment when contacted via social media platform X. Binance has yet to respond to CNBC’s request for comment.
Prosecutors say Zhao violated U.S. law on an “unprecedented scale,” and that he had a “deliberate disregard” for Binance’s legal responsibilities.
In the memorandum Tuesday, prosecutors said under Zhao’s control, Binance operated on a “Wild West” model.
“Zhao bet that he would not get caught, and that if he did, the consequences would not be as serious as the crime,” the memorandum stated.
“But Zhao was caught, and now the Court will decide what price Zhao should pay for his crimes.”
Zhao’s official sentencing is expected to take place April 30.
Should the proposed Executive bill be passed, politicians found guilty of tax evasion will be barred from seeking elective offices.
The plan was made known yesterday by chairman of the Presidential Fiscal Policy and Tax Reforms Committee Taiwo Oyedele.
He said an amendment to an existing tax law will be sent to the National Assembly to ensure tax compliance and prevent default by the political class.
Oyedele, who spoke at the 2024 strategic retreat for staff of the Joint Tax Board (JTB) in Abuja, outlined key reforms on tax compliance among politicians and the plan to set up a national tax amnesty programme.
He said a proposed amendment to the existing tax law would disqualify those who fail to meet their tax obligations from running for political office.
Oyedele said: “We’re moving beyond a tax clearance certificate, which can be easily obtained. Effective compliance involves a thorough examination of tax declarations, filings, and payments to determine if a candidate is genuinely fulfilling his tax responsibilities as outlined in the constitution.
“This issue arose during the last election. The argument was that the constitution doesn’t explicitly list tax compliance as a qualification criterion. We’re rectifying this oversight to ensure financial responsibility among those seeking public office.”
Oyedele unfolded plans for a tax amnesty programme later this year titled: the “Voluntary Disclosure or Declaration Program.”
Emphasising the JTB’s role in the initiative, he said: “The term ‘amnesty’ can have negative connotations. However, the core objective is to encourage tax compliance. The JTB, as the leading tax coordination body, is perfectly positioned to spearhead this programme.”
Oyedele reflected on the previously implemented Voluntary Assets and Income Declaration Scheme (VAIDS) programme, implemented previously, saying that “VAIDS could have achieved greater success if the JTB had been placed at the forefront, rather than acting as one stakeholder among many.”
He added: “I recall a JTB meeting where I asked for a live response to the question of how many members supported VAIDS. To my surprise, over 50% indicated their disapproval. This wasn’t about a lack of desire to collect taxes from evaders; it was about disagreement with the government’s approach.”
“This time around, we’ll adopt a different strategy, ensuring not only the JTB’s involvement but also the collaboration of all stakeholders. We’ll work together to co-create a solution that addresses everyone’s concerns.”
Oyedele also highlighted the proposed reforms that will transform the JTB’s role.
He said: “We all recognise that the JTB’s mandate goes beyond personal income tax. The current reform package includes a draft law to replace the traditional tax return system. This will pave the way for the establishment of a new entity with a broader scope.
“The name will change, but the JTB’s core function will remain: to coordinate and harmonize all taxes and levies, not just personal income tax. It’s vital that you begin preparing for this new operating environment that’s just around the corner.”
JTB Secretary OlusegunAdesokan emphasized the need for adaptation, saying: “Our domestic tax ecosystem is undergoing significant reforms. The JTB, with its critical role in tax administration, needs to be positioned to seize the opportunities that this transformation presents.”
He added: “Achieving this goal requires the JTB Secretariat staff to embrace a culture of collaboration and innovation. By fully comprehending their evolving roles within this new dispensation, they will ensure the JTB’s continued success.”
The Philippines Security and Exchange Commission (SEC) has ordered Apple and Google to remove the Binance app from their respective app stores for users in the Philippines.
According to CoinTelegraph, a press release by the SEC on April 23 said it is working with Apple and Google to remove applications operated by Binance, the biggest crypto exchange in the world. It confirmed that the big tech companies received separate letters to that effect on April 19.
“The SEC has identified [Binance] and concluded that the public’s continued access to these websites/apps poses a threat to the security of the funds of investing Filipinos,” the SEC said.
Chair of the SEC, Emilio Aquino explained that Binance selling or offering unregistered securities to locals and acting as an unregistered broker is against the laws of the country’s securities regulation.
He added that by removing Binance applications from the digital app marketplace the big tech companies would help reduce the spread of illegal activities in the country’s securities sector.
This move by the SEC follows the blocking of access to Binance websites by the SEC and the National Telecommunications Commission (NTC) on March 25.
The Philippines SEC has actively warned its citizens to desist from using Binance for investing since November 2023 citing that the crypto exchange was yet to secure a license to solicit investment from the public or operate an exchange to buy and sell securities.
The Philippines is the latest country to make moves to ban Binance from its shores following compliance concerns and accusations of illegality.
The Association of Bureau De Change Operators of Nigeria, ABCON, has blamed peer-to-peer cryptocurrency platforms like Binance for the recent depreciation of the Naira against the Dollar in the foreign exchange market.
The National President of ABCON, Aminu Gwadabe, disclosed this in an interview with NAN on Wednesday.
He stated that as long as Binance and other platforms remain profitable, the Naira’s depreciation will persist.
He said that the recent wave of depreciation of the Naira was of concern to the BDC operators.
“I am happy that the authorities, and even the BDCs as operators, have identified the peer-to-peer (P2P) platform.
“The P2P is a platform like Binance, where speculators use the Dollar to buy USDT, a stablecoin that is pegged at one to the Dollar.
“As long as Binance and other platforms remain profitable, the Naira will continue to depreciate.
“There are many of them in the system. Binance has been nipped in the bud, but there are still many. They are online platforms with no registration, no restrictions,” he stated.
Recall that Naira slumped against the Dollar in the foreign exchange market despite the Central Bank of Nigeria’s release of an additional $10,000 each to legible BDC operators on Tuesday.
Meanwhile, the Economic and Financial Crime Commission, EFCC, resumed clamping down on Binance and other cryptocurrency platforms to defend the Naira in the FX market.
The anti-graft agency had arraigned Binance and two of its executives before an Abuja High Court over alleged fraud and currency manipulation.
The Joint Admission and Matriculation Board, JAMB, said it arrested a father writing exams for his son during the ongoing Unified Tertiary Matriculation Examination, UTME.
The board warned that it has improved its technology check for those engaging in all forms of examination malpractices.
Speaking in Kaduna on Wednesday, the JAMB Registrar, Prof Ishaq Oloyede who inspected the UTME centres in Kaduna, expressed satisfaction over the 2024 examination, which had 1.94 million students this year.
He, however, frowned at few cases of impersonation, adding that some people now have multiple National Identity Number, NIN, which the examination body would take up with the Identification Management body.
“For those who engage in cheating, they should know that it does not pay. The technology is helping us to check that. Across the country, most of the problem we have is impersonation. For instance now, we say we have NIN, we now have cases of people with two NIN and therefore, that has defeated the purpose of identity verification. We are going to take that up with NIMC, that there are people who have two NIN.
“We have a case of a father impersonating his son, writing examination for the son and I wonder, are you not destroying your son’s future? Of course, two of them are now in custody. I can’t understand what the father will now tell his son when they are both locked up in the same cell. This happened definitely not in Kaduna, but I don’t want to disclose the state,” he said.
He said JAMB needs support of highly populated states like Lagos, to build mega CBT centres like that of Kaduna, which accommodates 4,000 candidates per day.
He expressed hope that the authorities in Lagos would provide a suitable land for JAMB to build the Mega CBT centre in the city.
Punish my abusers within 48 hours or face lawsuit - Student bullied by her classmates threaten school authorities
AFOLABI
The bullied student of British Lead International School, Miss. Namtira Bwala has threatened to file a lawsuit against the school authorities if her abusers are not punished within 48 hours.
In a letter drafted by her lawyers, Deji Adeyanju and Co, Namtira asked the school authorities to immediately investigate and pronounce the stiffest punishments in the student’s rule book on Ms.Maryam Hassan, Miss Faliya, and nine other students who bullied her.
Namtira said if the school authorities fail to sanction the student bullies within 48 hours of the receipt of the letter, she would seek immediate and severe legal redress against the school.
The letter reads
“We are Solicitors to Miss. Namtira Bwala (acting through her next friend), hereinafter referred to as our client, on whose instruction we act.
Our client and several other parents in Lead British International School have informed us and we verily believe them that this act of bullying is a reoccurring issue in the school, and despite several attempts to draw the school’s attention to it, the issue has persisted, leaving our client traumatised from the emotional and physical effect of the oppressive acts by these dare devil bullies.
Regrettably, our client has once again, been subjected to physical attacks in the hands of these bullies, with the video of the act going viral on social media.
Sadly, rather than address this issue head-on by imposing severe sanctions on the student bullies, the school has issued a timid statement lacking in force or recognition of the severity of the situation at hand.
Our client completely dissociate herself from the statement issued by the school on April 22, 2024 wherein a case of battery was unconscionably referred to as an “incident between minors.
We state that it is this type of statements, coupled with the school’s gross negligence, that has enabled the student bullies, leading to increased incidents of unchecked bullying in the school, an environment that should ordinarily be a safe space for students.
Sequel to the foregoing, we have our client’s instruction to demand for the immediate investigation and the pronouncement of the stiffest possible sanctions in the student’s rule book, on Ms. Maryam Hassan, Miss Faliya and nine other students who have formed a cult of bullies in Lead British International School, Gwarimpa, Abuja.
Please note that if the school fails to sanction the student bullies within 48 hours of the receipt of this letter, we have our client’s further instruction to seek an immediate and severe legal redress against Lead British International School, Gwarimpa, without further recourse to you.”''
I Cancelled My Flight To Nigeria, Walked To Chess Board With Sickness, Tears, Fear – Chess Master, Tunde Onakoya Reflects On Guinness Records
AFOLABI
Tunde Onakoya, the popular Nigerian chess master, has talked about how he cancelled his flight returning to Nigeria from the United States to embark on the Guinness World Record (GWR) breaking chess marathon.
He also noted that he walked to the chess board with sickness, tears in his eyes, fear and uncertainty.
Onakoya said that two days before the record attempt, his health failed him, and it was so bad that he had started sneezing blood and coughing violently but he was resolute to embark on the record attempt for 58 hours.
Recall that Onakoya on Saturday set a new Guinness World Record for the longest marathon chess after playing for 60 hours nonstop.
Onakoya broke the record of Norwegian players Hallvard Haug Flatebø and Sjur Ferkingstad, who played for 56-hour, 9-minute in 2018.
The challenge was held at New York City’s iconic Times Square.
The new record holder had said his attempt was to raise funds and awareness for providing educational opportunities to underprivileged children across Africa.
Recounting his experience during the record attempt and expressing gratitude to his supporters, Onakoya in a post on his X handle on Wednesday said that during the attempt, it got to a point when was on the verge of calling it off but he had to continue because he had promised the children back home that he was going to make them proud and come back to them with tales of triumph.
He wrote, “I have struggled to find the right words to capture all of the emotions I’ve felt in the last couple of days - it is indeed one of those weeks when decades happened.
“I had woken up in the middle of the night some two weeks ago, cancelled my flight back home and decided to pursue this crazy idea of breaking the world record right in the heart of Times Square.
“It was basically attempting the impossible due to time constraints, but we made it work and got all the necessary permissions as our will was far greater than any resistance we faced.
“But two days before the record attempt, my health failed me. It was so bad I had started sneezing blood, and coughing violently.
“I was on the verge of calling it off but I had promised the children back home that I was going to make them proud and come back to them with tales of triumph. After all, I had taught them that it was possible to do great things from a small place against all odds.
“On the day of the attempt, I still wasn’t feeling well but I dressed up and walked down to Times Square to see that Nigerians had turned up in numbers with Flags and flowers in hand to cheer me on.
“With tears in my eyes, I walked up to the chess board and did it afraid, unwell, uncertain but with a resolute mind.
“After 60 hours of mental torture, we set a new record for the longest chess marathon in the world. We pushed human limitation and gave the world something new to believe in.
“But my greatest joy wasn’t just breaking the record, it was in the little moments we shared with everyone that was present and the wave of support back home in Nigeria.
“I experienced human love and kindness in its purest form. People travelled from all over the world to come sit with us in the cold as we spared for several hours.
“To everyone who supported our vision, donated to our cause and stood by us - this record is yours as much as it is mine. Together we have done something truly extraordinary. Thank you
“As I sit here on my flight back home, my heart is full and I can’t wait to tell the children their dreams are valid as well.
“Well done Tunde-The one who gives the forgotten little children big caps to wear, now the world will see them through your light.”
Media
I have struggled to find the right words to capture all of the emotions I’ve felt in the last couple of days-it is indeed one of those weeks when decades happened.
— Tunde Onakoya (@Tunde_OD) April 24, 2024
I had woken up in the middle of the night some two weeks ago, cancelled my flight back home and decided to pursue… pic.twitter.com/V5rEJLZBiA
Multichoice Group, the owner of DSTV has again hiked the tariff plan for its satellite television service by 25.4 per cent despite public outcry.
The price raise was announced on Wednesday in a message sent to customers, adding it will take effect on May 1, 2024.
The statement signed by John Ugbe, Chief Executive Officer was titled, ‘Price Adjustment on DStv and GOtv Packages.’
The new price review is the third since May 2023 when the company announced change in tariff.
DSTV said, “We understand the impact this change may have on you – our valued customer, but the rise in the cost of business operations, has led us to make this difficult decision.
“It remains our mission to provide the best entertainment and viewing experience to you and are committed to continue to deliver high-quality content and unparalleled service. So, from Wednesday, 1 May 2024, the price adjustment will take effect.”
Based on the review, the Premium tariff subscribers will no longer pay N29,500 as it has been adjusted by 25.4 per cent to N37,000,.
Compact Plus tariff was raised from 19,800 to N25,000 while Compact was increased to N15,700 from N12,500.
DSTV hiked the Confam tariff from N7,400 to N9300; Yanga tariff price was revised to N5,100 from N4,200 while Padi plan was reviewed from NN2900 to N3,600.
HDPVR Access Service, Access Fees, and XtraView subscribers will pay N5,000 respectively after review from the old rate of N4,000.
The Arewa Youth Consultative Forum, AYCF, has alleged that a section of the northern political elites is plotting to prevent President Bola Tinubu from seeking re-election in 2027.
The forum also alleged that the ongoing disruptions and agitations in the North is an attempt to achieve the aim in 2027.
The President General of AYCF, Yerima Shettima, claimed that the plot involves setting unrealistic and unattainable standards for the Tinubu administration, with the aim of discrediting the government and swaying public opinion against it.
He said, “The campaign of vilification and destabilisation is part of a broader strategy to weaken Tinubu’s support base in the North, with minister of state defence, Bello Mohammed Matawalle, being the primary target.”
According to him, the continuous attacks on key Tinubu allies are part of a broader scheme to destabilise the government and prevent his potential reelection for a second term in 2027.
The AYCF lamented and viewed the actions as desperate attempts by power seekers to halt the administration’s progress and reverse its anti-corruption efforts.
He added, “The AYCF views these actions as a calculated attempt to dismantle the President’s support network and thwart his chances of securing a second term in office.”
Describing the efforts of the anti-Tinubu forces as too early, the AYCF warned against the deliberate propagation of false narratives and the use of obscure groups to undermine the President’s allies and tarnish his reputation.
The AYCF, therefore, called on President Tinubu and his team to remain vigilant and resolute in their commitment to the nation’s progress, urging the President to be wary of the propaganda campaigns being orchestrated against his administration and to stay focused on delivering on his promises to the Nigerian people.
“It is imperative for the government to stay focused on its goals, remain resilient in the face of these challenges, and work towards ensuring a stable and prosperous future for Nigeria. The administration must anticipate and counteract these moves in order to safeguard the progress and development of the nation,” he advised.
The AYCF said it finds it ridiculous for any group to assess and judge an administration that is barely one-year-old against a set of incredible expectations and unfair standards of judgement.
Rivers State Attorney General and Commissioner for Justice Pro. Zacehaeus Adangor, SAN, has formally resigned his appointment as a commissioner in the cabinet of the Rivers State government, led by governor Siminalayi Fubara.
His resignation letter was dated 24th April 2024, and it is coming hours after a minor cabinet reshuffle that affected him.
With the cabinet reshuffle, Prof Adangor, who was the Attorney-General and Commissioner for Justice, was redeployed to the Ministry of Special Duties, (Governor’s Office).
He accused Governor Fubara of interfering with his duties as the Attorney General, alleging that the governor had directed him not to defend or oppose suits filed against the Attorney-General and the Government of Rivers State by individuals sponsored by the state government.
Adangor said “My attention has been drawn to your letter dated 23rd April, 2024 and widely circulated on social media whereby I was “deployed to the Ministry of Special Duties (Governor’s Office).
“Further to the referenced letter, I hereby give you notice of my rejection of the said redeployment with the effect from 24th day April 2024.”
Prof Adangor said that he was no longer willing to continue to serve in the administration of governor Siminalayi Fubara in any capacity whatsoever.
“It is important to mention that the Governor of Rivers State had in the past couple of weeks willfully interfered with the performance of my duties as the Honourable Attorney-General and Commissioner for Justice of Rivers State by directing me not to defend, oppose, or appear in cases instituted against the Honourable Attorney-General and the Government of Rivers State by persons admittedly hired and sponsored by the Government of Rivers State.”
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Nollywood actor Pa Zulu Adigwe reportedly passed away on the evening of Tuesday, April 23rd.
Movie producer Stanley Nwoke, aka Stanley Ontop, posted the news of his demise on his Instagram page.
He announced the death of the actor and mentioned that the cause of his passing is still unknown.
Stanley wrote: “I regret to announce the passing on a veteran actor. What caused his death is yet to be reviewed. Rest in peace, good actor.”
Adigwe began acting at the age of seven. He made his earliest television appearance in Baci and Company, taking over the lead role from Albert Egbe.
His debut movie, Blood of the Orphan, earned him praise. In 2004, he starred in Living Abroad alongside Ernest Asuzu, Emeka Enyiocha, and Anne Njemanze.
In 2019, he portrayed Pascal Nworie in Living in Bondage: Breaking Free.
The death of Adigwe would add to the growing list of actors who have passed away.
Over the past four months, Nollywood has lost six of its own, including Sisi Quadri, Mr. Ibu, Amaechi Muonagor, Andy Best, Jumoke Aderounmu, and Junior Pope.
Junior Pope drowned in the Anam River in Anambra State while returning from a movie shoot.
Actress Jumoke Aderounmu, known for her role in Funke Akindele’s TV series, passed away at age 40.
Veteran actor Amaechi Muonagor succumbed to kidney disease after a year-long battle. Nollywood producer and marketer Ikechukwu Nnadi, also known as Andy Best, passed away after a prolonged illness.
Yoruba actor Sisi Quadri died from kidney-related issues and was laid to rest in his hometown of Iwo, Osun State.
Concurrently, veteran actor Mr. Ibu passed away at Evercare Hospital following a prolonged illness, leaving the industry mourning the loss of a beloved figure who had played a significant role in many childhood memories.
Lead British International School in Abuja has been shut down for three days following a viral video depicting a disturbing incident of bullying within the school premises
The announcement was made during a press briefing attended by concerned parents on Tuesday at the school premises.
The decision to temporarily shut down the school comes in the wake of public outrage sparked by the circulating videos, which captured a female student being subjected to physical and emotional abuse by her peers.
The disturbing footage depicted the victim being repeatedly slapped by another female student in what appeared to be an interrogation session.
The incident prompted widespread condemnation and calls for swift action to address the issue of bullying within the school community.
Abraham Ogunkambi, the Head of Lead British International School, issued a statement on Tuesday, in response to the incident.
He stated the school’s disapproval of the incident and confirmed the launch of an investigation into the matter.
“The school management is treating this matter with the utmost seriousness,” Ogunkambi asserted.
He mentioned that the school has already reached out to the victim and her parents, providing them with necessary support and counseling services to manage the emotional and psychological consequences of the incident.
In a courageous act, the family of a bride-to-be and a group of passengers thwarted a kidnapping attempt by killing a terrorist in Zamfara State.
PRNigeria reports that the incident unfolded when the family of the bride-to-be and other travellers were ambushed by bandits along the Talata Mafara-Gusau highway.
The bride’s family had embarked on a journey to purchase clothing and other wedding materials in Kano. However, their plans took a harrowing turn when armed bandits targeted them.
An eyewitness, who spoke to PRNigeria, revealed that the response was spontaneous once the bandits had selected their victims.
Despite one of the bandits managing to escape, the brave passengers captured two AK-47 rifles.
Narrating how the events unfolded, the eyewitness said: “A few kilometres away from the Fangal Tama checkpoint, the travellers heard gunshots echoing all around.
‘’To their shock, they encountered two well-armed bandits on motorcycles, blocking the road and halting vehicles.
“The bandits immediately ordered the young woman (the bride-to-be), her father, mother, and two other relatives to exit their car.
‘’With guns pointed at them, the terrified family members were coerced to follow the bandits into the nearby forest.
“Realising the grave danger they faced in forced abduction, the passengers decided to act swiftly. They rallied together and launched an attack on one of the two bandits.
‘’In a fierce struggle, they managed to overpower him, resulting in his instant death. The other bandit, however, escaped, leaving behind his firearm.
“The courageous group retrieved the two guns and emerged from the forest. They promptly handed the weapons over to the military at a nearby checkpoint.’’
PRNigeria further gathered that amidst the courageous effort of the group, one of the passengers suffered a sudden heart attack due to the traumatic experience and later died in
Nollywood actor, Olanrewaju James, popularly known as Baba Ijesha, has asked the Court of Appeal, Lagos Division, to set aside his conviction by a Lagos State High Court over the sexual assault of a minor.
Justice Oluwatoyin Taiwo (retd.) of the Ikeja Domestic Violence and Sexual Offences Court, on Thursday, July 14, 2022, sentenced Baba Ijesha to five years imprisonment over the sexual assault of a minor.
But dissatisfied with the judgment, Baba Ijesha approached the appeal court to challenge his five-year jail term.
Baba Ijesha through his counsel, Kayode Olabiran on Tuesday, April 23, told the appeal court that his client was set up and that he acted according to a script that he was invited to act on by his colleague.
“The Appellant was set up. The Appellant is an actor. He acted in a script that he was invited to act by his colleague (PW1), Damilola Adekoya,” he said.
But the Director of Public Prosecution, Dr Babajide Martins, urged the court to dismiss the appeal for lacking in merit and also a misconception.
He urged the court to affirm the judgment of the lower court.