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Binance executive reportedly escapes from custody in Nigeria

Amid the standoff between the Nigerian government and Binance, a cryptocurrency platform, one of the two executives detained over alleged tax evasion and other offences, Nadeem Anjarwalla, has reportedly escaped from custody in Nigeria.

Sources familiar with the matter disclosed this to Premium Times.

Anjarwalla reportedly escaped from custody on March 22, 2024, from the Abuja guest house, where he and his colleague, Tigran Gambaryan, were detained after guards on duty led him to a nearby mosque for prayers in the spirit of the ongoing Ramadan fast.

The Briton, who also has Kenyan citizenship, is believed to have flown out of Abuja using a Middle East airliner.

It remains unclear how Anjarwalla got on an international flight despite his British passport, with which he entered Nigeria, remaining in the custody of the Nigerian authorities.

Authorities are also said to be working to unravel his intended destination to get him back into custody.

An Immigration official said the Binance executive fled Nigeria on a Kenyan passport. He, however, said authorities were trying to determine how he obtained the passport, given that he had no other travel document (apart from the British passport) on him when he was taken into custody.

Another source said the two officials were held at a “comfortable guest house” and allowed many rights, including telephones, a privilege Anjarwalla is believed to have exploited to plot an escape.

Meanwhile, the Head of Strategic Communication at the Office of the National Security Adviser, Zakari Mijinyawa, has yet to react to the development.

Anjarwalla, Binance’s Africa regional manager, and Gambaryan, a US citizen overseeing financial crime compliance at the crypto exchange platform, were detained upon their arrival in Nigeria on February 26 2024, to negotiate with the government the firm’s restrictions.

However, a criminal charge was filed against the two executives before a Magistrate Court in Abuja. On February 28 2024, the court granted the Economic and Financial Crimes Commission, EFCC, an order to remand the duo for 14 days. The court also ordered Binance to provide the Nigerian government with data/information on Nigerians trading on its platform.

Following Binance’s refusal to comply with the order, the court extended the remand of the officials for an additional 14 days to prevent them from tampering with evidence. The court then adjourned the case till April 4 2024.

Also, on March 22, the Nigerian government approached the Federal High Court in Abuja. It slammed another four-count charge on Binance Holdings Limited, Mr Anjarwalla and Mr 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, 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).

Recall that trouble started for Binance when it was restricted from operating in the Nigerian cyberspace from February 21, 2024.

The development led to Binance discontinuing its services on Naira from March 8.

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Business

Tinubu increases 2025 budget to N54.2tn

President Bola Tinubu has raised the proposed 2025 budget from ₦49.7 trillion to ₦54.2 trillion, citing additional revenues generated by key government agencies.

The President conveyed the budget adjustment in separate letters sent to both the Senate and the House of Representatives, which were read during plenary today by the Senate President, Godswill Akpabio.

According to President Tinubu, the increase was driven by ₦1.4 trillion in additional revenue from the Federal Inland Revenue Service (FIRS), ₦1.2 trillion from the Nigeria Customs Service (NCS), and ₦1.8 trillion generated by other government-owned agencies.

Following the announcement, the Senate President has referred the President’s request to the Senate Committee on Appropriations for urgent consideration.

He assured lawmakers that the budget would be finalised and passed before the end of February.

With this development, the National Assembly is expected to fast-track deliberations to ensure timely approval and implementation of the 2025 budget.

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NMDPRA seals off 19 illegal LPG depot in Delta

The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, has sealed 19 illegal Liquified Petroleum Gas, LPG, and category D cooking gas outlets in Delta State.

Speaking with newsmen on Tuesday in Warri, Coordinator, NMDPRA in Delta, Victor Ohwodiasa said the illegal gas outlets were sealed within the past two weeks.

He said they were shut in Orerokpe, Ogwashi-Ukwu and Warri and its environs of the state.

The category D class of LPG operators are the ones within localities that refill gas from licensed gas plants for customers to pick up from them.

Ohwodiasa said the illegal gas outlets were shut over offences ranging from lack of prerequisite approvals to operating such facilities in unsafe locations.

“During the operations, about 28 illegal outlets were spotted by the authorities. We tried to see if it is possible to have them regularised as they were wrongly sited.

“The outlet that was sealed in Ogwashi-Ukwu was a five metric tonnes refilling plant constructed on a roadside closed to a high tension cables.

“The authority looked at the environment, it was wrongly sited on a right of way and has no approval. It was sealed and a relocation order issued immediately.

“Other offenders were the ones doing what we called, “decanting”, meaning bottle to bottle transfer. We do not allow that.

“What they are expected to do is “bottle swap”, bring your empty cylinder and go with a filled one,” he said.

The coordinator said the essence of the exercise was not to frustrate the small scale gas business owners but to ensure they operate in a safe and secured environment.

Ohwodiasa appealed to landlords not to allocate portions to the LPG category D operators who want to do illegal business on their premises or properties.

According to him, the essence is to prevent possible fire outbreak that could destroy lives and properties of the operators and the neighbours.

He said that NMDPRA was committed to ensuring lives and properties were adequately protected.

“Imaging someone storing cooking gas close to where welding operation is taking place or where a woman is frying beans cake or roasting corn. Once there is a leakage, the resultant effect will be catastrophic.

“If the operator of the illegal outlet does not appreciate his life, it is our duty to ensure he does not kill himself and others by illegally operating such a facility,” he said.

Ohwodiasa said the regulatory authority would continue to sustain the exercise in the state and assured that anybody found wanting would face the full wrath of the law.

He also said that any offender that refused to relocate his facility would be handed over to the relevant security agencies for prosecution.

The coordinator appealed to the public to report anyone transferring cooking gas from one cylinder to another to the NMDPRA for prompt action, “help us to serve you better”.

Ohwodiasa while assuring that the regulatory body would continue to sensitise the operators, said the authority had annual stakeholders engagement with the gas plant owners and the category D operators.

He also said the regulatory authority organised jingles on Radio and Television stations to educate people on the best ways to handle cooking gas because of its volatility.

The coordinator thanked the Chief Executive of NMDPRA, Ahmed Faruok for his consistent support for the state’s operations.

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FG bans export of crude oil allocated to domestic refineries

The Federal Government has banned the export of crude oil meant for domestic refineries in the country.

About 500,000 barrels of crude oil per day meant for domestic refining have been finding their way to the international market as producers and traders shortchange the policy for quick foreign exchange proceeds.

Acting through the upstream sector regulator, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, the government warned that it will henceforth deny export permits for crude oil cargoes intended for domestic refining.

The commission in a statement in Abuja, insisted that any changes to cargoes designated for domestic refining must receive express approval from its chief executive.

In a letter dated February 2, 2025, addressed to exploration and production companies and their equity partners, the commission’s Chief Executive Officer, Engr. Gbenga Komolafe said diverting crude oil meant for local refineries is a violation of the extant laws of the country.

At a meeting last weekend, attended by more than 50 critical industry players, both refiners and producers blamed each other for inconsistencies in the implementation of the Domestic Crude Supply Obligation, DCSO, policy.

While refiners claimed that producers are not meeting supply terms and preferred to sell crude outside, forcing them to look elsewhere for feedstock, producers countered that refiners hardly meet commercial and operational terms, forcing them to explore other markets elsewhere to avoid unnecessary operational bottlenecks.

They, however, agreed that the regulator has put in place appropriate measures for effective implementation of the law.

The regulator cautioned against any further breaches from either party, and advised refiners to adhere to international best practices in procurement and operational matters.

The commission reminded producers not to vary the conditions stated in the DCSO policy without obtaining express permission from the chief executive before selling crude outside the agreed framework.

Komolafe referenced Section 109 of the Petroleum Industry Act (PIA) 2021, which aims to ensure stable supply of crude to domestic refineries and strengthen the nation’s energy security.

He said NUPRC would, henceforth, strictly enforce the policy regarding implementation and defaults by oil companies.

He stated that significant regulatory actions had already been taken by the commission, in line with enabling laws to enforce compliance with the DCSO.

These actions, according to him, include development and signing of the Production Curtailment and Domestic Crude Oil Supply Obligation Regulation 2023, as well as the creation of the DCSO framework and procedure guide for implementation.

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