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Binance executive who escaped from custody, colleague sue Nigerian Govt

Nadeem Anjarwalla, Binance’s Africa regional manager, who escaped from lawful custody March 22 has filed a right enforcement suit against the Nigerian government.

His colleague, Tigran Gambaryan, detained along with him has also sued the National Security Adviser (NSA) Nuhu Ribadu, and the Economic Financial Crimes Commission (EFCC) over alleged violation of his fundamental rights.

Gambaryan, in the originating motion dated and filed March 18 by his lawyer, Olujoke Aliyu, from Aluko and Oyebode Law Firm, sought five reliefs before Justice Inyang Ekwo

Anjarwalla filed his right enforcement suit also before Justice Ekwo.

Anjarwalla and Gambaryan, in the suits marked FHC/ABJ/CS/355/24 and FHC/ABJ/CS/356/24 sued the Office of NSA (ONSA) and EFCC as 1st and 2nd respondents.

Gambaryan, a US citizen overseeing financial crime compliance at the crypto exchange platform, in his application, sought a declaration that his detention and seizure of his international travel passport, contravened Section 35 (1) and (4) of 1999 Constitution (As Amended).

He said the act amounted to a violation of his fundamental right to personal liberty as guaranteed by the constitution

He also sought an order directing the respondents to release him from their custody and! return his international travel passport with immediate effect.

Gambaryan equally sought an order of perpetual injunction restraining the respondents and agents from further detaining him in relation to any investigation into or demands from Binance.

The official, who sought an order for the respondents to issue a public apology to him, also prayed for the cost of the action on a full indemnity basis.

In a statement in support of the suit, he said he is an American citizen who visited Nigeria on Feb. 26 February, along with fleeing Anjarwalla, as a representative of Binance, to honour the invitation of the ONSA and EFCC to discuss issues relating to Binance in Nigeria

Giving 11-ground argument why his application should be granted, he said that he and his colleague, Anjarwalla, dutifully attended the meeting.

He said after the meeting the two of them were detained by the respondents and had remained in detention since then.

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He said he did not commit any offence during the meeting, and neither was he informed in writing of any offence he personally committed in Nigeria at any other time.

“The only reason for his detention is because the government is requesting information from Binance and making demands on the company,” he said, adding that he was not a member of the Board of Directors of Binance.

When the two suits were called on Thursday, T.J. Krukrubo, SAN, appeared for Anjarwalla and Gambaryan

Krukrubo, told the court that though the respondents were served two days ago, they were not represented in court.

The senior lawyer, however, drew the attention of the court to their notice of withdrawal of legal representation for Anjarwalla filed on March 26.

Although Krukrubo did not give details of why they were withdrawing their legal representation, this might not be unconnected to the disappearance of the applicant in custody.

Justice Ekwo said having withdrew their legal representation, “it means that the applicant has no legal representation and requires that the matter be adjourned for the applicant to seek legal representation and for the respondents to be given an opportunity to come to court.”

The judge adjourned the matter until April 8 for further mention.

Also, upon resumed hearing in Gambaryan’s suit, Krukrubo said though the processes had been served on ONSA and EFCC, they were still within time to respond.

He therefore sought an adjourned date, saying the respondents time to file their applications would expire next week Thursday.

Justice Ekwo consequently adjourned the matter until April 8 for further mention.

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Africa Energy Bank to launch in first quarter, targets $120 billion asset base

African energy bank logo (credit: Goggle)

The Africa Energy Bank, which will fund oil and gas projects and support the continent’s energy transition goals, will launch in the first quarter of 2025 and target an asset base of $120 billion, Nigeria’s junior oil minister said on Tuesday.

The fossil fuel-focused bank, a partnership between trade finance institution Afrexim Bank and the African Petroleum Producers Organization, was due to start operations by mid-2024, an Afreximbank official said last year.

“The building is ready, and we are only putting finishing touches to it, by the end of this quarter, this bank will take off,” said Nigerian junior oil minister Heineken Lokpobiri.

The minister joked that Nigeria too will follow U.S. President Donald Trump’s mantra on increasing oil drilling and remove all impediments to grow oil production to 2.5 million barrels per day this year. Currently Nigeria’s crude output averages 1.7 million bpd.

Nigeria, Africa’s top oil producer, beat three rival African countries for the right to host the multilateral lender.

(REUTERS/POLITICALE)

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MTN hikes prices of data, SMS to reflect new tariff plan

MTN, Nigeria’s largest telecommunications operator on Tuesday commenced implementation of the Nigerian Communications Commission’s approved tariff hike by increasing its data prices.

A check by the News Agency of Nigeria (NAN) using the *312# code on the MTN network showed the revised MTN data prices.

For the monthly plans, MTN 1.8GB now goes for N1,500, replacing the previous 1.5GB plan priced at N1,000; the 15GB plan now costs N6,500, a rise from N4,500.

The 20GB monthly plan has been adjusted to N7,500, up from N5,500, among others.

Text messaging on the network has also increased to N6.00 reflecting the 50 per cent hike, while hike in voice calls rates are yet to be ascertained.

Other mobile operators comprising Airtel, Globacom, and 9mobile are yet to update their data prices as at the time of filing this report.

NAN reports that the Nigerian Communications Commission (NCC), the industry’s regulatory body had approved a maximal increment of 50 per cent tariff adjustments to operators.

The Commission said its approval, though less than the 100 per cent hike demanded by operators, was in response to prevailing operational costs.

It said that its decision was pursuant to its power under Section 108 of the Nigerian Communications Act, 2003 (NCA) to regulate and approve tariff rates and charges by telecommunications operators.

The NCC said that, while recognising the concerns of the public, the decision was made after extensive consultations with key stakeholders across the public and private sectors.

“The NCC recognises the financial pressures faced by Nigerian households and businesses and remains deeply empathetic to the impact of tariff adjustments,’ the NCC said in a statement.

It noted that these adjustments would support the ability of operators to continue investing in infrastructure and innovation, ultimately benefiting consumers through improved services and connectivity.

The NCC added that consumers would benefit from better network quality, enhanced customer service, and greater coverage within the country. (NAN)

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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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