Connect with us

News

Court remands Binance Executive, Tigran Gambaryan in Kuje Prison

Justice Emeka Nwite of a Federal High Court in Abuja has ordered the remand of a Binance executive, Tigran Gambaryan, at the Kuje Correctional Centre, Abuja pending the determination of his bail application.

Justice Nwite issued the directive on Monday after Gambaryan pleaded not guilty to the money laundering allegation preferred against him by the Economic and Financial Crimes Commission (EFCC).

The judge then adjourned till April 18, 2024, for the determination of his bail application and scheduled the trial to begin on May 2.

The anti-graft agency had arraigned Binance Holdings Limited, a cryptocurrency firm, and Tigran Gambaryan, the company’s head of financial crime compliance on a five-count charge bordering on money laundering.

In the charge filed on March 28 by the anti-graft agency, the company executives are being accused of money laundering to the tune of $35,400,000.

EFCC alleged in one of the counts that, the defendants, between January 2023 and January 2024 in Abuja, carried out a specialised business of other financial institutions without valid licence. The offence is said to be 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.

It would be recalled that, Justice Nwite had, on March 18, ordered Binance Holdings Limited to provide the EFCC with the comprehensive data or information of all persons from Nigeria trading on its platform.

The judge granted the interim order after ruling on the ex-parte motion moved by the EFCC’s lawyer to enable the anti-graft agency unravel the alleged money laundering and terrorism financing on the Binance platform.

The commission said it uncovered users who had been using the platform for price discovery, confirmation and market manipulation which had caused tremendous distortions in the market, resulting in the Naira losing its value against other currencies.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Those found guilty of corruption should not enjoy pardon —AGF

The Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN), has stated that those found guilty of corruption should not be granted state pardons. He also advised law enforcement agencies to avoid shoddy investigations, urging them to have all necessary facts before summoning individuals for questioning.

The AGF made these remarks at a roundtable organized by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for state Attorneys-General in Abuja on Monday. “I will suggest in our next constitution review exercise that we expunge those found guilty of corruption from benefiting from powers of ‘Prerogative of Mercy’ to serve as a deterrent to others,” he said.

In a statement by Kamarudeen Ogundele, Special Assistant to the President on Communication and Publicity, Office of the AGF and Minister of Justice, Fagbemi emphasized the importance of cooperation from all stakeholders, particularly the Attorneys-General, in the fight against corruption. He urged them to avoid nepotism, political witch-hunting, rivalry, and bigotry in their efforts to fight corruption merely to please their governors.

The minister further stated that there should be no justification for rationalizing corruption or other crimes. He advised that legal opinions on cases should be based strictly on facts, as is the practice in advanced countries, adding, “We should not give in to public sentiments. In Nigeria, we are polarised along political lines.”

The AGF also urged participants and anti-graft agencies to conduct thorough investigations before arresting suspects to prevent unnecessary media trials. “Let us be thorough and take our time before inviting someone for questioning. Don’t do a shoddy job and be quick to say we have caught a big fish…You will catch a big fish. If it is two or three big fish you are able to get in a year and you are thorough, it is alright,” he stated.

Additionally, Fagbemi advised against filing exaggerated or bogus charges against defendants to create public frenzy. He said, “Nobody wants a 50-count charge…make it five or six and be sure. Make sure you get him (suspect) in.”

Continue Reading

News

Tinubu condoles with families of victims, Niger govt over traffic petrol tanker explosion

President Bola Tinubu has sent heartfelt condolences to the government and people of Niger State on the petrol tanker explosion on the Bida-Agaie-Lapai- road on Sunday in Niger State, which claimed the lives of 48 people and livestock.

According to the Niger Emergency Management Agency (NEMA) and the Federal Road Safety Corps (FRSC), many people were injured in the accident, which also involved a truck loaded with cattle and passengers.

President Tinubu commiserated with the families of the dead and injured victims. He also sympathised with the owners of shops affected by the tragedy.

He prayed for the speedy recovery of the injured.

The President commended the federal and state emergency agencies for their swift response. He similarly commended the good-spirited Nigerians who mobilised to the incident scene to assist the victims.

He pledged continued support for efforts aimed at providing relief to those affected.

President Tinubu has directed relevant federal agencies in transportation and road infrastructure to redouble their efforts and work with state governments to enhance the safety and security of travellers and residents.

Continue Reading

News

Nigerian businessman Ogionwo charged for $300,000 scam in Oil deal

The Inspector General of Police, through legal officer S.O. Ayodele from the Federal Criminal Investigation Department, Alagbon Close, Ikoyi, Lagos, has filed a two-count charge of obtaining money by false pretenses and theft against Nigerian businessman Ebi Otisaye Ogionwo.

In the charges presented before the Federal High Court in Lagos, Ayodele alleges that in 2022, Ogionwo fraudulently obtained $300,000 from Mr. Oluwatosin Adefila of Beltzemo Nigeria Limited. The funds were purportedly meant to finance an oil trading business, but this representation was false.

The charges against Ogionwo are in violation of Section 1 (1) (c) and punishable under Section 1 (3) of the Advance Fee Fraud and Other Related Offences Act 2006.

The two count charge as filed before the court

Count one:

That you, Ebi Otsaye Ogionwo “M” sometimes in 2022,in Lagos, within the Judicial Division of this Honorable Court, did by false pretence and with intent to defraud obtained the sum of Three Hundred Thousand Dollars (S300,000:00) from one Mr. Oluwatosin Adefila of Boltzemo Nigeria Limited under the guise of using the said funds for financing Oil Trading Business, a representation you knew to be false and thereby committed an offer contrary to Section 1(1)(c) and punishable under section 1(3) of the Advance Fec,raud and other Related Offences Act 2006, Laws of the Federation of Nigeria.

Count two:

That you Ebi Otsaye Ogionwo “M” on the same date, time and place, and in the aforementioned Judicial Division of the Federal High Court, did steal the sum of Three Hundred Thousand Dollars ($300,000.00) from one Mr.Oluwatosin Adefila of Belztzemo Nigeria Limited and thereby committed an offence contrary to section 383 and punishable under section 390 (9) of the Criminal Code Act,Cap C 38,Laws of the Federation of Nigeria,2004.

Meanwhile, 14th of October, 2024 has been fixed for the arraignment of the defendant.

Continue Reading
Advertisement

Trending