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Court Suspends CBN Freeze On Fintech

Court Suspends CBN Freeze On Fintech

Court suspends CBN freeze on Fintech startups’ accounts for payment of salaries

Bamboo Systems Technology Limited and Bamboo Systems Tech. Ltd., have received a court order to have the Central Bank of Nigeria (CBN) unfreeze their accounts.

The Federal High Court, Abuja, placed a temporary unfreeze order on the two companies’ accounts on Tuesday, three weeks after the CBN secured an exparte order against them and three other Fintech startups.

CBN blocked the accounts of Bamboo Systems Technology Limited, Rise Vest Technologies Limited, Bamboo Systems Technology Limited OPNS, CTL/Business Expenses, Chaka Technologies Limited, and Trove Technologies Limited.

The apex bank had blocked the accounts after accusing the digital investment startups of operating without license and obtaining forex to acquire foreign securities against CBN’s directive.

Their accounts are supposed to be closed for 180 days, however, in an effort to allow the workers of the Bamboo Systems Technology Limited and Bamboo Systems Tech. Ltd., lifted the embargo on their accounts.

Justice Ahmed Mohammed who presided over the recent ruling, said, “An order is hereby made varying the freezing order of this court made on Aug. 17, as it affects the 2nd and 3rd respondents.

“This is to allow the companies to pay rent on the property they are occupying, pay salaries of workers and allow for amicable settlement.’’

The case has been adjourned to February 17, 2022, which is after the 180 days period ends. During the six months, CBN is expected to conduct an investigation on transactions of all the companies.

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Alleged tax evasion: FG to arraign Binance, two others on April 4

The Federal Government will on April 4 arraign Binance Holdings Limited and its two top officials: Tigran Gambaryan and fleeing Nadeem Anjarwalla, on allegations bordering on tax evasion.

Binance, Gambaryan, and Anjarwalla, listed as 1st to 3rd defendants respectively, are expected to be arraigned before Justice Emeka Nwite of a Federal High Court (FHC), Abuja on a four-count charge.

Anjarwalla, who had been in detention alongside Gambaryan, was said to have escaped from lawful custody. He escaped on Friday from the Abuja guest house where he and his colleague were detained.

Though the Federal High Court Easter vacation began on March 22 and will come to an end on April 8, the Chief Judge, Justice John Tsoho, directed the transfer of the Binance case file to Justice Nwite.

Although Justice Nwite is not a vacation judge, the chief judge granted the fiat for the judge to handle the case during vacation being a matter that concerns dire national interest.

Hearing notices had been related to the Federal Inland Revenue Service (FIRS), the prosecuting agency, and counsel to other parties for the defendants to take their plea.

The charges levelled against Binance include allegations of non-payment of Value-Added Tax (VAT), Company Income Tax, failure to file tax returns, and complicity in aiding customers to evade taxes through its platform.

Furthermore, the Federal Government accused Binance of neglecting to register with FIRS for tax purposes and contravening existing tax regulations within the country.

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NNPC denies reducing price of PMS

The Nigeria National Petroleum Corporation, NNPC has debunked reports that it reduced the price of Premium Motor Spirit and Automotive Gas Oil.

Olufemi Soneye, NNPC’s Chief Corporate Communications Officer, gave the denial in a statement on Wednesday.

He said the reports making the round were fake and should be disregarded.

According to the statement: “The NNPC Limited wishes to clarify rumours suggesting a price adjustment for Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) at its retail stations nationwide. The company asserts that these reports are false and urges Nigerians to disregard them entirely.

“NNPC Ltd. reaffirms its commitment to sustaining the current sufficiency in petroleum products supply across all its retail stations in the country.”

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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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