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BREAKING: Buhari Swears In Solomon Arase, Former IGP As PSC Chairman

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President Muhammadu Buhari has sworn in the new chairman of the Service Commission (PSC), former Inspector-General of Police, Dr. Solomon Arase.

Arase took his oath of office on Wednesday, at 10:05 am at the council chamber of the Presidential Villa, Abuja, in the presence of Buhari, Vice President Yemi Osinbajo, SGF Boss Mustapha, Chief of Staff to the President, Prof. Ibrahim Gambari and other FEC members.

This comes two months after the senate confirmed him as chairperson of the PSC.

Recall that on January 24, 2023, Buhari forwarded Arase’s name to the Senate, asking the upper legislative chamber to confirm him in line with sections 153 (1) and 154 (1) of the constitution as amended.

Arase, 65, who retired in 2016, was the 18th indigenous Inspector-General of Police (between April 2015 and June 2016) and has served in various capacities including as head of the Criminal Intelligence and Investigation Bureau, the foremost intelligence-gathering unit of the Nigerian police.

The President also swore in five board members of the Code of Conduct Bureau.

They include Murtala Kankia from Katsina State (North-West); Zephaniah Bulus from Nasarawa State (North Central) and Farouk Umar from Yobe State (North East), Taofeek Abdulsalam from Ondo State (South West) and Prof. Juwaria Badamasi from Kogi State (North Central).

Council members also observed a moment of silence in honor of Lt. Gen. Oladipo Diya who died on Sunday, March 26, 2023.

Diya served as Chief of General Staff and Vice Chairman of the Provisional Ruling Council under the Abacha regime.

Born on April 3, 1944, at Odogbolu in Ogun State, Diya joined the Nigerian Defence Academy, Kaduna, and fought during the Nigerian Civil War.

He was appointed Chief of General Staff in 1993 and Vice Chairman of the Provisional Ruling Council in 1994.

As Chief of the General Staff, he was second in command and the de facto vice president of Nigeria under General Sani Abacha from 1994 to 1997.

Buhari went on to preside over this week’s Federal Executive Council meeting which began around 10:30 am.

BIG STORY

JUST IN: CBN Increases Banks Capital Base To N500bn, N200bn For National Commercial Banks

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The capital basis for commercial banks with international permission has been raised to N500 billion by the Central Bank of Nigeria (CBN).

The policy change was confirmed by Mrs. Hakama Sidi Ali, CBN’s acting director of corporate communications. in a declaration.

She added that commercial banks with regional authorization are expected to reach a capital floor of N50 billion, while those with national authority must meet a ceiling of N200 billion.

Announced on Thursday, March 28, 2024, this comprehensive financial reform requires significant increases in banks’ minimum capital bases, which vary depending on the size of the bank.

The latest policy directive specifies that commercial banks with international authorization are now required to shore up their capital base to N500 billion.

In a bid to tighten the financial fabric, the CBN has not overlooked merchant banks, which are now subject to a N50 billion minimum capital requirement.

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Detained Binance Executive Gambaryan Drags EFCC, NSA To Court

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Tigran Gambaryan, the CEO of Binance who is currently in detention, has claimed that he has been violated in his fundamental human rights by the Economic Financial Crimes Commission and Nuhu Ribadu, the National Security Adviser.

Gambaryan, in an originating motion marked: FHC/ABJ/CS/356/24 sought a declaration that his detention and seizure of his international travel passport, contravened Section 35 (1) and (4) of 1999 Constitution.

He urged the court to order the NSA and the EFCC to release him from their custody and return his international travel passport with immediate effect.

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

He also urged the court to order the respondents to issue a public apology to him.

Gambaryan averred that he was in Nigeria alongside fleeing Nadeem Anjarwalla to honour the invitation of the ONSA and EFCC to discuss issues relating to Binance in Nigeria.

Anjarwalla escaped from the guest house where he and Gambaryan were being held

He argued that he had not committed 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 added.

The fleeing Anjarwalla also filed a similar suit, marked: FHC/ABJ/CS/355/24.

At the proceedings on Thursday, T.J. Krukrubo (SAN) appeared for the plaintiffs, while the respondents had no representation.

Krukrubo informed the court that the respondents were served two days ago.

Shortly after that, he announced to the court that he was withdrawing from the matter as counsel for the fleeing Anjarwalla.

He did not give reasons for his withdrawal.

The trial judge, Justice Inyang Ekwo, adjourned the matter till April 8.

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Federal Government To Arraign Binance Executives Over ‘Tax Evasion’ On April 4

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On April 4, the federal authorities will file charges against senior executives of the cryptocurrency company Binance, Tigran Gambaryan, and Nadeem Anjarwalla, for allegedly engaging in “tax evasion.”

Anjarwalla is Binance’s regional manager for Africa, while Gambaryan oversees the company’s compliance with financial crimes.

The Federal Inland Revenue Service (FIRS) charged Binance with a crime on March 25th for “tax evasion.”

The service claims that the action is intended to maintain national economic integrity and fiscal discipline.

The lawsuit, designated as suit number FHC/ABJ/CR/115/2024, is said to “implicate Binance with a four-count tax evasion accusation”.

However, on Thursday, NAN reported the federal government will charge the three defendants before Emeka Nwite, the presiding judge, at the federal high court (FHC) in Abuja on a four-count charge.

Despite not being a vacation judge, according to the report, the chief judge granted the fiat for the judge to oversee the case during vacation because it is a matter of critical national interest.

The lawsuit comes a month after Anjarwalla and Gambaryan were detained by the Nigerian authorities.

Anjarwalla and Gambaryan had flown into Nigeria but had their passports seized by ONSA.

On March 12, Anjarwalla was transferred to a local hospital after he fell ill while in detention in Nigeria.

However, on March 25, Anjarwalla escaped from custody and fled Nigeria with a smuggled passport.

Meanwhile, Gambaryan, on March 28, sued Nuhu Ribadu, the national security adviser (NSA) and the Economic Financial Crimes Commission (EFCC), alleging violation of his fundamental rights.

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