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Magodo Estate Shut Again, Residents Protest Planned Demolition, Continuous Police Presence [PHOTOS]

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Following the continuous presence of over 50 armed policemen in the Magodo Phase 2 Estate area of Lagos State, the estate management has ordered a closure of the estate gates in protest against the planned demolition of property in the estate.

The policemen were said to have recently accompanied suspected land grabbers and members of a family who invaded the estate to claim possession of the property.

During the invasion, the group used red, brown, and blue inks to inscribe ‘ID/795/88 Possession Taken Today 21/12/21 by Court Order,’ on various properties on the estate.

The suspected family were said to have led the group and armed policemen to the estate to execute a Supreme Court judgement.

The group were about to invade the estate with a bulldozer when the estate management ordered a closure of the gate.

It was learnt that it took the intervention of the Governor, Babajide Sanwo-Olu before the gates were reopened as the Inspector-General of Police, Baba Usman, promised to withdraw the policemen.

Speaking with our correspondent, the Chairman of the estate, Bajo Osinubi, said the policemen had remained in the estate despite Sanwo-Olu’s intervention, adding that residents had been living in fear as the policemen move around with their weapons.

He added, “More than 50 armed policemen are still around and they are restless and didn’t go for Christmas and New Year. In the morning and evening, they carry their guns around and you can imagine what will happen if there is a disagreement between the group and residents and somebody was shot, what will be the reaction of the IGP.”

However, the Lagos State Government had described the invasion as unwarranted and vowed to prosecute those involved in the invasion.

Also, the Legal Adviser, Magodo Residents Association, Tunji Abdulhameed, while countering the judgment claim influencing the actions of the invaders, said there was no specification to the area, property, location of the plots of land in the judgment they got in 1993.

He added, “But for you to execute even when you get a judgment, you must still apply for a writ of possession and without it, you cannot enforce the judgment. So, when they applied for the writ of possession and it was approved, we challenged it and that was the time the residents association joined the case as we were not part of the case before they got the judgment.

“The essence of the closure of the gate was to create awareness to the public and to draw the attention of the government as to what is happening in Magodo so that we can get protection from them.”

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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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