In response to the charge that he authorised the printing of N684.5 million at the rate of N18.96 billion, Godwin Emefiele, the troubled former governor of the Central Bank of Nigeria, has entered a not guilty plea.

Emefiele made these remarks on Wednesday during his arraignment by the Economic and Financial Crimes Commission, in front of Judge Maryann Anenih of the FCT High Court in Abuja, on a four-count charge.

The EFCC accused Emefiele of violating the law with the intention of harming the public when he carried out the former President Muhammadu Buhari’s naira swap policy, according to the four-count allegation brought against him.

The anti-graft agency also accused Emefiele of unlawfully approving the withdrawal of N124.8 billion from the Federation’s Consolidated Revenue Fund.

More to come…

The House of Representatives committee on financial crimes claims that Binance’s bribery claim is a ploy to deflect criticism away from the purported crimes committed against them in Nigeria.

The largest cryptocurrency company claimed on Tuesday that certain unidentified individuals in Nigeria have requested large payments in digital currency in order to “make their problems in the country go away.”

Background

The house committee on financial crimes has been investigating Binance for multiple crimes, including alleged money laundering, illegal operations, financial terrorism, and tax evasion.

On February 28, the federal government detained two top executives of Binance, as part of a probe into illegal operations in the country and forex manipulations.

The detained executives included Nadeem Anjarwalla, a 37-year-old British-Kenyan and Binance’s regional manager for Africa; and Tigran Gambaryan, a 39-year-old US citizen and Binance’s head of financial crime compliance.

Anjarwalla escaped from custody in March but was reportedly rearrested in Kenya in April.

On March 5, the Nigerian government filed a criminal charge against Binance for “tax evasion”, the same period Anjarwalla escaped detention.

Last Wednesday, the house of representatives denied demanding bribe from Binance, saying “nothing like that has ever happened”.

‘Binance Blackmailing Lawmakers’

Addressing a press conference on Tuesday, Ginger Onwusibe, chair of the committee, said the bribery allegation by Binance is a red herring.

“The sophisticated criminality of Binance is clearly demonstrated by its actions in organising and carrying out the escape from the lawful custody of the office of the national security adviser (ONSA) and the Economic and Financial Crimes Commission (EFCC) on the 23rd day of March 2024, of its employee, Mr Nadeem Anjarwalla, using forged Kenyan passport while his genuine British passport is still in the custody of the authorities,” Onwusibe said.

“It is important to emphasize that Nigerian security and regulatory agencies such as the ONSA, EFCC, NFIU, SEC, and  CBN were already investigating the alleged criminal activities of Binance independent of the petitions before the committee.

“Clearly, the criminal activities of Binance in Nigeria had gained notoriety. Indeed, the criminal activities of Binance is not just a Nigerian issue but a global problem.

“The committee will continue with its functions and assignments undeterred.

“We recognise that the blackmail by Binance is merely an attempt to distract and draw attention away from the serious allegations of criminality against it which is now compounded by its role in the security breach of the sovereign Nigerian state.”

The committee said it will continue its work with “integrity, transparency and competence” and will not be “diminished or deflated by the shenanigans of Binance and other enemies of Nigeria”.

Credit: The Cable

Nigeria now holds authority over extra square miles of ocean area, according to the United Nations (UN).

Nigeria submitted a proposal for an extended continental shelf through the High Power Presidential Committee (HPPC) in 2009.

Committee member and marine scientist Larry Awosika informed President Bola Tinubu that the permission was the result of years of painstaking study on geography, geology, and geophysics.

He continued by saying that the legal claims Nigeria has over a sizable portion of the seabed and subsoil outside of its traditional territorial seas have been strengthened by diplomacy.

Awosika spoke on Tuesday in Abuja while presenting the approval report alongside other members of the HPPC, according to a statement issued by Ajuri Ngelale, presidential spokesperson.

The professor said the economic potentials of the newly acquired territory are vast, including increased investments in hydrocarbons, gas, solid minerals, and a wide variety of sedentary species.

Aliyu Omar, committee secretary, said the new approved area “is about 16,300 square kilometres, which is about five times the size of Lagos State”.

Omar added that the official notification of the decision was conveyed to Nigeria by the UN Commission on the Limits of the Continental Shelf (CLCS) in August 2023, shortly after Tinubu assumed office.

”The first option is to take the area gained and finalize the registration with the UN Secretary-General and close everything, meaning that we are satisfied with what we got. This will take at least one year,” the surveyor said.

”The second option is to take what we have right now, acquire more data, do a support write-up, and make a revised submission as recommended by CLCS for further consideration. This will take another four years.

”Either way, Nigeria will keep what has been approved.’’

Tinubu lauded the achievements, saying it reflects Nigeria’s economic and strategic interests.

‘‘This is big congratulations for Nigeria,’’ he said.

”I commend the team, and we must take advantage of this and invite you again to have a repeat of this knowledge exploration on geography, hydrography, and the marine life.

”Nigeria is grateful for the efforts that you put into gaining additional territory for the country without going to war. Some nations went to war, lost people and economic opportunities.”

Tinubu said his administration will continue to pursue the best options for the country.

Femi Gbajabiamila, chief of staff to the president; Adegboyega Oyetola, minister of marine and blue economy; and Hassan Tukur, HPPC chairman; also attended the meeting.