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Sierra Leonean Woman, Nora Johnson, Co-Conspirators Refund N507m

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Following the recent updates sources within the Economic & Financial Crimes Commission (EFCC) have confirmed that N507m has been recovered from Nora Johnson, the Sierra Leonean woman involved in a case of multi-million naira fraud against her former employers, and her co-conspirators.

It was gathered that while Nora Johnson refunded N100m on account of her involvement in the fraud to the EFCC, some of the conspirators in the years-long racket refunded N400m, another accused person refunded N7m on behalf of Nora Johnson.

However, Nora Johnson, according to the EFCC source, reneged on paying the expected balance, which led to her present predicament.

Nora Johnson came into public consciousness days back when she did a video wailing about the confiscation of her house.

It would emerge that Justice A. Lewis Allagoa, Presiding Judge, Federal High Court (Lagos Division) had ordered that the EFCC should take possession of all properties and bank accounts owned by Johnson and five others.

This followed an application on behalf of the Federal Government of Nigeria by the EFCC, which charged her to court and subsequently led to the interim forfeiture of her assets on the order of Justice A.M. Liman on February 16, 2021.

However, on March 21, 2021, Ms Johnson and the other respondents: Babajide Aremu Johnson, Olabose Ibrahim Falobi, Steve Nnamdi Izebu, Steve Ibem, and Bakoliza Limited went to court to suspend or stay execution on Justice Liman’s order. They had sought the following: an order to discharge the interim order of forfeiture of assets, an order discharging the final forfeiture, and any other orders as deemed fit by the court.

In his judgment after hearing J.O. Adeyemi Esq, Counsel for the Applicant/Respondent and V.C. Nwokafor Counsel for the 1st, 2nd and 6th Respondents/Applicants, Justice Allagoa ordered that the motion of Ms. Olumide and the other respondents dated March 12, 2021, be set aside.

The judgment, delivered on July 14, 2021, stated further: “That the order of Justice Liman stands in all its ramifications” and “That the Economic and Financial Crimes Commission (EFCC) is entitled to take possession of all that property subject of the Order of my Lord A.M. Liman on the 16th day of February 2021.”

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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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