The accusation by cryptocurrency exchange giant Binance that some officials demanded a $150 million bribe to resolve a criminal charge has been denounced by the Federal Government as blackmail. Minister of Information and National Orientation, Mohammed Idris, labeled the claims as baseless and part of a broader attempt by Binance to evade accountability for alleged criminal activities.
Binance’s Chief Executive Officer, Richard Teng, claimed that unidentified individuals acting on behalf of officials demanded the hefty sum in cryptocurrency to settle a tax evasion and money laundering case against the company and its officials. Teng alleged that this demand was made shortly after a meeting with lawmakers on January 8, 2024.
However, the House of Representatives refuted these claims, stating that they neither demanded nor collected bribes from Binance. The lawmakers asserted that such allegations could tarnish the reputation of the House and its members. They clarified that their committees did not engage with Binance executives, contrary to Teng’s assertions.
In response to the allegations, Minister Idris emphasized that the investigation against Binance in Nigeria focuses on allegations of money laundering, terrorism financing, and illegal trading activities. He stressed that the government would not yield to blackmail or coercion.
Idris contended that Binance’s allegations lacked evidence and were merely a diversionary tactic to deflect attention from the serious charges it faces in the country. He reiterated that the only way for Binance to clear its name would be to undergo an unobstructed investigation and judicial due process.
The government pledged to address the legal issues surrounding Binance’s operations in the country while maintaining adherence to laws and international norms, without succumbing to any form of blackmail.
Additionally, during Wednesday’s plenary, a member of the House of Representatives, Kama Nkemkanma, raised a ‘point of privilege’ to assert that the House never met with Binance executives or their agents, further challenging the credibility of Binance’s claims.
“This House can never allow itself to be talked down,” he said, as he charged the lawmakers not to take the allegation lightly.
Speaking after, the Speaker, Tajudeen Abbas, urged the Clerk of the House to take note.
“We need to use whatever media available to us to refute this allegation. Nothing like that has ever happened. No committee of the House has ever engaged this man,” he added.
The House also resolved to investigate the mysterious escape of the Head of the African Region of the cryptocurrency exchange company, Mr Nadeem Anjarwalla, from the custody of the National Security Adviser.
Abbas mandated the committees on Financial Crimes, National Security and Intelligence and Interior to investigate and report to the House in two weeks.
The House also directed the committees to investigate the personnel involved in the incident.
The directive followed the adoption of a motion moved by the member representing Aguata Federal Constituency, Anambra State, Mr Dominic Okafor.
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Leading the debate, Okafor noted that the Federal Government arrested and detained Anjarwalla on February 26, 2024, for alleged complicity in money laundering and terrorism financing.
According to him, “The two Binance executives were billed to appear in court on April 4, 2024, to answer to the alleged crimes against Nigeria before the security breach occurred, which led to the escape of one of the company’s executives in a very scandalous dimension.
“The persons suspected to have committed such atrocious crimes against the state of Nigeria with already over-burdened security challenges were kept in a guest house in Abuja, instead of lawful custody of the Department of State Service or any other approved custodial facility.
“The escape of the Binance executive from the Office of the National Security Adviser using a ‘smuggled passport’ is, to say the least, most disappointing, embarrassing and disturbing as it portrays the porosity of the security architecture of the country to the world.
“Weeks after the unfortunate escape and inability of the security forces to re-arrest Nadeem Anjarwalla, the Kenyan Police arrested him on April 22, 2024, as the International Criminal Police Organisation moved to extradite him to Nigeria soon to face the allegation levelled against the company.”
