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Kenyan court freezes $48.6m suspected to have been laundered by Nigerians

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A high court in Kenya has ordered the immediate freezing of bank accounts where the sum of $48.6 million was deposited on the suspicion that the amount was the proceed from laundered money in a fraud scheme perpetrated by some Kenyans and Nigerians allegedly backed by some powerful politicians.

According to Kenya’s Assets Recovery Agency (KARA), the millions were transferred from multiple offshore accounts, including Nigeria, into the accounts of three Kenyan companies, Remix Capital Ltd, OIT Africa Ltd and Avalon Offshore Logistics Ltd.

The amount, a total of Sh5.6 billion ($48.6 million) is currently frozen in two Kenyan banks including Equity Bank and UBA Kenya Ltd, after being flagged by the KARA.

The Agency noted that suspicions were raised when the directors of the companies who were Nigerian and Kenyan nationals, refused to explain the sources of the millions, leading to discrete investigation into the funds.

The Assets Recovery Agency has, however, petitioned that the is money should be forfeited to the Kenyan government.

“The pattern of transaction in the accounts in issue and the activities of respondents depict money laundering activities and this court ought to issue the orders sought,” the petition by the Assets Recovery Agency said.

A report by a local media privy to the discovery of the money said they were allegedly “laundered by two Kenyans and two Nigerians who are believed to have been used as fronts by some powerful Kenyan politicians.”

“The Assets Recovery Agency was tipped off after the millions were transferred from multiple offshore accounts (including Nigeria) into the accounts of these three Kenyan companies, Remix Capital Ltd, OIT Africa Ltd and Avalon Offshore Logistics Ltd.

“The agency received information on a suspected case of money laundering schemes and acquisition of proceeds of crime involving multiple money transactions conducted through the bank accounts of the respondents in US dollars and Kenya shillings mainly from foreign jurisdiction whose source has no legitimate explanation.

“Consequently, the agency obtained a court order to freeze the accounts in which the millions were deposited. The six accounts will remain frozen until the agency’s petition to have the money forfeited to the Kenyan Government is determined,” the media reported.

As further punishment, the two banks involved, Equity Bank and UBA Kenya, could face penalties from the Central Bank of Kenya for facilitating the ‘illegal’ transactions in line with Kenya’s anti-money laundering laws which require banks to report suspicious transactions to the appropriate authorities.

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Nigeria: Court insists Binance executive can face trial on behalf of firm

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In an ongoing tax evasion case, a Nigerian court decided on Friday that Binance executive, Tigran Gambaryan, may go to trial on the cryptocurrency exchange’s behalf.

Binance and executives Gambaryan, a U.S. citizen and head of financial crimes compliance, and British-Kenyan national Nadeem Anjarwalla, a regional manager for Africa, face four counts of tax evasion. They are also accused of participating in specialized financial transactions without a license and laundering more than $35 million in another case.

All of them have entered not-guilty pleas on the allegations of money laundering. Following the court hearing on Friday, Binance’s attorney chose not to comment. The attorney for Gambaryan was similarly silent.

“We are deeply disappointed that Tigran Gambaryan, who has no decision-making power in the company, continues to be detained,” a Binance spokesperson said in a statement on Friday after the court hearing.

“These charges against him are completely meritless. He should be freed while discussions continue between Binance and Nigerian government officials.”

Gambaryan is still being held while Anjarwalla left the nation in March. The office of Nigeria’s security adviser has declared that it is collaborating with Interpol to pursue Anjarwalla’s detention.

After its executives were imprisoned as part of a crackdown on cryptocurrencies in February after being invited to the African nation for talks with officials, the CEO of Binance has warned Nigeria of establishing a dangerous precedent.

Nigeria’s Federal Inland Revenue Service (FIRS) has announced that Gambaryan may face prosecution on behalf of the exchange; Binance has not been accused in the tax evasion case.

According to prior statements from Gambaryan’s attorney, Gambaryan was “neither a director, partner, nor company secretary” and did not have any formal authorization from Binance to take on the accusations on the firm’s behalf.

Judge Emeka Nwite decided on Friday that Gambaryan, who is Binance’s chief financial compliance officer and was lawfully designated to represent the company in a meeting in Nigeria, should be served with the charges against Binance.

On Wednesday, Gambaryan is scheduled to appear in court and enter a plea on Binance’s behalf. On Friday, Gambaryan’s request for bail in the money laundering case was turned down. As the nation struggled with ongoing dollar shortages, cryptocurrency websites became the go-to venues for trading the Nigerian naira. Nigeria has blamed Binance for its currency problems.

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Nigerian govt denies reports it plans to borrow pension fund for infrastructure

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The Nigerian government has denied reports that it plans to borrow the N20tn pension fund to finance infrastructural projects.

In a statement made in Abuja, Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, stated that the government would abide by the laws and guidelines in place pertaining to the pension fund.

Following a two-day Federal Executive Council meeting at the Presidential Villa on Tuesday, the minister reportedly informed reporters that the government would present a plan to use local funds, including the fund, to finance infrastructure development.

Edunstated that the government does not intend to exceed these legal boundaries, emphasising that the government was committed to protecting workers’ pensions.

“It has come to my notice that stories are making the round that the Federal Government plans to illegally access the hard-earned savings and pension contributions of workers. Nothing could be farther from the truth.

“The pension industry, like most the financial industries, is highly regulated. There are rules. There are limitations about what pension money can be invested in and what it cannot be invested in.

“The Federal Government has no intention whatsoever to go beyond those limitations and go outside those bounds which are there to safeguard the pensions of workers.

“What was announced to the Federal Executive Council was that there was an ongoing initiative drawing in all the major stakeholders in the long-term saving industry, those that handle funds that are available over a long period to see how, within the regulations and the laws; these funds could be used maximally to drive investment in key growth areas,” Edun clarified.

The plan to spend the pension fund was reported and was widely criticised. The Trade Union Congress of Nigeria and the Nigeria Labour Congress had earlier on Thursday urged the government to abstain from making any changes to the pension fund.

They stated, “Nigerian workers have entrusted their hard-earned savings for retirement security, not as a means for government projects. It is imperative to halt any further plans to tap into these funds, especially given the lack of transparency and accountability in past government borrowing practices.”

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