VenturesNow

One of the two arrested Binance executives reportedly escapes from custody in Nigeria

Published

9 months ago

March 25, 2024

One of the two executives of the exchange platform, Binance has escaped from detention in Nigeria according to sources cited by Premium Times.

The 38-year-old Nadeem Anjarwalla, who was detained in Nigeria for alleged tax evasion and other offences, escaped on Friday, 22 March, from the Abuja guest house where he and his colleague were detained after guards on duty led him to a nearby mosque for prayers in the spirit of the ongoing Ramadan fast.

On February 26, 2024, upon their arrival in Nigeria, Mr Anjarwalla, the regional manager for Binance in Africa, and Tigran Gambaryan, a US citizen in charge of financial crime compliance at the cryptocurrency exchange platform, were taken into custody.

The two executives were charged with a crime in an Abuja Magistrate Court. The Economic and Financial Crimes Commission (EFCC) was permitted by the court on February 28, 2024, to remand the two individuals for 14 days. The Nigerian government was also required by the court to receive data and information about Nigerians who trade on Binance’s platform.

Even though Mr. Anjarwalla entered Nigeria using a British passport that is currently in the possession of Nigerian authorities, it is still unknown how he was able to board a foreign flight. According to an immigration official, the Binance executive used a Kenyan passport to leave Nigeria. Given that he was only carrying the British passport when he was apprehended, he claimed that police were attempting to ascertain how he got the passport.

The CBN governor informed reporters last month that Binance is under investigation in Nigeria due to “suspicious flows” of cash through Binance Nigeria in 2023. Government organizations such as the Securities and Trade Commission of the nation are already wary of the cryptocurrency trade.

Crypto exchanges in Nigeria are viewed with mistrust, according to CBN head Olayemi Cardoso. “We are concerned about certain practices that suggest illicit flows passing through several of these entities—flows that are, at most, suspicious,” he stated to the local media on February 27.

“In the case of Binance, in the last year alone, $26bn has passed through Nigeria from sources and users who we cannot adequately identify,” Cardoso said.

Over the last three months, the Nigerian government has been taking strong action against individuals it believes are financing terrorism and money laundering, some of whom it claims are utilizing the Binance platform for illicit purposes.

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”