Metro

‘It would be risky to release Binance executive from custody risky’, Nigerian govt says

Published

2 weeks ago

April 24, 2024

Nigeria’s anti-corruption agency, the Economic and Financial Crimes Commission (EFCC), believes admitting the detained executive of cryptocurrency firm, Binance Holdings Limited, Tigran Gambaryan, will be a big risk they are not willing to take.

The Commission which arraigned Gambaryan on Tuesday at the Federal High Court in Abuja, urged the presiding judge, Justice Emeka Nwite, to deny the bail application filed by Gambaryan and his legal team.

While presenting the agency’s position, the prosecuting counsel for the EFCC, Emeka Iheanacho, argued that it was too risky to admit the foreigner to bail following the experience with his co-defendant, Nadeem Anjarwalla, who escaped from the custody of the National Security Adviser (NSA) and fled to Kenya where he was rearrested by the Kenyan police last weekend.

“This court will be taking a grave risk to grant the defendant bail. This is also considering the fact that he has no attachment to any community in Nigeria,” Iheanacho said.

“The experience we have had with the man who escaped to Kenya while his United Kingdom passport is in Nigeria will certainly repeat itself if this defendant is granted bail.

“The 1st defendant (Binance) is operating virtually. The only thing we have to hold on to is this defendant. So, we pray My Lord to refuse bail to the defendant,” the EFCC prosecutor said.

Iheanacho further told the court that the agency had uncovered a plot hatched by Gambaryan to obtain a new passport to facilitate his escape from Nigeria after the EFCC had seized his passport within the same period that Anjarwalla fled the custody.

“There was an attempt by this defendant to procure another travelling document even when he was aware that his passport was in the custody of the state. He pretended as if the said passport was stolen.

“Because of the information we received, we ask that the defendant be kept in the EFCC custody so that he doesn’t escape. We will ensure that he is properly taken care of.

“Private inconvenience is preferable to public disgrace. My Lord, we urge this honourable court to refuse the bail request of the defendant and instead remand him in our detention facility.”

However, while Gambaryan’s bail application, his lawyer, Mark Mordi, said his continued detention was nothing but a purely state-sanctioned hostage taking as his client was being held by EFCC as a leverage to obtain information from his employer.

“He can’t go anywhere. The EFCC have his passport. Already, being here, unable to go meet his family, is enough torture.

“The proof of service does not contain one document that incriminates my client. I dare the prosecutor to bring it out for us to see.”

Mordi added the claim by the EFCC that his client was planning to escape from the country was a false and unreliable information based on hearsay and inadmissible evidence.

“The prosecution has not presented any credible evidence to establish why the defendant should not be granted bail,” he maintained, while praying the court to grant the defendant bail and stipulate conditions that would ensure his attendance at his trial.

After listening to presentations by both prosecutors, the Judge adjourned the case till May 17 for ruling.

Gambaryan and Binance Holdings Limited as well as Anjarwalla (in absentia), are being prosecuted by the EFCC on money laundering charges after they were accused by the anti-graft agency of concealing the source of the $35,400, 000 generated as revenue by Binance in Nigeria, knowing that the funds constituted proceeds of unlawful activity.

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Metro

Nigeria: Civil society group sues 36 govs, Wike over N5.9tn, $4.6bn loans

Published

17 hours ago

May 5, 2024

Akanimoh Etim

A civil society organisation in Nigeria, Socio-Economic Rights and Accountability Project (SERAP), has dragged the 36 state governors of the Federation and the Minister of the Federal Capital Territory (FCT), Nyesom Wike, to court over their failure to account for and publish agreements made in N5.9 trillion and $4.6 billion loans obtained by their states and the FCT respectively.

The lawsuit with the number FHC/ABJ/CS/592/2024, was filed on behalf of the group by its legal team comprising of Kolawole Oluwadare, Kehinde Oyewumi and Valentina Adegoke, at the Federal High Court, Abuja.

In a statement on Sunday confirming the suit, the CSO said it has “asked the court to direct and compel the 36 governors and Wike to account for the N5.9trn and $4.6bn loans obtained by their states and the FCT and to publish copies of the loan agreements, location of projects executed with the loans for the public to see.

According to SERAP, the suit is sequel to its earlier demand addressed to the 37 respondents in a statement issued by the organisation’s Deputy Director, Kolawole Oluwadare on March 31.

In the suit, SERAP prayed the court to “direct and compel the governors and Mr. Wike to invite the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission to investigate the spending of all the loans obtained to date by their states and the FCT.”

“It is in the public interest to grant the reliefs sought. Nigerians have the right to see and scrutinise the loan agreements and know the details of how the domestic and external loans obtained by the governors and FCT minister are spent,” it said.

“Opacity in the spending of the loans obtained by the governors and Mr. Wike would continue to have negative impacts on the fundamental interests of the citizens.”

SERAP further noted that many states in the country, including the FCT, had spent “public funds which may include the loans obtained by them to fund unnecessary travels, buy exotic and bulletproof cars and generally fund the lavish lifestyles of politicians.”

“According to the Debt Management Office (DMO), the total public domestic debt portfolio for the country’s 36 states and the Federal Capital Territory is N5.9 trillion. The total public external debt portfolio is $4.6 billion,” the group said.

It also accused the respondents of “allegedly mismanaging public funds which may include domestic and external loans obtained from bilateral and multilateral institutions and agencies.”

“SERAP demands transparency in the spending of the loans as they are fundamental to increase accountability, prevent corruption, and build trust in democratic institutions with the ultimate aim of strengthening the rule of law.

“The governors and the FCT Minister cannot hide under the excuse that the Freedom of Information Act is not applicable to their states and the FCT.

“Legal obligations to publish the information sought are also imposed by the provisions of the Nigerian Constitution and the African Charter on Human and Peoples’ Rights.”

Metro

Kenya: President Ruto hints at ‘dire’ weather outlook as Cyclone Hidaya nears

Published

1 day ago

May 4, 2024

Ifeoluwa Dada

President William Ruto has announced that the severe rains that have been plaguing Kenya for the past several weeks resulting in extensive floods and landslides that have claimed at least 210 lives are expected to intensify further this month.

Kenya, the largest economy in East Africa, has seen widespread destruction of roads, bridges, homes, and other infrastructure due to flooding. More people have died due to the floods than from the El Nino weather phenomena that occurred late last year.

“Sadly, we have not seen the last of this perilous period, as the situation is expected to escalate. Meteorological reports paint a dire picture,” Ruto said on Kenyan television. “Kenya may face its first-ever cyclone.”

According to the Igad Climate Prediction and Applications Centre, Cyclone Hidaya is predicted to make landfall in Tanzania, Kenya’s southern neighbour, on Saturday. It is forecast to bring with it winds of up to 100 mph and waves that are about eight meters (26 feet) high.

“This cyclone, named Hidaya, that could hit anytime now, is predicted to cause torrential rain, strong winds and powerful and dangerous waves,” Ruto said.

Ruto gave the order to evacuate landslide-prone areas earlier this week and relocate to safer terrain. The government has ordered the evacuation of residents in informal settlements adjacent to rivers and streams, as well as those living close to 178 dams and water reservoirs that are currently on the verge of spilling over.

He had announced that all schools would not reopen for the upcoming semester, which is scheduled to begin this week, until further notice. According to him, the Nairobi County government is coordinating closely with donors and humanitarian organizations to supply food and non-food resources to those affected by the flooding. The county has established 115 camps to house those who have been displaced.

Leaders of the opposition and human rights organizations have criticized Ruto’s government for how it handled the catastrophe.

Human Rights Watch alleged on Thursday that despite warnings from the Kenya Meteorological Department a year ago regarding the anticipated impact of flooding induced by El Nino, officials had not promptly implemented a national response plan.