Connect with us

VenturesNow

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

Published

on

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.

VenturesNow

Nigeria’s Dangote Refinery exports first fuel to Cameroon

Published

on

 

The Dangote Refinery in Nigeria said on Wednesday that it had exported its first petrol to Cameroon, marking a significant milestone that may help stabilise gasoline costs throughout the region and open the door for regional energy integration.

When fully operational, Nigerian billionaire Aliko Dangote’s 650,000-barrel refinery in Lagos is intended to alter the trade of refined products in the Atlantic basin and compete with refineries in Europe.

According to a statement by Neptune Oil, an energy company based in Cameroon, both businesses were looking into new projects to create a dependable supply chain that would assist in stabilising fuel costs and opportunities throughout the area.

According to Neptune Oil, there were no middlemen involved in the petrol delivery deal.

It is anticipated that the refinery’s operations will spur growth in the upstream, midstream, and downstream sectors, increasing investments in cement manufacture, plastic and rubber production, chemical and pharmaceutical goods, and oil refining.

 

Continue Reading

VenturesNow

Egypt’s November inflation drops to 25.5%, near 2-year low

Published

on

According to figures released Tuesday by statistics agency CAPMAS, Egypt’s annual urban consumer price inflation rate fell more than anticipated to 25.5% in November, the lowest level since December 2022.

Following the Russian invasion of Ukraine, which caused international investors to pull billions of dollars out of Egyptian treasury markets, inflation started to rise sharply in early 2022.

In September 2023, headline inflation reached a record high of 38.0%. It dropped to 26.5% by October 2024.

In a Reuters survey last month, 15 economists’ consensus prediction was for annual inflation to gradually decline to 26.4%.

According to CAPMAS statistics, headline inflation decreased from 1.1% in October to 0.5% in November every month.

Compared to October, when they fell 1.1%, food costs fell 2.8% over the month, making them 23.3% more than they were a year ago.

An increase in the money supply has been a major contributor to inflation. According to central bank data, Egypt’s M2 money supply increased by 29.54% in October compared to the same month last year.

Continue Reading

EDITOR’S PICK

Sports10 hours ago

Meet the final five nominees for CAF Men’s Player of the Year 2024

As football enthusiasts eagerly await the CAF player of the year award in Marrakech, Morocco, on Monday, December 16, the...

Tech11 hours ago

7th Africa Tech Summit set to hold in Nairobi in February

All is set for the seventh edition of Africa Tech Summit Nairobi, powered for the second consecutive year by Nigerian...

Culture14 hours ago

Niger authorities suspend BBC Radio

The military authorities in Niger Republic has suspended BBC Radio for three months for allegedly “spreading false news” in its...

Metro14 hours ago

Zambian govt assures of adequate maize stocks as concerns mount over food security

The Zambian government has assured its citizens that the country has adequate and sufficient maize stocks to last at least...

Metro14 hours ago

FBI arrests Nigerian fraudster on its most-wanted list over $6m email scam

The Federal Bureau of Investigation (FBI) has arrested a 37-year-old Nigerian fraudster, Abiola Kayode, over an alleged $6 million email...

Musings From Abroad1 day ago

Zimbabwe at risk of fresh dry season after El Nino, WFP warns

The United Nations World Food Programme has warned that Zimbabwe looks to be on the verge of another dry season...

Musings From Abroad1 day ago

Mali rights group accuses Russian mercenaries of civilian atrocities

According to a study released on Thursday by Human Rights Watch, following the withdrawal of a United Nations peacekeeping mission...

Politics1 day ago

Ethiopia, Somalia agree to resolve Somaliland port conflict

Ethiopia and Somalia agreed to cooperate in settling a disagreement over Addis Ababa’s proposal to construct a port in Somaliland....

VenturesNow1 day ago

Nigeria’s Dangote Refinery exports first fuel to Cameroon

  The Dangote Refinery in Nigeria said on Wednesday that it had exported its first petrol to Cameroon, marking a...

Metro2 days ago

Lungu: Zambian law association calls for respect of court decisions

The Law Association of Zambia (LAZ) has called on citizens to respect court decisions amid widespread criticism over the barring...

Trending