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EFCC takes over Binance probe, plans fleeing executive’s extradition
The Economy and Financial Crimes Commission has charged Binance Holdings Limited and two of its senior executives, Tigran Gambaryan, and Nadeem Anjarwalla – who is on the run, with $35,400,000 money laundering.
EFCC, which has now fully taken over the case from the Office of the National Security Adviser, has also detained Gambaryan, and has obtained a court warrant to arrest and extradite the escapee Anjarwalla.
The PUNCH can confirm that the anti-graft commission is partnering with the International Criminal Police Organisation, the United States’ Federal Bureau of Investigation, the government of the United Kingdom of Great Britain and Northern Ireland, and the Kenyan government, to effect the arrest and extradition of Anjarwalla, the fugitive who fled from lawful custody in Nigeria.
Following the takeover of the investigation into the alleged financial irregularities committed by Binance, the EFCC has filed five-count charges bordering on money laundering against the cryptocurrency giant and two of its executives, Anjarwalla and Gambaryan.
The court documents exclusively obtained by our correspondent revealed that the charges were filed on Thursday, March 28, 2024, before the Federal High Court of Nigeria, Abuja division.
The charges read, “That you, Binance Holdings Limited (“aka Binance”) Tigran Gambaryan, and Nadeem Anjarwalla (now at large), between January, 2023 and January, 2024 in Abuja within the jurisdiction of this Honourable Court carried on specialised business of other financial institution without valid licence and thereby committed an offence contrary to section 57(1) and (2) of the Banks and Other Financial, Institutions Act, 2020 and punishable under section 57(5) of the same Act.
“Count two, that you, Binance Holdings Limited (“aka Binance”) Tigran Gambaryan, and Nadeem Anjarwalla (now at large), between January, 2022 and January, 2024 in Abuja within the jurisdiction of this Honourable Court engaged in business of other financial institution (other than insurance, stock broking and pension fund management) without valid licence and thereby committed an offence contrary to and punishable under section 58(5) of the Banks and Other Financial Institutions Act, 2020.
“Count three, that you, Binance Holdings Limited (“aka Binance”) between January, 2022 and January, 2024 in Abuja within the jurisdiction of this Honourable Court not being an authorised dealer in Nigeria’s Autonomous Foreign Exchange Market used your virtual asset services platform to unlawfully negotiate foreign exchange rates in Nigeria and you thereby committed an offence contrary to and punishable under section 29(1) © of the Foreign Exchange (Monitoring And Miscellaneous Provisions) Act.
“Count four, that you, Binance Holdings Limited (“aka Binance”) Tigran Gambaryan, and Nadeem Anjarwalla (now at large), and other persons at large between January, 2023 and January, 2024 in Abuja within the jurisdiction of this Honourable Court conspired amongst yourselves to conceal the origin of the proceeds of your unlawful activities and thereby committed an offence contrary to section 21 (a) and punishable under section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
“Count five, that you, Binance Holdings Limited (“aka Binance”) Tigran Gambaryan, and Nadeem Anjarwalla between January, 2023 and December, 2023 in Abuja within the jurisdiction of this Honourable Court concealed the origin of a cumulative sum of $35,400, 000 generated as revenue by Binance in Nigeria knowing that the funds constituted proceeds of unlawful activity and you thereby committed an offence contrary to and punishable under section 18(3) of the Money Laundering (Prevention and prohibition) Act, 2022.”
Recall that the Federal Government, on Monday, contacted the International Criminal Police Organisation and issued an arrest warrant for the apprehension of one of the detained executives of a global crypto-currency firm, Binance, Nadeem Anjarwalla, who escaped from lawful custody on Friday.
This newspaper had reported that it gathered from the Office of the National Security Adviser that Anjarwalla, a suspect in the probe into the activities of Binance in Nigeria, used a Kenyan passport to escape, while his colleague was still in custody.
The escapee Binance official, who has British and Kenyan nationalities, escaped from Abuja through a Middle East airliner, as his firm in Nigeria confirmed that Anjarwalla was no longer in the country, adding that the company would cooperate with security agencies.
The escape shocked security agencies, as they revealed that the fleeing executive was kept in a ‘safe house’ guarded by soldiers, adding that the security guards on duty had been detained.
The Office of the National Security Adviser had confirmed the escape of Anjarwalla in a statement issued in Abuja on Monday by the Head of its Strategic Communication, Zakari Mijinyawa, who stated that preliminary investigation showed that the escapee fled Nigeria using a smuggled international passport.
He noted that efforts were ongoing to arrest the suspect.
The statement read, “The Office of the National Security Adviser confirms that Nadeem Anjarwalla, a suspect in the ongoing criminal probe into the activities of Binance in Nigeria, has escaped from lawful custody on Friday, March 22, 2024.
“Upon receiving this report, this office took immediate steps, in conjunction with relevant security agencies, Ministries, Departments, and Agencies, as well as the international community, to apprehend the suspect.
“Security agencies are working with Interpol for an international arrest warrant on the suspect. Preliminary investigation shows that Mr Anjarwalla fled Nigeria using a smuggled passport.”
Mijinyawa noted that the personnel responsible for the custody of Anjarwalla had been arrested, adding that investigations were ongoing to unravel the circumstances surrounding his escape.
“The personnel responsible for the custody of the suspect have been arrested, and a thorough investigation is ongoing to unravel the circumstances that led to his escape from lawful detention.
“Recall that the Federal Government of Nigeria, like other governments around the world, has been investigating money laundering and terrorism financing transactions perpetrated on the Binance currency exchange platform.
“Until his escape, Nadeem Anjarwalla, who holds British and Kenyan nationalities and served as Binance’s Africa Regional Manager, was being tried by Nigerian courts.
“The suspect escaped while under a 14-day remand order by a court in Nigeria. He was scheduled to appear before the court again on April 4, 2024,” the statement added.
The ONSA spokesperson urged Nigerians and the international community to help with information that could lead to the arrest of the suspect.
Mijinyawa said, “We urge the Nigerian public and the international community to provide whatever information they have that can assist law enforcement agencies to apprehend the suspect.”
Financial Times had on February 28, 2024, reported that two executives of the company were arrested and detained after they flew into the country as a result of a ban on their website.
On March 12, 2024, the FT reported that the EFCC asked Binance to share data on its 100 top users in Nigeria as well as all transaction history for the past six months.
According to the report, the request is at the centre of negotiations between Binance and Nigeria.
The PUNCH learnt that the escaped Binance executive fled Nigeria on his smuggled Kenyan passport.
Anjarwalla’s escape from custody last Friday steered controversy across the country since the news broke Monday morning.
The embattled Binance executive who is both a citizen of the United Kingdom and Kenya, had had his British passport seized by the Nigerian authorities.
However, in an exclusive interview with our correspondent on Monday night, the spokesperson for the Office of the NSA, Mijinyawa, revealed that Anjarwalla fled the country using his Kenyan passport.
Responding to an enquiry on the particular country’s passport used by Anjarwalla to escape from Nigeria, Mijinwaya said, “Kenyan. His other passport remains with the Nigerian authorities.”
Meanwhile, impeccable sources had earlier told our correspondents that Anjarwalla and his colleague, Tigran Gambaryan, were detained in a “safe house” guarded by heavily armed soldiers.
It was further revealed that the embattled crypto-currency gurus were detained on the order of the National Security Adviser, Nuhu Ribadu.
The high-placed security sources who confided in The PUNCH, also noted that some of the military personnel guarding the safe house had been detained.
“The escape of Mr Anjarwalla from custody came as a surprise to many of us in the security community. He wasn’t detained by the EFCC or the DSS, he and his colleague were detained in a ‘safe house’ guarded by heavily armed soldiers of the Nigerian Army, on the order of the NSA, Nuhu Ribadu,” one of the sources revealed.
Another source who also spoke on the condition of anonymity, said, “The soldiers who were on duty on the day he escaped have been detained and are being interrogated over the matter.
“The Office of the National Security Adviser is the one coordinating the poet, while other relevant security agencies, the EFCC, DSS, police, FIRS, are carrying out their own independent investigations and have been questioning the Binance executives at the ‘safe house’ which is being guarded by the military.”
However, the Nigerian Immigrations Service and the Nigeria Police Force, have been silent on the development.
Anjarwalla, 38, escaped on Friday, March 22, 2024 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.
Authorities are also said to be working to unravel his intended destination in a bid to get him back into custody.
An Immigration official said the Binance executive fled Nigeria on a Kenyan passport. He, however, said authorities were trying to determine how he obtained the passport, given that he had no other travel document (apart from the British passport) on him when he was taken into custody.
Another source said the two officials were held at a “comfortable guest house” and allowed many rights, including the use of telephones, a privilege Anjarwalla is believed to have exploited to plot an escape.
Anjarwalla and Tigran Gambaryan, a US citizen overseeing financial crime compliance at the crypto exchange platform, were detained upon their arrival in Nigeria on February 26, 2024.
A criminal charge was filed against the two executives before a Magistrate Court in Abuja. On February 28, 2024, the court granted the Economic and Financial Crimes Commission an order to remand the duo for 14 days.
The court also ordered Binance to provide the Nigerian government with the data/information of Nigerians trading on its platform.
Following Binance’s refusal to comply with the order, the court extended the remand of the officials for an additional 14 days to prevent them from tampering with evidence. The court then adjourned the case till April 4, 2024.
Also on March 22, the Nigerian government approached the Federal High Court in Abuja and slammed another four-count charge on Binance Holdings Limited, Anjarwalla, and Gambaryan, accusing them of offering services to subscribers on their platform while failing to register with the Federal Inland Revenue Service to pay all relevant taxes administered by the service.
And in so doing, they committed an offence, contrary to and punishable under Section 8 of the Value Added Tax Act of 1993 (as Amended).
The defendants were also accused of offering taxable services to subscribers on their trading platform while failing to issue invoices to those subscribers to determine and pay their value-added taxes and, in so doing, committed an offence contrary to and punishable under S.29 of the Value Added Tax Act of 1993 (as amended).
Count three of the charges accused the three defendants of offering services to subscribers on their Binance trading platform for the buying and selling of cryptocurrencies and the remittance and transfer of those assets while failing to deduct the necessary Value Added Taxes arising from their operations and thereby committing an offence contrary to and punishable under Section 40 of the Federal Inland Revenue Service Establishment Act 2007 (as amended).
The last count of the charges wants the defendants punished for allegedly aiding and abetting subscribers on their Binance trading platform to unlawfully refuse to pay taxes or neglect to pay those taxes and, in so doing, committing an offence contrary to and punishable under the provisions of S.94 of the Companies Income Tax Act (as amended).
The Nigerian government had, in the past three months, been cracking down on suspected money launderers and terrorism financiers, some of whom it alleged were using the Binance platform for criminal activities.
The Nigerian government said over $21.6bn was traded by Nigerians whose identities were concealed by Binance.
The government also claimed its investigations revealed that unscrupulous elements were using Binance for money laundering, terrorist financing, currency speculation, and market manipulation, distorting the Nigerian economy and weakening the naira against other currencies
The detention of Binance officials in Nigeria began months after the crypto exchange platform pleaded guilty and agreed to pay $4.3bn to settle criminal money laundering charges levied by the US Department of Justice.
Binance founder and CEO Changpeng Zhao, also known as CZ, pleaded guilty and agreed to resign. His criminal trial has been postponed to April 30, 2024, by a US court. (PUNCH)
…Harps on discipline, professionalism
The Enugu State Forest Guard has issued a new Order introducing comprehensive standards governing the dress code, operational turnout, accoutrements, corporate identity, discipline, and professional appearance of all officers and operatives of the Corps.
The new policy issued entitled Headquarters Standing Operational Order No. 178/2026 was announced by the the Commander of the Enugu State Forest Guard, Dr. Akinbayo Olasoji, in Enugu.
He said the reforms are fully aligned with the vision of the Governor of Enugu State, Dr. Peter Ndubuisi Mbah, to build a disciplined, intelligence-driven, technologically enabled, and highly professional security architecture capable of safeguarding lives, property, forests, and other critical assets across the State.
In statement issued by the Geraldine Chiagozie, an Assistant Superintendent of Forest Guard, Olasoji said the Order forms part of the ongoing institutional reforms aimed at strengthening discipline, reinforcing command and control, enhancing operational professionalism, and projecting a distinctive corporate identity for the Corps.
“As the operational activities of the Forest Guard continue to receive increasing public visibility through field operations, community engagements, television, radio, newspapers, and digital media platforms, it has become imperative to institutionalize uniform standards that reflect the discipline, professionalism, and values expected of a modern government security organization.
“The Standing Operational Order prescribes approved uniforms and their designated days of wear, operational dress for bush-combing and other field deployments, standards for approved accoutrements, lanyards, rank insignia, footwear, and personal grooming. It also establishes special dress codes for Administrative Officers and the Provost Unit to promote uniformity, professionalism, and easy identification throughout the Corps.
“The Order further prohibits the wearing of unauthorized uniforms, civilian attire (mufti) without authorization while on official duty, unauthorized footwear, and the use or public display of improvised wooden weapons during official assignments.
‘It emphasizes that only Headquarters-approved uniforms, equipment, and accoutrements shall be worn by personnel in the discharge of official duties.
“To ensure strict compliance, Directors, Senatorial Commanders, Zonal Commanders, Heads of Departments, Unit Commanders, and Sector Officers have been directed to conduct regular inspections before office duties, patrols, bush-combing operations, ceremonial activities, media engagements, and other official assignments. The Provost Unit has also been mandated to monitor compliance and enforce the provisions of the Standing Operational Order across all Commands and Units of the Corps,” the statement explained.
Meanwhile, the Commander of the Forest Guard, has also provided more insights into the significance of the initiative.
“Discipline begins with appearance. A professional security organization must be instantly recognized by its smart turnout, uniformity, discipline, and operational readiness. This Standing Operational Order is therefore not merely about uniforms; it is about strengthening our institutional culture, promoting accountability, reinforcing public confidence, and ensuring that every officer and operative represents the Government of Enugu State with dignity, honour, and professionalism,” the statement quoted Dr. Olasoji as saying.
The Commander reaffirmed the unwavering commitment of the Enugu State Forest Guard to continuous institutional improvement, operational excellence, intelligence-led security operations, respect for the rule of law, and effective collaboration with communities and other security agencies in promoting peace, public safety, and sustainable development throughout Enugu State.
Meanwhile, the Headquarters Standing Operational Order takes immediate effect, and all Commands and Units have been directed to ensure immediate and full compliance with its provisions.
…Allays fears of abuse, says no one would be governor forever
Governor Peter Mbah of Enugu State has called for financial autonomy and investment in modern security infrastructure for state police services when created, stressing the need for any legal framework for state police to take into account the need for national standards, national support, local capability and local decision-making.
Mbah made his position known during the town hall themed, “Building a National Consensus for State Police and National Security,” organised by Arise News in Abuja on Thursday.
The governor emphasised that prioritising security through adequate funding for state police services and investment in technology would enable those responsible for security at the subnational level to deliver the expected outcomes.
“The importance of funding the state police system effectively cannot be overemphasised. And having a State Police Service Commission that has a first-line charge on the Consolidated Revenue Fund is in order.
“Many other institutions in the states – the judiciary and the legislature – have the first-line charge. The key thing is providing enough funding to be able to sustain the state policing system,” he said.
Sharing the Enugu State experience on the importance of prioritising security, he recalled that at the inception of his administration in 2023, the state was under siege, with nightlife gone, some areas even in the state capital barricaded, Mondays gone, while many students lost an entire academic year, as they could not sit important final-year examinations due to the illegal sit-at-home orders.
“If the Enugu experience is anything to go by, we came into office recognising that we had made commitments to eradicate poverty, to grow the economy exponentially, to make Enugu State the preferred destination for business, living, and investment.
“We immediately recognised that if we didn’t address the security challenges, we could not achieve those objectives. Therefore, we had to invest hugely in technology, in building a Safe City Surveillance System with CCTV cameras that are AI-enabled, as well as having both static and mobile cameras. All these come with huge costs.
“But the human element is also important, which is essentially why we had to set up the Distress Response Squad (DRS). As a governor, you want immediate action because matters of security are measured in minutes. You must be in a position where you are able to act swiftly.
“So, you must build the capability to first nip crime in the bud. But where there has been a breach, you must have the capacity to act swiftly. And if the Enugu experience is anything to go by, that essentially is what we did that enabled us to drive down violent crime by over 90 per cent.
“Therefore, when you talk about funding, you can see that the states are already carrying quite a huge burden in terms of funding, because you are investing in technology.
“We also ensured that there is a unified communication system between the agencies. Our Command and Control Centre houses all the security agencies in the state – the police, the army, and the Department of State Services. They all have a channel of communication,” he stated.
Governor Mbah also called for a constitutional provision that guarantees state police while preserving the details for an Act of the National Assembly to allow for amendments in the future without going through the rigours of constitutional amendment.
“So, in amending the Constitution, we must, by all means, make sure that it is not verbose. There should be a provision that allows us to reform the system in future, if needed, when we have tried it,” he said.
Mbah also stressed the need to focus on operational authority for state police rather than on watering down the powers of governors, who would be in office for a maximum of eight years only.
“By the way, there is this idea that governors are likely to abuse state police and that we should, therefore, do as much as we can to water down their powers.
“Nobody is a governor forever. We are also going to one day leave that office and become regular citizens. We just want to be sure that there is enough operational authority given to the governors so that you do not give someone a performance target without providing him or her with the control needed to achieve the required outcome,” he concluded.
The Minister of Defence, Christopher Musa, has disclosed that the Federal Government increased the minimum monthly salary of Nigerian soldiers from N49,000 to N100,000 as part of ongoing efforts to improve the welfare of military personnel.
Musa made the disclosure during an interview with News Central on Wednesday ahead of the station’s NC Exclusive programme scheduled for Friday.
He described the development as one of the welfare improvements introduced by the current administration for military personnel.
“When they started, a soldier was collecting N49,000 monthly. We tried so hard, now he’s collecting N100,000,” the minister said.
For decades, concerns over poor salaries, inadequate accommodation, delayed benefits and rising living costs have dominated discussions on military welfare.
Musa also dismissed allegations that soldiers were being poorly fed, describing claims circulating on social media as misleading.
Referring to a viral video involving a military officer identified as Justice Crack, he alleged that the footage was deliberately manipulated to create a false impression about the quality of meals served to troops.
“The soldier’s food was okay. There was meat; there was all this. But he told them to pull out those things and make it look as if those things were not there,” he said.
The minister’s remarks come as the Federal Government continues to pursue a mix of welfare reforms, increased security spending and renewed military operations aimed at improving the effectiveness of troops battling insecurity across the country.
But calls persist for greater investment in equipment, intelligence gathering and personnel welfare.
Musa maintained that Nigeria’s defence allocation remains inadequate to meet the enormous demands placed on the Armed Forces.
Responding to a question on whether the current defence budget was sufficient, he replied, “It’s not enough.”
He noted, however, that the government would continue investing in the welfare and operational capacity of the military to enable personnel to respond more effectively to the country’s security challenges.
The minister also advocated tougher punishment for kidnappers, calling for the introduction of the death penalty to discourage the growing wave of abductions across the country.
According to him, existing sanctions have failed to deter perpetrators.
“I think we should do that. There must be deterrence. The laws are soft, and that’s why people take advantage.If they know once you commit an offence, there must be punishment,” he said.
Speaking on the recent abduction of schoolchildren in Oyo State, Musa alleged that the kidnappers were attempting to pressure the military into releasing some of their commanders currently in custody.
Describing the incident as unfortunate, he said the abductors had resorted to using innocent children as bargaining tools.
“It’s a very sad event. Unfortunately, bad things do happen. For whatever reason, they are looking for leverage because we have some of their commanders with us, and they feel taking these kids and holding them to ransom will make us release their commander,” he said.
He further claimed that the kidnappers had threatened to kill the victims should security forces move closer to their hideout.
“They are now threatening that if we come any closer, they’re going to kill all the kids,” the minister added.
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