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Binance breached Nigerian law, operated Naira P2P in exchange of crypto assets – Witness

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Detained Binance executive, Tigran Gambaryan
Detained Binance executive, Tigran Gambaryan
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A Director with the Security and Exchange Commission (SEC), Abdulkadir Abbas, on Friday, told a Federal High Court, Abuja how Binance Holdings Ltd breached the Nigerian law to operate naira peer-to-peer services in exchange of crypto assets.

Abbas, the Director of Registration, Exchanges and Market Infrastructure Department at SEC, disclosed this while testifying before Justice Emeka Nwite in the trial of Binance and two of its officials on a charge bordering on money laundering.

Abbas, the 1st prosecution witness (PW1), said that due to the large number of Nigerian users, who were leveraging on the model, it adversely affected the official exchange rate.

“As a matter of fact, the Binance platform became a reference point for determining the exchange rate,” he added.

The News Agency of Nigeria (NAN) reports that the Economic and Financial Crimes Commission (EFCC) had filed a 5-count charge against Binance and Tigran Gambaryan as 1st and 2nd defendants, while listing Nadeem Anjarwalla as being at large.

Led in evidence by prosecuting lawyer, Ekele Iheanacho, Abbas said the operations of company negatively impacted Nigeria’s financial system.

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The director, who is the 1st prosecution witness (PW1), told the court that not only did Binance operate in Nigeria illegally, its mode of operation circumvented the normal currency trading route put in place by regulators.

The witness said he met Gambaryan once during a meeting at the office of the National Security Adviser (NSA).

Abbas said Binance and its officials were invited by the NSA to the meeting to discuss its operations and the impact on the Nigerian economy.

“At the meeting, it was clearly observed that the 1st defendant (Binance)’s mode of operation is against the provision of the Investment and Securities Act, 2007

“Apart from not being registered in Nigeria and making public solicitation without authorisation, the 1st defendant operates a naira peer-to-peer (P2P) in exchange of crypto assets.

“The naira P2P being deployed in the transaction, circumvent the normal trading route.

“This is because the Central Bank of Nigeria (CBN) has banned banks from providing certain settlement platforms for crypto exchange.

“As a result of the naira P2P deployed by Binance, and coupled with the large number of Nigerian users, who were leveraging on that model, it adversely affected the official exchange rate,” he said.

According to him, the naira P2P model created uncertainty and high level of volatility in the exchange rate as Nigerian users trade arbitrarily on the platform, thereby impacting negatively on financial system stability.

“The naira P2P rate quoted on Binance’s platform, is not referencing any official rate and its continuous operation affects the value of our naira.

“This was one of the serious concerns raised at the meeting we had at the office of the NSA,” the PW1 said

He added that the rate at which naira was being sold on Binance’s platform had no relationship with the official exchange rate.

Abbas said the rate on Binance’s platform was not driven by any fundamentals, adding that it got to a stage where the value of the naira was determined based on the rate quoted on Binance’s platform.

He said the rate had no correlation or relationship with the official rate.

He said by operating its platform, which was not registered or regulated by the SEC in Nigeria, Binance was in breach of the extant provisions of the Investment and Securities Act, 2007

“In addition, by making public solicitation to Nigerians without due authorisation by the SEC, the 1st defendant violated the Investment and Security Act,” the witness said.

At the conclusion of his evidence-in-chief, lawyer to Binance, Babatunde Fagbohunlu, SAN, said he needed to retrieved some documents from the court with which he planned to cross examine the witness.

Fagbohunlu said he submitted an application to that effect earlier in the day, which was not yet approved.

He sought a short stand down to enable him confirm if his application was approved and if the documents could be made available to him.

Justice Emeka Nwite noted that since his application was filed today, it might be difficult to have it approved if the case was stood down.

Justice Nwite elected to adjourn till May 23 at 12 noon for cross examination.

NAN reports that Anjarwalla, who was in lawful custody with Gambaryan, escaped and fled the country on March 22.(NAN)

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26-year-old Lawyer dies while celebrating Ghana’s World Cup victory over Panama

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A 26-year-old lawyer, Sara Araba Tettey, has tragically died while celebrating Ghana’s World Cup victory over Panama.

Tettey, a newly qualified lawyer and alumna of the Faculty of Law at Kwame Nkrumah University of Science and Technology (KNUST), was among millions of Ghanaians rejoicing over the Black Stars’ triumph when tragedy struck.

According to reports, she suffered a cardiac arrest while watching the match with friends at Standard Hostel, a private student hostel located at Bomso near the KNUST campus in Kumasi.

Witnesses immediately rushed her to the KNUST Hospital, where medical personnel reportedly spent about 45 minutes administering Cardiopulmonary Resuscitation (CPR) in a desperate attempt to save her life. Sadly, all efforts proved unsuccessful, and she was pronounced dead.
Tettey had only recently been called to the Ghana Bar, making her sudden death even more heartbreaking for family, friends, colleagues, and members of the legal community.

News of her passing has spread rapidly across the country, casting a shadow over what had been a moment of national celebration. While Ghanaians continue to celebrate the Black Stars’ victory, many are also mourning the loss of a promising young professional whose life was cut short.

The tragic incident has once again highlighted the importance of emergency preparedness and rapid medical response during large public and social events.

What should have been a day remembered solely for Ghana’s sporting success has instead become a day marked by both celebration and sorrow.

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Shocking! Vandals excavate, steal 3km of Port Harcourt–Kaduna Pipeline after spending months in South-East forest

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A petroleum product pipeline
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A major national security and economic sabotage has unfolded in Nigeria’s South-East as suspected pipeline vandals have excavated and removed more than three kilometres of a strategic high-pressure petroleum pipeline.

The pipeline transports refined petroleum products from Port Harcourt, Rivers State, to Kaduna in Northern Nigeria.

An investigation revealed that the large-scale vandalisation occurred in remote forests straddling Eha-Amufu in Isi-Uzo Local Government Area of Enugu State and Obeagu Community in Ishielu Local Government Area of Ebonyi State, raising serious questions about security oversight and the protection of critical national infrastructure.

The affected pipeline forms part of Nigeria’s vital petroleum distribution network, conveying petroleum products from the Port Harcourt refinery corridor through several states to northern parts of the country.

During a visit to the scene, SaharaReporters observed extensive excavation trenches stretching across difficult terrain, with evidence suggesting that the operation was carried out over an extended period rather than as a hit-and-run criminal activity.

The scale of the operation indicates a highly organised network involving specialised equipment, logistics support and detailed knowledge of the pipeline route.

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Reaching the vandalised section underscored the remoteness of the operation. It took the media over three hours and twenty minutes to reach the area by motorcycle.

At one point, the journey became impossible by road, forcing our crew and the commercial motorcyclist conveying them to abandon the motorcycle and trek more than two kilometres through a dense forest before arriving at the site.

At the scene, large sections of the pipeline had already been excavated and removed, leaving behind deep trenches and signs of heavy mechanical activity.

Residents of both Eha-Amufu and Obeagu communities alleged that the operation was masterminded by a businessman in Ebonyi State, whose identity could not be ascertained at the time of filing this report.

According to multiple sources familiar with the operation, the suspect allegedly mobilised dozens of workers from Abakaliki area of Ebonyi State and established a makeshift camp inside the forest for weeks or even months, while the excavation progressed.

One source told SaharaReporters: “I don’t know his real name. He came with more than 50 able-bodied men from Izzi. They spent over two months inside the bush excavating the pipeline.”

The source added that after exposing the buried infrastructure, the group deployed specialised cutting equipment to slice the pipes into transportable sections before evacuating them in trucks.

“They dug up the pipeline, cut it into pieces using heavy machinery and loaded the materials onto trucks. They lived in the forest throughout the operation. They evacuated the pipes in the dead of the night with assistance of corrupt elements in the security,” the resident said.

Residents expressed shock that such a large-scale operation could have continued for months without attracting decisive intervention from authorities.

Several sources alleged that multiple security agencies operating in the area were aware of the activities of the criminals. (SaharaReporters)

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My name has been cleared, says Alison-Madueke after London Jury acquits her of corruption charges

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Diezani Allison-Madueke
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Former Minister of Petroleum Resources, Diezani Alison-Madueke, has declared her complete vindication after being acquitted of all charges brought against her by a jury at Southwark Crown Court in London.

In a statement issued on Wednesday through her representative, Bolouere Opukiri, Alison-Madueke said the verdict marked the end of an eleven-year legal battle that had subjected her and her family to intense public scrutiny.

“Today, at Southwark Crown Court, I was acquitted of all charges brought against me,” she said.

Reflecting on the lengthy legal process, the former minister described the period as one of immense hardship and personal suffering.

“For eleven arduous years, this matter has weighed heavily upon me and my family. Today, a decade of unrelenting and unjust vilification, condemnation, and scrutiny has finally concluded,” she stated.

Alison-Madueke expressed gratitude to God, her legal team, family and friends for their support throughout the trial.

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“I give thanks to Almighty God for His faithfulness and for the complete vindication I have received. I am grateful to my legal counsel for their diligence, and to my family and friends for their steadfast support and encouragement throughout this period,” she said.

The former minister said the verdict had brought a sense of relief and closure after years of legal uncertainty.

“I am profoundly relieved. My name has been cleared, and this ordeal has come to an end,” she added.

Despite the acquittal, Alison-Madueke indicated that she intends to speak further about the events of the past decade and outline her future plans.

“This, however, is not the final chapter. In due course, I shall address this difficult period in greater detail and share my intentions for the future. For now, I intend to embrace the freedom that has been unjustly denied me for many years,” she said.

The statement followed her acquittal at Southwark Crown Court, bringing to a close a legal case that had attracted significant public attention over the past eleven years.

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