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Tag: Binance

  • FG kicks over allegations by Binance exec

    FG kicks over allegations by Binance exec

    The Federal Government has called on citizens to disregard falsehood peddled by Mr Tigran Gambaryan, an American personnel of Binance.

    This is contained in a  statement signed by  the Minister of Information and National Orientation, Alhaji Mohammed Idris on  Friday in Abuja.

    Idris noted government concern over the outrageous allegations, misinformation, and defamatory statements disseminated by Gambaryan who was recently tried in Nigeria for financial crimes.

    He said that while the government is hesitant to engage Gambaryan, given the high-level diplomatic intervention that resolved his case, it was however obliged to set the records straight to stop his falsehoods from gaining grounds.

    “The first visit by Gambaryan and his colleagues to Nigeria was discretional on their part, and the Government was not officially involved.

    “However, when the attention of the government was called to an alleged bribery demand during that trip,  an investigation was immediately opened into it; though there was no formal complaint by anyone.

    “Gambaryan’s second visit to Nigeria was part of a wider probe into the criminal manipulation of the Nigerian currency through peer-to-peer platforms like Binance, but investigators were frustrated by the tactics deployed by Gambaryan and his team,” Idris said.

    The minister further explained that Gambaryan was released by the Nigerian government in October 2024 on humanitarian grounds, and following a high-level diplomatic intervention that ended with tangible benefits for Nigeria.

    He added that the government rejected Binance’s offer of a $5 million down payment in exchange for Gambaryan’s freedom, in favour of a more beneficial settlement with the American government.

    “We categorically deny the retaliatory claims made by Gambaryan against Nigerian officials involved in his case, and we urge the public to disregard these false accusations in their entirety.

    “It is essential to note that Gambaryan’s allegations are not only unsubstantiated, but also lack credibility, given his apparent motive to discredit and intimidate those who ensured he faced justice.

    “However, we are confident that both the Nigerian and American judicial systems will provide Gambaryan with a fair opportunity to substantiate his claims in court.

    “Until then, we advise the public to exercise caution and not be swayed by Gambaryan’s unfounded and malicious claims,” the Minister said.

  • EFCC amends charge against Binance Holdings Ltd

    EFCC amends charge against Binance Holdings Ltd

    The Economic and Financial Crimes Commission (EFCC), on Monday, amended the alleged $35.4 million money laundering charge filed against Binance Holdings Limited.

    EFCC’s Lawyer, Ekele Iheanacho, SAN, told Justice Emeka Nwite of the agency’s resolve to amend the alleged $35.4 million mone charge following the discharge of Tigran Gambaryan, the 2nd defendant, in the charge.

    Iheanacho said the amendment was also in compliance with the earlier court order to make the court documents more tidier.

    The application was not opposed by lawyer who appeared for Binance, Okiemute Okwakwa.

    Iheanacho, who applied that the amended charge be ready to the defendant in line with Section  478 of the Administration of Criminal Justice Act (ACJA), 2015, prayed the court to enter a non-guilty plea for the defendant.

    After the amended six-count charge marked: FHC/ABJ/CR/138/2024 was read and a non-guilty plea entered for Binance, the judge adjourned the matter until Feb. 24 and Feb. 25, 2025 for continuation of trial.

    NAN recalls that on Friday, counsel who appeared for Binance, Babatunde Fagbohunlu, SAN, had argued that the EFCC ought to have amended the charge to make the court documents tidy.

    Although Iheanacho disagreed with him, Justice Nwite aligned with Fagbohunlu’s submission, directing the anti-graft agency’s lawyer to do the needful.

    NAN observes that in the amended charge dated and filed on Nov. 25, the cryptocurrency firm is the sole defendant.

    In count one, Binance, Nadeem Anjarwalla (now at large) and other persons at large, between January 2023 and January 2024 in Abuja, were alleged to have conspired amongst themselves to carry on specialised business of other financial institutions without valid licence.

    The offence is contrary to Section 97 of the Penal Code Act.

    In count three, Binance, Anjarwalla (now at large) between January 2022 and January 2024 in Abuja were alleged to have engaged in business of other financial institutions (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 four accused the defendant and others (now at large) of using their virtual asset services platform to unlawfully negotiate foreign exchange rates in Nigeria, even though they were not an authorised dealer in Nigeria’s Autonomous Foreign Exchange Market.

    The offence is contrary to and punishable under Section 29(1) (c) of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act.

    COUNT 5

    That you BINANCE HOLDINGS LTD (“A.K.A BINANCE”), 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.

    In count six, the cryptocurrency firm, Anjarwalla (now at large) between January 2023 and December 2023 in Abuja were alleged to have concealed the origin of a cumulative sum of $35. 4 million ($35, 400, 000) generated as revenue by the company in Nigeria

    The funds were said to constitute proceeds of unlawful activity, thereby committed an offence contrary to and punishable under Section 18(3) of Money Laundering (Prevention and Prohibition) Act, 2022.

    NAN reports that Justice Nwite had, on Oct. 23, ordered the release of Gambaryan, the detained Binance executive, from Kuje Correctional Centre.

    The judge gave the order after the EFCC’s counsel, R. U. Adagba, informed the court of the decision of the Federal Government to withdraw the charge against Gambaryan.

  • JUST IN: Kuje prison medical doctor in trouble over Binance exec’s health status

    JUST IN: Kuje prison medical doctor in trouble over Binance exec’s health status

    A Federal High Court, Abuja, on Tuesday, issued a bench warrant for the arrest of Dr Abraham Ehizojie, the Medical Doctor at the health facility of Kuje Correctional Centre.

    The warrant was issued over alleged refusal to produce the medical report of Tigran Gambaryan, the detained executive of Binance Holdings Ltd.

    Justice Emeka Nwite gave the order following an application by Gambaryan’s lawyer, Mark Mordi, SAN.

    Gambaryan was whisked into Court 9 of the high-rise building in a wheelchair earlier in the morning.

    Gambaryan, alongside the cryptocurrency firm, is facing a money laundering charge preferred against them by the Economic and Financial Crimes Commission (EFCC).

    Justice Nwite had, on July 5, ordered the management of the Nigerian Correctional Service (NCoS) to release the medical certificate of Gambaryan on or before July 16 (today).

    The judge gave the order following an application by Mordi.

    Mordi had prayed the court to summon Ehizojie to explain why he had allegedly refused to make available his client’s medical report despite earlier court order.

    Gambaryan had, on May 23, collapsed in the open court over alleged ill-health.

    The defence law firm, Aluko & Oyebode, had also, on May 27, raised alarms that the cryptocurrency firm’s executive, might die in Kuje Correctional Centre over his alleged deteriorating health.

    At the resumed hearing on Tuesday, Mordi said in open court that the judge’s order had not been complied with.

    The judge then asked a prison official who brought Gambaryan to court about the development.

    The prison official said he got the court order and delivered the order to the doctor on July 9 (Tuesday).

    “He is not here and I expected him to be here,” he added.

    The EFCC counsel, Ekene Iheanacho, told the judge that he thought that the medical officer would be in court today.

    Mordi then prayed the court to issue a bench warrant against the medical officer of the correctional centre to be produced in court in the next adjourned date.

    The lawyer also asked the court to make an order for his client to be given hospital remand immediately so that thorough medical examination could be carried on him to know his true state of health.

    “My client came in here on a wheelchair.  He has been complaining of back pain.

    “We need to be careful of the life in our hands,” Mordi said.

    Iheanacho, who did not dispute the fact that the defendant should be given adequate treatment, disagreed that Gambaryan should be placed in hospital remand.

    After listening to counsel’s submissions, Nwite said it was unfortunate that a government institution would be treating a court order with levity.

    “I hereby make an order of bench arrant on the medical doctor at the Kuje Correctional Service, to appear before this court,” he said.

    He also ordered that Gambaryan be taken to the Nizamiye Hospital for medicare for 24 hours, at any time of his choice but under full security surveillance.

    The judge adjourned the matter until Oct. 11 and Oct. 18 for continuation of trial.

    Earlier, Dr. Olubukola Akinwunmi, Head, Payment Policy and Regulation Division at the Central Bank of Nigeria (CBN), gave evidence and was cross-examined by Babatunde Fagbohunlu, SAN, counsel for Binance, the 1st defendant in the criminal charge.

  • Binance executive, Gambaryan whisked into courtroom in wheelchair [Photo]

    Binance executive, Gambaryan whisked into courtroom in wheelchair [Photo]

    The detained Binance Holdings Limited’s executive, Tigran Gambaryan, was on Tuesday, whisked into Federal High Court in Abuja in wheelchair.

    Gambaryan, who dressed in a black T-shirt with a blue jeans trousers, is facing a money laundering charge alongside the cryptocurrency firm.

    When the matter was called, Gambaryan stood up from the wheelchair and walked slowly into the dock.

    The detained Binance Holdings Limited’s executive, Tigran Gambaryan,

    The Economic  and Financial Crimes Commission (EFCC)’s lawyer, Ogechi Ujam, told the court that though the matter was scheduled for continuation of trial, the commission’s lead counsel, Ekele Iheanacho was not in court.

    Ujam prayed the court to stand down the matter to enable Iheanacho conduct the trial.

    Babatunde Fagbohunlu, SAN, who appeared for Binance (1st defendant) and Mark Mordi, SAN, who represented Gambaryan, did not oppose the application.

    Justice Emeka Nwite stepped down the matter until 12pm.

    Justice Nwite had, on July 5, ordered the management of the Nigerian Correctional Service (NCoS) to release the medical certificate of Gambaryan on or before July 16.

    The judge gave the order following an application by Gambaryan’s lawyer, Mordi.

    Mordi had prayed the court to summon the medical doctor at the health facility of Kuje Correctional Centre, to explain why he had allegedly refused to make available his client’s medical report despite earlier court order.

    NAN reports that Gambaryan had, on May 23, collapsed in the open court over alleged ill-health.

    The defence law firm, Aluko & Oyebode, had also, on May 27, raised alarms that the cryptocurrency firm’s executive, might die in Kuje Correctional Centre over his alleged deteriorating health.

  • Binance Nigeria representative docked on amended charge

    Binance Nigeria representative docked on amended charge

    The Federal Inland Revenue Service (FIRS), on Friday, re-arraigned Binance Holdings Limited on four-count charge bordering on tax evasion allegations.

    Nigerian representative of Binance, Ayodele Omotilewa, who was docked, took a plea on behalf of the company before Justice Emeka Nwite of a Federal High Court, Abuja.

    He pleaded not guilty to the four counts.

    The re-arraignment before Justice Nwite followed the discharged of the cryptocurrency firm’s executive, Tigran Gambaryan, and his fleeing colleague, Nadeem Anjarwalla, from the alleged offence in the last adjourned date.

    Justice Nwite, in a ruling on June 14, discharged and struck out Gambaryan and Anjarwalla’s names from the charge after FIRS’ counsel, Moses Ideho, filed a fresh amended charge wherein Binance is listed as sole defendant.

    The judge also ordered the parties to address the court in the next adjourned date on whether the new Binance representative, Omotilewa, a Nigerian and a lawyer, should be docked to take a plea on Binance behalf.

    Idoho had argued that since Omotilewa had been appointed by the company as its new representative in Nigeria, he should be ordered to enter dock to take plea on the amended charge on behalf of the cryptocurrency platform.

    But Tonye Krukrubo, SAN, who appeared for Binance, opposed the application.

    Krukrubo, who said Omotilewa was only appointed for specific purposes, said the new representative ought not to enter dock, but to watch brief at every sitting.

    In the amended charge dated June 13 but filed June 14, Binance Holdings Limited is the sole defendant in the four-count charge.

    Upon resumed hearing on Friday, Ideho informed the court that the matter was adjourned for the parties to address the court on whether the defendant’s representative, Omotilewa, should enter dock on behalf of the company.

    He said he was ready to proceed.

    But Krukrubo withdrew their objection, having been informed that Omotilewa would only be in the dock on representative capacity.

    The four counts were read to Omotilewa, who pleaded not guilty.

    The FIRS lawyer then sought a date for trial.

    “In the light of the plea, we apply for a date to prove our charge against the defendant,” he said.

    Justice Nwite fixed Oct. 11 for commencement of trial.

  • CBN director reveals how Nigerians use fictitious names on Binance

    CBN director reveals how Nigerians use fictitious names on Binance

    Mr Olubukola Akinwumi, a Deputy Director at the Central Bank of Nigeria (CBN), on Friday explained how Nigerians trading on Binance Holdings Limited’s platform use false names in the transactions.

    Olubukola, who is the Economic and Financial Crimes Commission (EFCC)’s 2nd prosecution witness (PW-2) in the ongoing trial of Binance and its executive, Tigran Gambaryan, told Justice Emeka Nwite of a Federal High Court, Abuja, while giving his testimony.

    The EFCC had filed a five-count charge against Binance and Gambaryan (1st and 2nd defendants) bordering on money laundering offences.

    The anti-graft agency had accused Binance and Gambaryan of money laundering involving $35.4 million.

    Besides, the company was under suspicion of alleged terrorism financing.

    Led in evidence by EFCC’s lawyer, Ekele Iheanacho, on Friday, Akinwumi, who heads the Payment Policy and Regulation Division in the Payments System Management Department of CBN, said the apex bank did not issue any licence to the cryptocurrency firm to operate in Nigeria.

    “In the course of carrying out our operations, we normally monitor development within the SEC (Securities and Exchange Commission); monitoring the activities of payment service providers and the usage of the payment system.

    “We observed in doing that that Binance provides a trading platform where users trade virtual assets.

    “And to consummate their transactions for the purpose of settlement of payments, the users make use of the payment system for the purpose of transfering or making payment to one another.

    “These traders normally trade in pseudo names (pseudonyms) that hide their identities and they are not authorised by the CBN,” he said.

    The PW-2 described virtual assets as “digital representation of values created by computer system which can be digitally traded, transferred or use in payments.”

    He said they discovered that users of the platform received and made payments or transferred payments to one another using the payment system to consummate transactions on Binance Peer to Peer (P2P) platform.

    “Binance Platform provides a trading place or market place for traders and users of virtual assets, otherwise known as cryptocurrency.

    “The platform also provides other services like electronic wallet, fiat wallet, publishing of exchange rate, etc,” he told the court.

    Asked where the activities of Binance are carried out, Akinwumi said its “activities are conducted on its website; binance.com and through its mobile apps (applications).

    “They have two variations of Binance Apps; Binance Pro or Binnace Lite.”

    Asked what P2P means, the witness said: “P2P means Peer to Peer, and for basic translation, it can also mean person to person.

    “What that means is that if a particular user does not want to trade with the platform but rather will like to trade with another user, P2P is a service that brings such two users as described to engage each other in transacting for the purpose of buying or selling virtual asset, cryptocurrency and fiat directly between the two users.

    “This is done by quoting rates with offers to sell or buy at the quoted rate.

    “The P2P Platform of Binance provides such service to such two users to come to an agreement on such trade.

    “Once such understanding for the trade is reached by the two users on Binance platform, the selling party will provide a bank account to which the buying party can send the naira amount or transfer into the account provided by the selling party.

    “Once the buying party transferred the amount agreed, he clicks on a particular icon on Binance platform to communicate the fiat that he has transferred the amount to the selling party.

    “The Binance platform will, on the side of the selling party, awaits confirmation based on which it will release the cryptocurrency or fiat currency traded on the platform.

    “So the Binance platform facilitates all the processes or P2P transaction as I have just enumerated, either using Nigerian bank account already stored by users on Binance platform and or the naira wallet account , provided by Binance platform.”

    Submission of certified true copies of documents made available to SEC by Binance which was equally made available to the investigating team at the office of the National Security Adviser, and pages generated on the firm’s website were tendered in evidence and marked as Exhibits 8 and 9 by the judge.

    Taking the witness through Exhibit 8 and 9, Iheanacho asked him to tell the court more about the nature of the transactions.

    Akinwumi said Page 2 of Exhibit 8 introduced Binance as the world’s leading crypto exchange with users from over 190 countries.

    “They have on the page, the address of the website in full which is Https://www.binance.com.

    “Binance has what is called Binance Academy. That is on page 16 of Exhibit 8.

    “Some of the videos will be on their YouTube platform which they use in educating those who are interested in the services that they provide,” he said.

    The PW-2 said the firm equally has Binance coins and that on its website, it gives the description of the coin as “NGN” (Naira).

    “On page 21 of Exhibit 8, it listed the ways to use Binance coin,” he added.

    Akinwumi said on Page 9 of Exhibit 9, there is an information which reads: “Depositing and withdrawing NGN (Naira) on Binance via cash link; it is swift and simple.”

    The witness, however, explained that depositing and withdrawing Naira which “NGN” stands for, is a regulated activity carried out by banks and other financial institutions duly registered by CBN.

    He said another information on Exhibit 9 reads: “To help Binance users in Nigeria understand this Fiat Gateway, Binance has been holding various events such as the Binance Cash Link, Live Master Class to educate users on cash link and why it is an excellent method of deposit and withdrawal on the Binance platform.”

    “Generally, Exhibit 9 explains to Nigerians on how to deposit Naira on the Nigerians wallet on the Binance platform.”

    He said there is a statement on a page which says though “Binance does not charge deposit fees,” he said next to the statement, there is another message which says: “for each withdrawal, a flat fee is paid by users to cover the transaction cost of moving the cryptocurrency out of their Binance account.

    “So as I explained earlier, Binance maintains accounts and it needs revenue for its services

    “On Page 2 of Exhibit 9, under the Fiat Section, it shows the rates that are applied for regular users.”

    After concluding given his evidence, Justice Nwite adjourned the matter until July 16 for cross-examination of PW-2.

    Court orders NCoS to release detained Binance executive’s medical report

    A Federal High Court, Abuja on Friday, ordered the management of the Nigerian Correctional Service (NCoS) to release the medical certificate of Mr Tigran Gambaryan, the detained Binnace Holdings Limited executive, on or before July 16.

    Justice Emeka Nwite gave the order following an application by Gambaryan’s lawyer, Mark Mordi, SAN.

    Mordi had prayed the court to summon Dr Abraham Ehizojie, the Medical Doctor at the health facility of Kuje Correctional Centre, to explain why he had refused to make available his client’s medical report despite earlier court order.

    The senior lawyer’s application was made shortly after the Economic and Financial Crimes Commission (EFCC)’s counsel, Ekele Iheanacho, led the 2nd prosecution witness (PW-2) and a CBN staff in evidence in the ongoing trial of Binance and Gambaryan on alleged money laundering charge.

    Ekele, who allayed Mordi’s fears, said that the correctional centre had qualified medical personnel and facility to take care of Gambaryan.

    Delivering the ruling, Justice Nwite, who ordered that the medical report of Gambaryan’s state of health be made available on or before the next adjourned date, fixed July 16 for continuation of trial.

    “If the medical certificate is not made available on or before the next adjourned date, the doctor in charge in charge of the facility shall come to court on July 16 to explain why the medical report was not made available,” he declared.

    Gambaryan had, on May 23, collapsed in the open court over alleged ill-health.

    The defence law firm, Aluko & Oyebode, had also, on May 27, raised alarms that the cryptocurrency firm’s executive, might die in Kuje Correctional Centre over his alleged deteriorating health.

  • EFCC continues criminal charge against Binance exec

    EFCC continues criminal charge against Binance exec

    The Economic and Financial Crimes Commission (EFCC), on Thursday, continued with its alleged money laundering charge preferred against Tigran Gambaryan, an executive of Binance Holdings Ltd at a Federal High Court, Abuja.

    The criminal charge continued before Justice Emeka Nwite inspite of  the withdrawal of a charge by the Federal Inland Revenue Service (FIRS) against Gambaryan in the alleged tax evasion case filed against him and the cryptocurrency exchange platform.

    While the EFCC filed a five-count charge against Binance and Gambaryan, FIRS filed a four-count charge against the duo.

    The anti-graft agency had accused Binance and Gambaryan of money laundering involving $35.4 million.

    Besides, the company was under suspicion of alleged terrorism financing.

    Justice Nwite had, on Friday, discharged the detained Gambaryan and his fleeing colleague, Nadeem Anjarwalla, from the alleged tax evasion charge.

    The judge made the decision in a short ruling following a fresh amended charge filed by the FIRS in view of a notice from Binance about its appointment of a Nigerian representative, Mr Ayodele Omotilewa, to oversee its affairs in tye country.

    However, expectations were high prior to today’s proceedings that the anti-graft agency would follow suit.

    But at the resumed hearing, the EFCC’s lawyer, informed the court that the matter was slated for the defence to cross-examined the agency’s first prosecution witness (PW1), Mr Abdulkadir Abbas, a Director with the Security and Exchange Commission (SEC).

    Then Gambaryan stepped forward into the dock.

    While being cross-examined by counsel for the 1st defendant (Binance), Mr Babatunde Fagbohunlu, SAN, Abbas testified against Binance and Gambaryan.

    The witness, who is Director of Registration, Exchanges and Market Infrastructure Department at SEC, stated that a private company that wants to raise capital from the public in Nigeria, must become a Public Limited Company (PLC) before it can engage in IPO (Initial Public Offer).

    He, however, said that Binance did not even registered with his office in the first place.

    He said the SEC’s regulations mandated it to oversight on all Bitcoin trading platforms under the Nigeria law.

    Justice Nwite adjourned the matter until June 21 for continuation of cross-examination.

  • India slams Binance with $2.25m fine

    India slams Binance with $2.25m fine

    Global cryptocurrency exchange firm, Binance has been slammed with a fine of 188.2 million rupees ($2.25 million) in India for violating local anti-money laundering regulations.

    TheNewsGuru.com (TNG) reports Binance was handed the $2.25 million fine by India’s Financial Intelligence Unit (FIU).

    India requires virtual digital asset service providers like crypto exchanges to be registered with the FIU as a reporting entity and comply with its anti-money laundering rules.

    Binance did not immediately respond to an email seeking comment, according to Reuters.

    In May, Binance had registered with the FIU as the exchange sought to resume operations in the country after the watchdog issued show-cause notices to nine offshore exchanges operating in violation of local rules.

    The watchdog had also asked the ministry of electronics and information technology to block online access to the exchanges.

    Crypto exchange KuCoin had registered with FIU in March but faced a smaller penalty amount of 3.45 million rupees.

    Canada’s anti-money laundering agency had also imposed a fine of $4.38 million on Binance in May for violation of anti-money laundering rules.

    Changpeng Zhao, the former chief executive of Binance, was sentenced to four months in prison in May by U.S. District Judge Richard Jones in Seattle after pleading guilty to violating the country’s laws against money laundering (Reuters).

  • Court discharges Binance executives in FIRS tax evasion charge

    Court discharges Binance executives in FIRS tax evasion charge

    A Federal High Court in Abuja on Friday, discharged the executive of Binance Holdings Limited, Tigran Gambaryan, and his fleeing colleague, Nadeem Anjarwalla, from the alleged tax evasion charge preferred against the company by Federal Inland Revenue Service (FIRS).

    Justice Emeka Nwite, in a ruling, discharged and struck out Gambaryan and Anjarwalla’s names from the four-count charge after FIRS’ counsel, Moses Ideho, filed a fresh amended charge wherein Binance is listed as sole defendant.

    While Binance is the 1st defendant is the May 17 amended charge filed by FIRS, Gambaryan was listed as 2nd defendant while Anjarwalla’s name appeared as being at large.

    When the matter was called on Friday, Gambaryan stepped into the dock.

    Tonye Krukrubo, SAN, who appeared for Binance (1st defendant), then informed the court that the cryptocurrency firm had just appointed a representative in Nigeria.

    The new appointee, who was also in court, stood up and announced his name as Ayodele Omotilewa.

    Ideho confirmed that his office received a notice of appointment of a representative by Binance.

    He said the notice was dated June 13, 2024, appointing Ayodele Omotilewa as its agent in the country.

    The FIRS lawyer told the court that against the development, an amended four-count charge listing Binance Holdings Limited as sole defendant was filed on June 13.

    He therefore applied that Omotilewa should be docked to take a plea on behalf of the company.

    But Krukrubo disagreed with Ideho’s application.

    The senior lawyer, who argued that the company’s representative was yet to be served with the fresh amended charge, said Omotilewa was only appearing in court for the first time.

    “I think my learner friend should confirm whether he has served him or not first. We are not there yet,” he said.

    He insisted that the prosecution had not served them with the amended charge.

    Krukrubo said Omotilewa ought not to enter the dock.

    According to him, he was only appointed for specific purposes; to receive processes.

    “He is one of us; a legal practitioner,” he said.

    He said the proper thing for the prosecution to do was to address the court on the charge he intended to substitute.

    C.J. Caleb, who appeared for Gambaryan (2nd defendant), aligned himself with Krukrubo’s submission.

    According to him, our jurisprudence for criminal trial of a corporation as it stands today does not contemplate that a corporation or its representative should be in the dock.

    “More importantly, the ACJA (Administration of Criminal Justice) Act, particularly Part 47, did not leave us in doubt on how a trial should proceed in respect of a corporation,” he said

    Caleb said the Act also specified all that is required for a representative in criminal trial, citing Sections 478 , 481, 482 and 483.

    “So I align with my learner colleague that the representative is enough to be in court but does have to be in the dock,,” he said.

    But Ideho disagreed, citing Section 481 of ACJA to back his argument.

    “If my lord is to look carefully at the provisions of this section and subsection, a representative cannot just sit in the gallery and watch like a spectator how the trial is conducted.

    “He should be in the dock because this is a criminal charge not civil matter,” he said.

    Reacting, Krukrubo argued that there was no where in the section cited by Ideho where it was said that a company’s representative must be in the dock.

    “Section 481 is written in black and white and it does not say that a representative of a corporation must be in dock.

    “What he is saying is not contemplated by ACJA,” he said.

    Also speaking, Caleb argued that Section 418 of ACJA only talked about the power of a representative.

    Justice Nwite then directed Ideho to move the latest application filed.

    Moving his fresh amended charge, Ideho said the application was filed on June 13.

    “We will like to amend and substitute the charge with the earlier one of May 17, 2024, which was our last amended charge my lord,” he said.

    The defendants’ lawyers did not oppose the application.

    However, Caleb applied that the court should strike out the two earlier charges that listed his client, Gambaryan, as 2nd defendant, dated March 22 and the amended charge dated May 17.

    He said this was so because the name of his client was mentioned in the two charges.

    The lawyer equally applied that Gambaryan should be discharged from the dock and from the proceedings in its entirety.

    He further applied that the earlier order directing that the service of the charge on Binance be done through Gambaryan be vacated, having been in the court record that the company had appointed a representative .

    Justice Nwite, in a ruling, granted the prosecution application for the substitution of the June 13 amended charge for the May 17 one.

    The judge, who set aside the earlier order, directing Gambaryan to be served on behalf of the company., discharged him from the dock.

    On the controversy whether the Binance representative should be docked or not, the judge ordered the parties to file written addresses to state their arguments.

    Justice Nwite adjourned the matter until July 12 for plea.

    The latest amended charge marked: FHC/ABJ/CR/115/2024, while the Federal Republic of Nigeria is the complainant, Binance Holdings Limited is the sole defendant.

    The charge is dated June 13 and filed June 14.

    Count one alleged that while involved in carrying and offering services to subscribers on their platform, known as Binance, failed to register with the FIRS, for the purpose of paying all relevant taxes administered by the service.

    The offence is punishable under Sections 8 of the Value Added Tax (VAT) Act of 1993 (as Amended).

  • Binance executive may die in detention – Lawyer

    Binance executive may die in detention – Lawyer

    Aluko & Oyebode, the law firm handling the case of Binance Holdings Limited, says Mr Tigran Gambaryan, the cryptocurrency firm’s executive, standing trial alongside the company in Nigeria, may die in Kuje Correctional Centre.

    The law firm stated this in a letter addressed to the Deputy Chief Registrar of Federal High Court (FHC) and signed by a Partner, C.J. Caleb.

    The letter, dated and filed on May 23, which was sighted on Sunday, was titled: “Re: Charge No: FHC/ABJ/CR/128/2024 – Application for the Provision of Medical Treatment to Mr. Tigran Gambrayan at Nizamiye Hospital.”

    Caleb said: “We continue to act as counsel to Mr. Tigran Gambaryan, the 2nd defendant in the captioned suit pending before the Honourable Justice E. Nwite sitting at Court 9 of the Federal High Court, Abuja.”

    He said Gambaryan, the Head of Financial Crimes Compliance of the cryptocurrency platform, broke down on Wednesday (May 22) in prison and was administered with “Intravenous (IV) treatment for malaria” by the medical personnel.

    “Please be informed that the 2nd defendant, who is an American citizen and remanded at the Kuje Medium Correctional Facility is very ill and requires comprehensive medical attention at the best available hospital within the jurisdiction of this honourable court.

    “The applicant broke down yesterday and the medical facility gave him Intravenous (IV) treatment for malaria,” he said

    The lawyer, therefore, raised the alarm over Gambaryan’s continous remand in the correctional facility expressing fear for his life amidst his alleged deteriorating health.

    “The Consul Officer at the United States Consul Office in Abuja, emphasised the need for the applicant to receive comprehensive treatment because malaria is a severe disease for American citizens which can result in death because they do not have the immunity that ordinary Nigerians have against the disease,” he said in the letter.

    Caleb, who said the defendant equally suffered from throat infection, added that “the Kuje Medium Correctional Facility is currently undergoing renovation works.”

    “It is therefore not best suited for the medical treatment of the applicant,” he said.

    According to him, given the above, we humbly apply that the applicant be transferred to Nizayime Hospital, Abuja to receive comprehensive diagnoses and treatment for the preservation of his Ife.

    “We kindly request that this application be drawn to the attention of the court.

    “We look forward to a favourable consideration,” he said.

    It was observe that the letter came six days after Justice Emeka Nwite of a FHC declined to grant Gambaryan’s bail application moved by a lawyer in the defence team, Mark Mordi, SAN.

    Justice Nwite had held that based on the affidavit evidence before him, Gambaryan would jump bail if the application was granted.

    The judge held that the Economic and Financial Crimes Commission (EFCC) had overwhelming evidence against the applicant that he was a flight risk.

    Justice Nwite ordered him to remain in remand throughout the hearing and determination of the alleged money laundering and terrorist financing charges.

    On Thursday when the matter came up, the ailing Gambaryan collapsed in the open court over alleged ill-health.

    The development occurred shortly after the matter was called for trial continuation before Justice Nwite.

    His lawyer, Mr Mordi, explained to the court why his client could not stand as soon as the matter was called.

    Mordi said Gambaryan had been indisposed and a written application letter had been filed to notify the court of his failing health.

    The lawyer, who sought an adjournment, also prayed for an order, directing the Nigerian Correctional Service (NCoS) to release his client’s medical examination conducted some days ago.

    Although the EFCC’s lawyer, Ekele Iheanacho, did not oppose giving Gambaryan proper medical attention, he opposed to a plea that the court should specifically directed the NCoS to take him to Nizayime Hospital.

    The lawyer also said that the NCoS should also ensure that Gambaryan was well secured to guard against escaping from hospital.

    In his ruling, the judge said: “An order of this honourable court is hereby made that the 2nd defendant be allowed to be treated in Nizayime Hospital or any other hospital within jurisdiction which the Correctional Service Centre deems fit provided the Correctional Service Authority shall provide adequate security for the 2nd defendant within the period the 2nd defendant stays in the hospital.”

    He also ordered the NCoS to make available the result of the medical examination to parties in the charge.

    Justice Nwite subsequently adjourned the matter until June 20 and June 21 for cross-examination of the 1st prosecution witness (PW1) and a Director with the Security and Exchange Commission (SEC), Abdulkadir Abbas.

    It would be recalled that Abbas had, on May 17, revealed how Binance breached the Nigerian law, operated naira peer-to-peer services in exchange of crypto assets to devalue the Nigerian currency.

    The witness, who is a Director of Registration, Exchanges and Market Infrastructure Department at SEC, disclosed this while testifying before the judge.

    The EFCC had sued Binance Holdings Limited and Gambaryan as 1st and 2nd defendants.

    In the five-count charge, Nadeem Anjarwalla, a British-Kenyan Regional Manager for Africa of the company, was listed as being at large.

    They were accused to have allegedly conspired amongst themselves to conceal the origin of the financial proceeds of their alleged unlawful activities in Nigeria including 35,400, 000 dollars.

    They were alleged to have committed the offence contrary to Section 21 (a) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022, among others.

    However, Anjarwalla escaped from lawful custody on March 22 and fled Nigeria to Kenya.

    Tthe alleged tax evasion four-count charge filed by the Federal Inland Revenue Service (FIRS) against Binance Holdings Limited and Gambaryan could not proceed on Wednesday due to his absence in court.