Barring any change, the Abuja Federal High Court has scheduled the arraignment of two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla for Thursday.

Gambaryan and Anjarwalla will be charged before Justice Emeka Nwite on two separate charges.

The one filed by the Economic and Financial Crimes Commission, EFCC, which bothers on money laundering, has five counts.

The other, by the Federal Inland Revenue Service, FIRS, has four counts, in which they were accused of sundry tax infractions.

Anjarwalla who escaped custody on March 22 will be arraigned before Justice Nwite in absentia.

The EFCC, in its charge filed on March 28, accused Binance executives of laundering about $35,400,000.

In count one of the charges, the defendants are alleged to have, between January 2023 and January 2024 in Abuja, carried out the specialised business of other financial institutions without a valid licence.

The EFCC said the act constitutes an offence contrary to Section 57(1) and (2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and was punishable under Section 57(5) of the same Act.

In the charge by the FIRS, marked: FHC/ABJ/CR/115/2024 filed on March 22, the defendants were alleged to have committed the offence on or about February 1 this year.

In count one, the defendants are accused of failing to register with the FIRS to pay all relevant taxes while carrying out and offering services to subscribers on their platform (Binance).

The FIRS said the act constitutes an offence punishable under Sections 8 and 29 of the Value Added Tax (VAT) Act of 1993 (as Amended), Section 40 of the FIRS Establishment Act, 2007 (as amended) and under provisions of Section 94 of the Companies Income Tax Act (as amended).

On March 18, Justice Nwite had ordered Binance to provide the EFCC with a comprehensive data or information of all those trading on its platform from Nigeria.

The judge granted the interim order in a ruling on an ex-parte motion filed by EFCC’s lawyer, Ekele Iheanacho.

The judge said the interim order was to enable the EFCC to investigate its claim that money laundering and terrorism financing activities were being allowed on Binance’s platform.

Google has agreed to delete billions of records and submit to some restrictions on its power to track users, under the terms of a proposed legal settlement.

The deal aims to resolve a class action lawsuit brought in the US in 2020, which had accused the tech giant of invading people’s privacy by collecting user data even when they were browsing in “private mode”.The suit had sought $5bn in damages.

Google is supporting the deal, though it disputes the claims. It has already made changes in response to the lawsuit.The data deletion will also apply outside of the United States.

In January, shortly after the two sides announced plans to settle the case, the company updated its disclosures to make it clear that it still tracked user data even when users opted to search privately or using its “Incognito” setting.

That mode provides some increased privacy because it does not save the browsing activity to the machine being used.

That same month, the firm said it was starting to trial a feature that would automatically block third-party cookies, which help track user activity, for all Google Chrome users.

It had made that block automatic for Incognito users shortly after the lawsuit was filed in 2020 and has agreed to ensure that limit is in place for five years, according to the terms of the settlement deal, filed on Monday in federal court in San Francisco.

On Monday, Google also agreed to delete “hundreds of billions” of private browsing data records it had collected, the court filing said.

“We are pleased to settle this lawsuit, which we always believed was meritless,” Google spokesman Jorge Castaneda said in a statement, noting that the company would not be paying any damages.

“We are happy to delete old technical data that was never associated with an individual and was never used for any form of personalization.

“Google is still facing lawsuits from individuals over privacy violations, which could lead to financial penalties.Lawyer David Boies of Boies Schiller Flexner LLP, who represented users in the fight, called the deal an “historic step in requiring honesty and accountability from dominant technology companies”.

The lawsuit had claimed that despite its suggestions to the contrary, Google had tracked users’ activity even when they set the Google Chrome browser to “Incognito” mode and other browsers to “private mode”.

The legal battle revealed documents in which Google employees described Incognito as “effectively a lie” and “a confusing mess”, according to Monday’s court filing.

Last year, Judge Yvonne Rogers rejected Google’s bid to have the case dismissed, saying she could not agree that users consented to allowing Google to collect information on their browsing activity.

The deal will now go to the court for approval.

The settlement comes as big tech firms are facing increased scrutiny of their practices in the US and beyond.

In the US, Google and its parent company Alphabet are facing two separate monopoly cases brought by the federal government.

It has also recently settled a number of other suits.

It paid nearly $400m (£318m) in 2022 to settle claims brought by US states that it tracked the location of users who had opted out of location services on their devices.

In December 2023, it also agreed to a $700m (£557m) settlement to resolve a lawsuit brought by a group of US states that had accused it of quashing competition to its Play Store on Android devices.

There is panic in the Nigerian financial sector over massive job losses as banks battle to meet the recently announced minimum capital requirements by the Central Bank of Nigeria.

The National President of the Association of Senior Staff of Banks, Insurance and Financial Institutions, Olusoji Oluwole, expressed these concerns during an interview with Channels Television on Monday.

He said the Association had already informed the CBN and the Ministry of Labour about the impact of the recapitalization exercise on workers in the sector.

“We are very aware of what happened in the past during such recapitalization programmes, the last being in 2005. We knew that some banks had to pull it through themselves, some through mergers, others through acquisition.

“It has an impact on the employment of workers; because of that experience, we have proactively acted by informing the Central Bank of Nigeria and the Ministry of Labour of the likelihood of the programme on our members.

“When things like this happen, there are bound to be jobs lost. We expect that there will be a lot of fairness in the actions of the banks and to ensure that our members are well protected and compensated”, he said.

The CBN raised the minimum capital requirements for commercial banks with international authorization, National Spread Regional, Merchant Banks, National Non-Interest Banks, and Regional Non-interest between 100 and 900 per cent last Thursday.

What the 2024 Recapitalization exercise means with the move, the CBN proposed to achieve the $1 trillion economy of President Bola Ahmed Tinubu’s government.

Also, the bank said the exercise would engender the emergence of healthier banks with the capacity to underwrite larger levels of credit/loans.

The development came nearly 19 years after the apex bank had last conducted its recapitalization exercise in 2005 under former President Olusegun Obasanjo and Prof Charles Soludo as CBN governor.

According to reports, over 5,000 staff members of affected banks such as Oceanic bank, Fin Bank, Spring Bank, Union Bank, Intercontinental Bank, Stanbic IBTC, and others lost their jobs.

This is why the announcement of the 2024 recapitalization programme sent a shockwave across the country’s banking sector.

The Central Bank of Nigeria has increased the minimum capital requirement for commercial banks with national licences from N25 billion to N200 billion.

The CBN also increased the capital base of banks with regional licences from N15 billion to N50 billion and those with international licences from N100 billion to N500 billion.

According to a statement by the bank’s spokesman, Hakama Sidi-Ali, the new minimum capital for merchant banks will be N50 billion.

The statement also announced that the new requirements for non-interest banks with national and regional authorisations are N20 billion and N10 billion.

The increase in capital bases came days after the CBN’s Monetary Policy Committee (MPC) meeting.

In the meeting, CBN governor Yemi Cardoso urged Nigerian banks to expedite action on recapitalising their capital base to strengthen the financial system.

Meanwhile, a circular signed by Haruna Mustafa, CBN’s director of the Financial Policy and Regulation Department, said all banks must meet the new minimum capital requirement within 24 months commencing April 1, 2024, and terminating March 31, 2026.

According to the circular, the recapitalisation will enhance banks’ resilience, solvency, and capacity to continue supporting the growth of the Nigerian economy.

CBN urged banks to consider injecting fresh equity capital through private placements, rights issues, and subscription offers to meet the new minimum capital requirements.

The regulatory bank suggested mergers and acquisitions and upgrades or downgrades of licence authorisation. It said the minimum capital will comprise paid-up capital and share premium only.

The circular explained that the new capital requirement should not be based on the shareholders’ fund and additional Tier 1 (AT1) capital “shall not be eligible” for meeting the new requirement.

It added, “Notwithstanding the capital increase, banks are to ensure strict compliance with the minimum capital adequacy ratio (CAR) requirement applicable to their licence authorisation.

“In line with extant regulations, banks that breach the CAR requirement shall be required to inject fresh capital to regularise their position.”

The minimum capital requirement for proposed banks should be paid-up capital, and the new minimum capital requirement should apply to all new applications for banking licences submitted after April 1, the CBN circular stated.

“The CBN will continue to process all pending applications for banking licences for which a capital deposit had been made and an Approval-in-Principle (AIP) had been granted.

“However, the promoters of such proposed banks will make up the difference between the capital deposited with the CBN and the new capital requirement not later than March 31, 2026,” the circular stressed.

It pointed out that all banks must submit an implementation plan no later than April 30, clearly indicating the chosen options for meeting the new capital requirement and various activities involved with their timelines.

The Federal Airport Authority in Nigeria, FAAN, has shut down the KFC outlet in Murtala Muhammed International Airport in Lagos over discriminatory treatment meted out to a Passenger with Reduced Mobility.

The Director of Public Affairs and Consumer Protection of FAAN, Mrs Obiageli Orah, disclosed this in a statement on Thursday.

Recall that Dabola Daniel took to his official X account to narrate how he was discriminated against at KYC at MMIA Lagos due to his disability.

Reacting to the development, FAAN said it decided to shut down the outlet after an investigation.

FAAN ordered KFC to apologise to the affected Passenger with Reduced Mobility.

“In line with Lagos State law on People with Special Needs, Part C, section 55 of General Provisions on Discrimination, which states that, ‘A person shall not deprive another person of access to any place, vehicle or facility that members of the public are entitled to enter or use based on the disability of that person’, the management of FAAN has closed the KFC facility at the Murtala Muhammed International Airport in Lagos with effect from March 28, 2024.

“This is due to a social media report by a Passenger with Reduced Mobility, PRM, alleging discriminatory treatment he received at the Murtala Muhammed International Airport, Lagos.

“The MD/CEO of FAAN, Mrs Olubunmi Kuku, intervened swiftly by deploying a management team comprising the Director, Public Affairs and Consumer Protection, Mrs Obiageli Orah, the Regional Manager South-West, Mr Sunday Ayodele, Ag. General Manager Public Affairs, Mrs Ijeoma Nwosu-Igbo and the International Terminal Manager, Mr Kerri, to investigate the allegation.

“It is based on the findings of the team that FAAN has shut down the KFC facility at the MMA, where the incident occurred.

“The Authority has instructed that the KFC Management tender an unreserved apology, in writing, to the affected PRM and a non-discrimination policy statement be written and pasted conspicuously at the door post of their facility at MMIA before it resumes operation.”

US-based multinational technology corporation Google has blocked over 5.5 billion adverts and suspended 12.7 million others for violating its policies.

The search engine giant also said on Wednesday that it had removed adverts from over 2.1 billion pages.

“Billions of people worldwide rely on Google products to provide relevant and trustworthy information, including ads. That’s why thousands of people are working around the clock to safeguard the digital advertising ecosystem. Today, we are releasing our annual Ads Safety Report to share the progress we’ve made in enforcing our advertiser and publisher policies and to hold ourselves accountable in maintaining a healthy ad-supported internet,” it said.

In 2023, it said scams and fraud across all online platforms were on a steady rise.

“Bad actors constantly evolve tactics to manipulate digital advertising to scam people and legitimate businesses. To counter these ever-shifting threats, we quickly updated policies, deployed rapid-response enforcement teams and sharpened our detection techniques”, it added.

Millions of content creators across the globe, including Nigeria, rely on Google Ads to drive revenue.

The naira appreciated against the dollar by 5.97 per cent at the official market by the close of Wednesday’s trading session, according to data from the FMDQ trading platform.

It appreciated by N82.52 to reach N1,300 per dollar, compared to N1,383 recorded on Tuesday.

Total turnover also rose to $416.10 million from $245.58 million the previous day.

In the Investor’s and Exporters’ window, the naira fluctuated between N1,460 and N1,200 against the dollar.

This comes after the Central Bank of Nigeria announced a 200 basis points increase in the Monetary Policy Rate during its 294th Monetary Policy Committee meeting on Tuesday, raising it from 22.75 percent to 24.75 percent.

The CBN governor, Yemi Cardoso, cited the move as a measure to address the country’s escalating inflation.

Eko Electricity Distribution Company has announced the appointment of Rekhiat Momoh as Acting Managing Director/ Chief Executive Officer following the removal of Tinuade Sanda on the Directive of the Nigerian Electricity Regulatory Commission.

The firm disclosed this in a statement on Tuesday.

According to the statement, Mrs Momoh has been in the power sector for more than 31 years.

“We have great confidence in her ability to perform this role effectively and take the company to greater heights,” it said.

Meanwhile, Sanda, the now former MD/CEO, cleared the air on her exit from Eko Electricity Distribution Company, saying she was redeployed.

“This restructuring is designed to enhance accountability and transparency within the organization. Additionally, NERC has empowered EKEDC to enforce disciplinary measures against any staff implicated in the ghost workers scandal, ensuring integrity and efficiency in its operations,” it added.

The CBN’s Monetary Policy Committee (MPC) raised the Monetary Policy Rate (MPR) – inter-bank loan interest rate – by 200 basis points, to 24.75 per cent from 22.75 per cent on Tuesday.

MPR is a short-term, often overnight rate that banks charge one another to borrow funds.

Governor of the CBN, Mr Yemi Cardoso, announced the raise in a communiqué he read at the 294th meeting of the MPC.

Cardoso announced that the MPC also adjusted the Asymmetric Corridor to +100/-300 basis points around the MPR and retained Cash Reserve Ratio at 45 per cent.

The Nigerian Federal Government announced that applicants of its N50,000 Presidential Conditional Grant Scheme for citizens across the 774 local government areas should watch out for SMS to link applications with the National Identity Number.

The Minister of Trade, Industry, and Investment, Doris Uzoka-Anite, disclosed this in a notice she posted through her official X account on Sunday.

The Minister stressed that the applicant’s NIN must tally, without which there will be no processing in line with the Central Bank of Nigeria’s NIN- Account number linkage requirement.

“The Ministry of Industry, Trade, and Investment thanks all applicants for their interest in the Presidential Conditional Grant Programme and assures that applications are being thoroughly processed.

“Due to new regulations from the Central Bank of Nigeria, applicants are now required to link their national identification numbers (NIN) with their bank accounts. We currently do not have a record of the NINs of those who applied. Therefore all applicants will receive an SMS from ‘FGGRANTLOAN’ With instructions to submit this information via asecure link.

“This step is essential for the continuation of the application process. Only verified applicants will receive this notification, and NINs must match the applicant’s name for the process to proceed.

“We appreciate your patience and cooperation, and we will keep you updated on your application’s progress. Thank you for your participation and contribution to national growth”, the statement reads.

The scheme, which was expected to commence on March 9, 2024, would offer financial grants, without repayment obligations, to eligible small business owners in Nigeria.

A former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, has faulted the position of those expecting naira to stabilise at N400 to the dollar, describing it is unrealistic.

He made this known in a series of post on his X account on Sunday.

He wrote, “Those who want the Naira to be N400 to the $ are living in a dream world. Even discounting for the negative impact of speculative attacks on the value of the Naira, the exchange rate will (and should) reflect its market value in reality, not the artificiality that the Emefiele era central bank sought to maintain to please economic illiterates in political power at the time.

“That artificiality created room for massive arbitrage by speculators which bled the economy. Nigeria does not (yet) have a productive export economy. That’s the heart of the matter.

“And we do not have $100 billion in foreign reserves. So on what basis would the Naira forex rate return to some fantasy land soon? It will also take time to regain or achieve full investor confidence such as we had when we were there (and the rate was N150-165 to the $).

“The sooner we focus on a painstaking creation of value-added manufacturing export economy that earns forex beyond oil in real and significant terms, the better.

“Key to this is the electricity conundrum in which we are at less than 4,000MW of generation for a population of 200 million for decades now. Take power to even 20K megawatts (let’s not talk of 50K for South Africa’s 60 million population or Brazil’s 181K megawatts for a population only slightly larger than Nigeria) and you will see what the Nigerian entrepreneurial spirit is capable of.”

The naira experienced a slight appreciation at the official market, trading at N1, 431.49 to a dollar on Friday.

Data from the official trading platform of the FMDQ revealed that the naira strengthened by N21.79 or 1.5 per cent, compared to the previous day’s rate of N1,453.28 against the dollar.

However, the total turnover decreased to $199.71 million on Friday, down from $288.47 million recorded on Thursday.

Meanwhile, at the Investor’s and Exporters’ window, the naira traded between N1,468 and N1,301 against the dollar.

The Central Bank of Nigeria had earlier announced the completion of clearance of the valid foreign exchange backlog, signalling a positive development in the forex market.

On the impact of forex intervention, researchers at Cordros Securities said, “The recent overhaul and increased intervention in the FX market have bolstered confidence and facilitated Foreign Portfolio Investors inflows into the forex market.”

They also highlighted renewed interest from foreign portfolio investors in the fixed-income market, as stop rates on the long-end bills rose above 20.0 per cent.

Chief Justice of Nigeria, CJN, Olukayode Ariwoola, will now earn N1.1 million monthly basic salary and N4.3 million regular allowances as President Bola Ahmed Tinubu increased the remuneration of Judiciary officials.

The development came after President Tinubu sent an executive bill to the National Assembly on Tuesday seeking an upward review of the salaries of judicial officers.

The House of Representatives approved Tinubu’s request to increase the salaries and allowances of judicial officers.

According to the bill, the CJN will earn N13.5 million in annual basic salary and N51.2 million in regular allowances, making it a total of N64.7 million.

Further analysis of the new salary structure showed that the President of the Court of Appeal will earn N62.4 million annually.

In contrast, the justices of the Supreme Court will earn N61.4 million annually.

In October last year, retired Supreme Court Justice Musa Dattijo Muhammad said the CJN N400,000 monthly salary is lower than the N1.2 million earned by the Supreme Court Registrar.

Naira appreciates massively to N1,492 against USD at forex market amid foreign reserves surge.

It appreciated massively to N1,492.61 per US dollar at the official foreign exchange market as foreign reserves surged to $34.11 billion.

FMDQ data showed that the Naira gained N67.96 on Wednesday compared to the N1,560.57 per USD it traded the previous day.

This is the first time the Naira has reached below N1,500 per USD since last month.

The appreciation comes as USD transactions turnover surged to $268.29 million on Wednesday from $195.13 million on Tuesday.

Similarly, at the parallel market, the Naira appreciated to N1,520 per USD on Wednesday from N1,600 on Tuesday.

Recall that the Central Bank of Nigeria said it has cleared the $7 billion valid forex backlog.

Accordingly, the apex noted the country’s foreign reserves increased to $34.11 billion by $993 million as of March 7, 2024.

The Central Bank of Nigeria said it has settled all valid foreign exchange backlogs.

This is according to a statement by the apex bank’s Acting Director, Corporate Communications, Hakama Sidi.

Mrs Sidi said that the step was in fulfilment of a key pledge of the CBN governor, Yemi Cardoso, to process an inherited backlog of seven billion dollars in claims.

She said that the CBN recently concluded the payment of 1.5 billion to settle obligations to bank customers, effectively settling the residual balance of the forex backlog.

She also said that independent auditors from Deloitte Consulting meticulously assessed the transactions, ensuring that only legitimate claims were honoured.

According to her, any invalid transactions are promptly referred to the relevant authorities for further scrutiny.

Meanwhile, Mr Cardoso said that the apex bank made clearing the forex backlog a priority to restore credibility and confidence in the Nigerian economy.

He added, “It was important that we go through an independent and credible process that would determine the authenticity of those obligations, and, at this point, I can tell you that we have now cleared all genuine, verifiable transactions. This encumbrance to market confidence in the country’s ability to meet its obligations is now totally behind us.”

The clearance of the foreign exchange transactions backlog is part of the overall strategy detailed in the last Monetary Policy Committee meeting.

The aim, according to the CBN, is to stabilise the exchange rate and thereby curb imported inflation, spurring confidence in the banking system and the economy.

Mr Cardoso had used the MPC meeting and a subsequent conference call with foreign portfolio investors to set expectations for sustained increase in Nigeria’s foreign currency reserves and improved liquidity in the foreign exchange market.

The CBN, afterwards, reported a significant increase in external reserves, rising by 993 million dollars to 34.11 billion dollars as of March 7, the highest level in eight months.

The apex bank reported that month-on-month increase was driven by a marked advance in remittance payments by Nigerians overseas.

It said that higher purchases of local assets, including government debt securities, by foreign investors, were also responsible for the increase.

Zenith Bank Plc has announced the appointment of Dame (Dr.) Adaora Umeoji, OON, as Group Managing Director/Chief Executive with effect from June 1, 2024, subject to approval by the Central Bank of Nigeria (CBN).

She takes over from Dr. Ebenezer Onyeagwu, whose five-year term expires on May 31, 2024, after a very successful tenure. Dame (Dr.) Adaora Umeoji is the first female GMD/CEO since the inception of the bank, and her appointment is consistent with the bank’s executive transition tradition, succession plan, and strategy of grooming leaders from within.

Prior to this appointment, Dr Umeoji has been the bank’s Deputy Managing Director since October 28, 2016. He has close to thirty (30) years of cognate banking experience, of which twenty-six (26) years have been with Zenith Bank.

She is an alumnus of the prestigious Harvard Business School, where she attended the Advanced Management Program (AMP) and an alumnus of Columbia Business School with a Certificate in the Global Banking Program. She holds a Bachelor’s Degree in Sociology from the University of Jos, a Bachelor’s Degree in Accounting and a First-Class honors in Law from Baze University, Abuja.

She holds a Master of Laws from the University of Salford, United Kingdom, a Master in Business Administration (MBA) from the University of Calabar, and also has a doctorate in business administration from Apollos University, USA.

She holds a Certificate in Economics for Business from the prestigious MIT Sloan School of Management, USA, and has attended various management programmes in renowned Universities around the world, including the strategic thinking and Management programme at Wharton Business School, USA.

She also attended the executive program in Strategic Management and has a Certificate in Leading Global Business from Harvard Business School, USA.

She is a fellow of notable professional bodies, including the Chartered Banker Institute, UK, Chartered Institute of Bankers of Nigeria, Nigerian Institute of Management, Institute of Credit Administration, Institute of Certified Public Accountants of Nigeria, Institute of Chartered Mediators and Conciliators, and the Institute of Chartered Secretaries and Administrators of Nigeria.

In 2022, the Federal Government of Nigeria honoured Dr Umeoji with Officer of the Order of the Niger as a recognition of her contributions to nation-building.

She is a Peace Advocate of the United Nations (UN-POLAC).She has impacted many lives through her philanthropic and humanitarian activities through her NGOs, Pink Breathe Cancer Foundation and the Adorable Foundation, which educates and caters to Cancer patients and indigent children, especially girls.

The Sun Newspaper recognized her contribution to humanity and recently bestowed on her the Humanitarian Service Icon Award for 2023.

Because of her passion for promoting professionalism in the banking industry and improving the well-being of the less privileged, Dr. Adaora Umeoji, OON, founded the Catholic Bankers Association of Nigeria (CBAN), a platform she uses to promote ethical banking and service to humanity.

She is a Lady of the Order of Knights of St. John International (KSJI) and was awarded a Papal Knight of the Order of St. Sylvester by His Holiness Pope Francis.

The Abuja Division of the Federal High Court has ordered Binance Holdings Limited to provide the Economic and Financial Crimes Commission with comprehensive information on all persons from Nigeria trading on its platform.

Justice Emeka Nwite granted the interim order after ruling on the ex parte motion moved by the EFCC’s lawyer, Ekele Iheanacho.

“The applicant’s application dated and filed 29th February, 2024, is hereby granted as prayed. That an order of this honourable court is hereby made directing the operators of Binance to provide the commission with comprehensive data/information relating to all persons from Nigeria trading on its platform,” the judge ordered.

The interim order enabled the anti-graft agency to unravel the alleged money laundering and terrorism financing on Binance, a cryptocurrency exchange platform.

The ex parte motion marked FHC/ABJ/CS/259/2024 was brought pursuant to Sections 6(b), (h), (I), 7(1), (a)(2), and 38 of the Economic and Financial Crimes Establishment Act, 2004 and Section 15 of the Money Laundering (Prevention and Prohibition) Act, 2022 (as amended) and the inherent powers of the court.

In the affidavit in support of the motion deposed to by Hamma Bello, an operative of the EFCC, he said he was attached to the Special Investigation Team (SIT) of the commission domiciled in the Office of the National Security Adviser (ONSA).

Mr Bello averred that, following the inauguration of the Technical Committee on Currency Stability and Forex Manipulation by the ONSA, the SIT “received an intelligence stating the nefarious activities (money laundering and terrorism financing) on Binance,” a cryptocurrency exchange platform.

Mr Bello added that upon receipt of the intelligence, the team began investigating by surveilling the platform’s activities.

He stated, “The team uncovered users who have been using the platform for price discovery, confirmation, and market manipulation, which has caused tremendous distortions in the market, resulting in the Naira losing its values against other currencies.

“That the damage the platform has caused was clearly explained to the operators of the platform and they were requested to delist the Naira and avail the ONSA on the activities of the Nigerians on their platform.

“That from the information afforded to the team by Binance shows that the total trading volume from Nigeria in 2023 alone stood at $21.6 million. Attached and marked as Exhibit EFCC 1 is a copy of the document from Binance to the ONSA stating this fact amongst others. That the commission will ensure that investigation is conducted within such reasonable time.”

Mr Bello, who said the matter was of utmost urgent public interest, said the data provided would enable the commission to accomplish its investigation activities.

He said it was in the interest of justice to grant the application, as refusing the request would largely hamper the commission’s investigation.

Binance is a cryptocurrency exchange that lists more than 350 cryptocurrencies globally.

In addition to cryptocurrency trading, it offers several services that enhance the experience for users and blockchain developers.

A 42-year-old man, Usman Yusuf, was on Wednesday arraigned before a Kaduna Chief Magistrates’ Court for allegedly defrauding his friend of N4.7 million.

Mr Yusuf, whose address was not provided, is facing charges based on fraud and stealing, for which he pleaded not guilty.

The prosecutor, Inspector Chidi Leo, told the court that the defendant committed the offences sometime in October 2023 in Kaduna.

Mr Leo alleged that the defendant collected N4.7 million from the complainant, Adamu Salihu, with intent to defraud him.

He said that the defendant promised to invest the sum in buying and selling sharp sand for the complainant.

The prosecutor explained that the defendant, however, converted the money into his personal use.

Mr Leo added that the offences violated the Penal Code of Kaduna State, 2017.

The magistrate, Ibrahim Emmanuel, admitted the defendant to bail in the sum of N500,000 with two sureties in like sum.

He adjourned the case until April 30 for hearing.

President Bola Tinubu has ordered the Nigeria Customs Service, NCS, to give back the food items they seized at the border communities to the rightful owners, with the requirement that the items should be sold in Nigerian markets.

The Controller-General of Customs, Adewale Adeniyi, disclosed this in Katsina on Saturday while meeting with people from border areas at Kongolam and Mai’Adua border stations.

He mentioned that Tinubu had made a decision to use his authority not based on legal guidelines, “but rather reflecting the deep sense of generosity he holds towards Nigeria.”

“In doing so, he has directed that those food items that were going out of the country that have been seized in various border areas should be returned to the owners on the condition that those goods would be sold in the Nigerian markets.

“So, we will be monitoring you to know if there is a violation of this. Those food items will be returned, and it is a directive that we will pass them back into the Nigerian markets,” Adeniyi said.