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Boss of The Week: Abisoye Fagade: Businessman, Philanthropist, Emerging Political Star

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BY Michael Effiong

Abisoye Fagade: Businessman, philanthropist, politician and man of the people. This amiable gentleman sure knows who he is and remembers where he is from.

Humble, cerebral and forward-looking, he is certainly the real deal when the discussion swings to the new face of Nigerian politics having been in the trenches for over a decade.

Suave, well-connected and gradually building a grassroots movement that is sure to bring him to national prominence, Fagade is certain that he is the man to restore Oyo State to its pre-eminent status.

It is said over and over again that young people are the future. Abisoye, in his 40s, shares the view that the gains of democracy would be nullified if we do not properly educate and equip our children and youth.

Indeed, one thing many do not know is that Abisoye is a fantastic teacher, maybe taking a queue from his sweet mother. Over the years, he has spoken to and mentored many youths, usually in informal sessions but at times at speaking engagements, in which his sense of humour, candor and quest for success shines through.

Great teachers are also great students and Abisoye is no exception. He has learnt lessons from people and books, and he highly recommends this as a path to greatness.

Having stabilized his business and spent years touching lives and impacting others, his latest past time is his audacious adventure into politics, it is without a shadow of doubt an act of bravery and selflessness.

Indeed, Abisoye takes this journey as a huge challenge, he believes that more good men should join politics and stop lamenting like the biblical Jeremiah.

Abisoye believes he is on a rescue mission and is undaunted by the enormity of the task ahead. He comes across as someone who has a deep knowledge of Oyo State and knows what the future should look like.

 

Aristotle says there is no action without desire, for it is desire that causes us to act. An individual’s action, therefore, reveals much about what literally, moves him.

In this interview,  it is clear that Abisoye Fagade is moved by altruistic considerations, he is moved by a desire to do good to others and make Oyo State sweet again.

 You have an NGO known as “Oyo Si Ma Dun” Foundation, what can you tell us about it? 

 

The Foundation came into place as a medium to reach out to the masses especially the less privileged in the Nigerian society and the people of Oyo state in particular. I have had reasons to be concerned about the general welfare of ordinary people on the street who suffer not because they are lazy or created to be poor but who are just victims of circumstance.

“Oyo Si Ma Dun” Foundation, is well structured to bring hope to the society and improve the lives of the common man through its numerous intervention programmes and outreaches.

 

The concept or name Oyo Si Ma Dun came to me about 11 years ago when it dawned on me that if we did not get actively involved, we will lose our right to complain as citizens. I felt I should start with my state and create a political niche for myself. At that time, I came out under the progressive party called Alliance for Democracy (AD) and I was able to pay my dues. Since then, I have always been around to play the role of a key stakeholder and a mobilizer in the progressive fold.

What inspired you to join politics in the first instance?

All of us are politicians, we play politics every day at home, in offices, in our boardroom, churches, mosques among other places. Life itself is politics. I’m only transferring that into getting involved in making policies that will better the life our citizens in Oyo state and Nigeria as a whole. So, I’ve always been a technocrat politician. More importantly, the passion to see a better Nigeria as a whole inspired me to join politics. To encourage the best of us as Nigerians to come forward and get involved in the day to day running of our beloved country.

Do you share the popular opinion about politics being a dirty game? Are you not concerned about the intrigues and horse trading which often play out to the disadvantage of the majority of key players?

 

Politics is like a muddy brown glass cup of water, if you add a few drops of clean water, it will never have any effect but the more you pour clean water the clearer it would become. At some point, it will become crystal clear if you were able to get out all the muddy water from the cup. What I’m trying to say here is simple, politics will remain dirty as long as we continue to allow the worst of us to rule over the best of us. Good people need to stop staying aloof… I urge every competent and passionate patriot to be ready to take the battle to the doorsteps of dirty players in the political turf and challenge the status quo. We should get involved and show the stuff we are made up of if we want to have a better society.

 

Going by the huge number and calibre of gubernatorial aspirants within Oyo APC, one would think that an emerging political star like you should start from the House of Assembly or House of Representatives… Why are you eyeing the governorship seat at this stage of your political career?

 

First, let me correct an impression here; I’m not an upstart in politics and to be clear, I’m almost 50 years of age. Succinctly put, the only position, as we speak today, that can give me the kind of threshold to actualise my dream for the society is to be the Governor of Oyo state. I could have easily gone for either House of Representatives or Senate post in the National Assembly and win but that will be adopting their usual political trend. I have a dream and it is to see that we return Oyo to its original Pacesetter status.

What is wrong with Oyo State that you want to fix as Governor?

The first thing we need to fix is the mindset and everything will fall in line. We are the pacesetter and all our missions would have their foundation on that. The greatest war anyone can fight is between your two ears. We have our short term goals which are the low hanging fruits (tourism boost, basic infrastructures, youth development and engagement, security etc), long term goal is to build strong institutions that will solidly strengthen all the key sectors of our economy such as educational, health, judiciary, transportation and most importantly, the Agricultural system.

I have no doubt that a timely turn around in the Agricultural sector would afford us another experience of giant strides like it was done by Chief Obafemi Awolowo in the days Western Region. Our major challenge and focus will be to generate, boost and harness all our God-given resources and potential to grow our revenue base optimally.

Why APC?

Why not APC? What other party is there? I have always been a progressive since Baba Awolowo days to Uncle Bola Ige, Baba Lam and our leader of blessed memory, late Chief Abiola Ajimobi.

As it stands today, APC parades the largest number of politicians with progressive background who mean well for the society. APC can boast of the best when you talk about principled, disciplined and patriotic citizens. It is in APC you will find democrats who are always ready to defend Nigeria with everything they have and also people who are willing to safeguard democracy and the rule of law.

Without mincing words, what APC governors offer their people in many states justify the belief of people like me compared to what is obtained in all the PDP states. However, this is not to say that saints exist only in APC but the quality of people and programmes which the broom party parades ranks it far and above any other party in the country including the PDP.

We notice you engage in some humanitarian service, including donation of big projects to different communities across the state, without being a political office holder. Tell us about that side of you?

I’m not the type that likes to give in the presence of the camera (laughs). The little you have seen is because of politics and I showcased that little because I don’t want to be winking in the dark politically. I like to empower and allow the recipient to show or not show appreciation.

 Now let’s go personal, tell us about your beginning. Who is Abisoye Fagade?

I am a thoroughbred Ibadan man from both parents, my father was from Oke-Offa Baba Isale and my mother was from Oranyan. My father was an astute banker, he worked with First Bank until his retirement and my mum was a dedicated teacher in Ibadan.

 

I attended Queen of Apostle Primary School, Oluyoro, my secondary school was Lagelu Grammar School, the same school both Alhaji Lam Adesina and Senator Abiola Ajimobi attended. I studied Demography And Social Statistics at the first degree level and I graduated from the prestigious Obafemi Awolowo University, Ile-Ife. I attended the Stanford University (SEED Program) for a year and several other courses in reputable foreign Ivory Towers including Howard Business School.

You buried your mum recently and Ibadan was agog as the event attracted many VIPs from within and outside the country. Why did you choose to throw such a big party at this time?

My mom deserves much more. I only played host to friends, associates and well-wishers in celebration of her glorious transition to the great beyond. She’s just simply irreplaceable and that’s it. My mother, late Comfort Omoladun Fagade means so much to me even in death and nothing could be too much to honour her. It is the reason we themed her burial the “IRREPLACEABLE COMFORT”.

Sincerely, there was nothing like lavishness in all that we did in her honour. We took good care of her when she was alive than we did during her burial event. I’m actually more humbled by the lavish show of love from people from all over the world who came to identify with us. I can’t take such rare show of love for granted.

 Can you take us through your career trajectory?

Well, I started my career in 1999 with De-United Foods Ltd, the manufacturer of the most popular noodles brand in Nigeria, Indomie. That brand took me to the 36 states of this country, we were busy engaging consumers and promoting the brand all over Nigeria. I later joined Starcomms as a Direct Marketing Manager in 2004, later moved to Tequila of IMS Group as a Client Service Manager. From there I moved to my last paid employment at SO&U Saatchi and Saatchi Group, Soulcomm as an Assistant Director and I resigned from there as an Associate Director in 2009 when I started Sodium Brand Solutions which has given birth to several other companies.

Why did you decide to go solo in business?

Without knowing, my former boss, Mr Udeme Ufot gave me that courage to start on my own by working selflessly for him then. If I could remember, there was a project we were doing in Uyo in 2007 and it afforded me the opportunity of working closely and directly with the then Governor of Akwa Ibom, Obong Victor Attah. It happened that the Governor took a special interest in me and the rest, as they say, is now history.

My relationship with him opened the doors to other big projects. One of them is the Project Kwara that my company (which I later floated) did with Governor Abdulfatah Ahmed. We consulted for him throughout his tenure and we are still friends till date. To answer your question, I decided to go solo when I knew I was ripe enough to handle high profile projects in 2009. Meanwhile, my brainchild, Sodium Brands Solution, has now transformed into Sodium Group with specific interest in Advertising and Media consulting, Oil & Gas, Hospitality, Agribusiness and Manufacturing. All of them are being run by professionals in those fields with near nil supervision. They are also able to navigate the challenges of running businesses in Nigeria with the wealth of their experiences.

 What are key lessons life has taught you?

Life has taught me to stay focused on my goal because no one will ever understand your journey like yourself. Set realistic goals for yourself, work hard to actualise set targets and do not allow challenges to weigh you down.

 Who are those you admire: in politics, in business and in life generally?

People that inspire me in Politics, business and life are too numerous to mention. I take lessons and inspiration even from my drivers and staff. If I have to mention few names here, I will do it from my immediate environment. Politically to a certain length, Senator Abiola Ajimobi did the unthinkable by getting a second term in Oyo State. There must be a lot more to his character as a leader, Gov. Mai Bala Buni, his ability to combine his role as a sitting Governor and still be able not to just hold the party together but also expand the size of the party by winning over opposition bigwigs is phenomenal.

 

It would be a blunder not to mention how much of a study Asiwaju Bola Tinubu is for anyone who loves to succeed in politics in Nigeria. Love or hate him, he’s in an unparalleled league of his own.

 

In Business, my distant motivation is Dr. Mike Adenuga Jnr, the spirit of Africa himself, how one person can build a common business entity and turn it into a conglomerate like MTN and Etisalat have built still gives me chills till tomorrow. How a man can remain so invisibly visible and unavailable but everywhere, maintain solid relationships without physical contact is amazing. I like humility and I will do anything to learn that from Alhaji Dangote but Mr Kunle Soname is the epitome of humility. Like I always tell Bob Dee, there is a part of him that I want and I want it bad that I’m already tapping from, it is his relationship management and tolerance skills.

In life, I will go a bit spiritual, I like what Pastor Wole Oladiyun of CLAM stands for and his style of spiritual leadership. I will allow the likes of Jeff Bezo, President Obama and the rest to be. In a nutshell, I draw inspiration from everything that God has created

 

Politics is such an expensive venture. You must be a rich man to even dream? How prepared are you?

Yes, I am a rich man because God has endowed me with everything that I need to lead. There is no way I will be left stranded

 What are the philosophies that drive you?

Do unto others what you will want others to do to you. You will always get what you give back.

 

You are known to dress well, how did it begin?

 

Yes o! I got that from my dad, he was a powerful dresser and smart banker in his days

 How would you describe the man Abisoye Fagade?

What you give is what you get kind of man. A man after God’s heart, fair but fearless strategist.

 How do you relax?

My life is quite eventful so I derive so much joy in being in my room, in my bed reading (online or anything), listening to music or watching movies.

Why did you take to golf. What does the sport teach you?

I took to golf when I was working with Obong Victor Attah on the Ibom Golf Resort in 2007. I was directly involved in bringing Colin Montgomerie, Nancy Lopez and Retief Goosen to Nigeria with IMG and I could remember Colin asking me if I played golf and I said no. He said, “you won’t know what you’re missing till you start, golf is life”. I joined Ikoyi Golf Club that year and I wished I had even joined earlier.

Golf is life and it teaches you everything you need in life to succeed, patience, focus, integrity, character, planning, you mention it, it is all there

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Okuama Massacre: Military Declares Eight Persons Wanted

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The Defence Headquarters has declared eight persons wanted over their roles in the recent killing of 17 military personnel in Delta State.

The military released the list on Thursday at a briefing in Abuja.

Those declared wanted are Prof. Ekpekpo Arthur, Andaowei Dennis Bakriri, Akevwru Daniel Omotegbo (Aka Amagben), Akata Malawa David, Sinclear Oliki, Clement Ikolo Oghenerukeywe, Reuben Baru, and Igoli Ebi.

During the briefing, the Director, Defence Media Operations, Major General Edward Buba, called on Nigerians especially residents of Delta and adjoining states to assist the military with credible information that would lead to the arrest of eight persons allegedly responsible for the killing of seventeen soldiers in Okuama community in Delta State.

General Buba says the military remains determined to fish out the perpetrators of the heinous act in Delta State, reaffirming its commitment to rescue all kidnapped and abducted victims in Nigeria.

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How CJMR Has Championed Restoration of Justice to Unjustly Incarcerated, Condemned – Founder, Olujobi

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By Eric Elezuo

“At CJMR, we stand firm on our scriptural foundation: ‘Speak up for those who cannot speak for themselves, ensure justice for those being crushed. Yes, speak up for the poor and helpless, and see that they get justice…,” Pastor Olujobi 

Most citizens of the world are endowed with milk of human kindness, and are ever ready to lend a helping hand to folks in need, either for cash or kind. One of these citizens is a Nigerian of special breed, filled with compassion and zeal to assist wrongfully detained persons to regain their freedom. He is Mr. Hezekiah Olujobi, who is leading the fight against wrongful detention and elongated detention without trial with his Non-Governmental Organization, the Centre for Justice, Mercy and Reconciliation (CJMR).

The CJMR as stated, is NGO dedicated to promoting human rights and advocacy within the Nigeria Correctional Service and strengthening the rule of law in Nigeria Criminal Justice System, according to the Founder, Mr. Olujobi.

“Our area of focus are Advocacy, Alternative Dispute Resolution, Investigation, Cases review, Rehabilitation of individual upon freedom and Restorative Justice in Criminal Matter,” he added.

The CJMR as an organization, was established in 1999, and was officially registered in 2009. It has since then accumulated an enviable and proven track record of facilitating the release of individuals from death row, some of whom had been unjustly incarcerated for 18 to 28 years.

“Additionally, over 600 inmates have been freed from illegal detention after 4 to 12 years without trial. The organization has also established a Halfway Home that has benefited over 300 individuals.

“Our activities cut across the Correctional service in South West: Oyo, Odun , Ogun and Lagos States. We still have over 100 cases for intervention including 10 people on death row whom we strongly believed they are victims of wrongful conviction,” Olujobi stressed.

Hezekiah Olujobi, also known as a Pastor, for his vocation as a preacher of the gospel, who is the founder of CJMR, is currently working on two books to project the work of the organization so far.

The first, “Their Stories Behind Bars,” is a collection of narratives from individuals wrongfully sentenced to death and how the organization helped secure their rrlease, while the second book, “Their Hurts and Unforgettable Memories,” delves into the stories of victims and offenders, exploring their deep hurts and the healing process through restorative justice.

The following stories below as told by Pastor Olujobi, carefully epitomizes how far the NGO has gone to put smiles on the faces of individuals, who have otherwise lost hope of ever living their lives among free people again

Olaniyi Emiola’s Wrongful Conviction: My Belief in His Innocence

Olaniyi Emiola was sentenced to death based on witness testimony that was a case of mistaken identity. The armed robber apprehended at the crime scene insisted he was not the person being referred to and claimed he did not know Emiola at all. However, one of the victims, who recognized Emiola by the name “Abija,” insisted that he was the culprit. Emiola was known in the streets as “Abija,” not “Niyi,” yet the robber mentioned a “Femi Niyi,” not “Abija.” The man in question is Olaniyi Emiola, not Femi Niyi. During the trial, it was claimed that the robber identified the house of their leader to them, who is known as Abija,

In this controversial case, the conclusion of judgment of my noble lord, Hon Justice Jimoh of the Tribunal Court, was as follows:

“It is our considered judgment that the discovery of the second accused in the house pointed out by the first accused to the prosecution, and the discovery of the stolen items in the house shown to the police by the first accused, are admissible and well taken. Referencing R. v. Garbett (1847) 2 C & K 474 and R. v. Treacy (1945) 30 CAR 93, with these authorities in view, the second accused has been properly identified and linked with the commission of the crime charged.

Since the prosecution has adduced sufficient evidence to place the second accused at the scene at the material time, his alibi defense is logically and physically demolished.

This was established by the Supreme Court in the cases of Patrick Njovens vs. The State (1973) 5 SC 17 at 65 and Christian Nwosisi v. The State (1976) 6 SC 109 at 112.

It is my considered judgment that since the defense of the second accused has failed and, by the acceptable evidence of the prosecution witnesses, the accused has fallen into the warm embrace of the law, and I so hold.

SENTENCE: OLANIYI EMIOLA – The sentence of the Tribunal upon you is that you be hanged by the neck until you are dead or suffer death by firing squad, as the Administrator of this State may direct. May the Lord have mercy on your soul.”

This was the judgment that sent a man to darkness and anguish, leaving him to await execution in a solitary cell for 11 years without the right to appeal, luckily for him, the abolition of execution was announced in Nigeria.

Reprieve came when we visited Kirikiri Maximum Security Prison in 2007. We investigated the matter by analyzing the entire judgment and all the contents of the case file. We took up his case, amplified his voice of innocence, and refuted all the arguments in light of the existing facts recorded in the judgement.

Olaniyi Emiola was finally set free in January 2011, after 17 years had been wrongfully taken from his life.

One can only imagine what would have happened if execution had not been abolished in Nigeria.

CJMR’s Advocacy visit to the Oyo State Attorney General

The organisation has also taken its advocacy to the Attorney General’s office in Oyo State, and achieved certain parameters as represented in the narrative below:

“On Wednesday, March 20, 2024, the Committee for Centre for Justice Mercy and Reconciliation (CJMR) conducted an advocacy visit to the office of the Oyo State Attorney General. The purpose of the visit was to highlight the plight of numerous inmates who have been denied justice and are enduring the prolonged anguish of indefinite trials for capital offenses.

The primary goal of the visit was to bring to the Attorney General’s attention specific cases of individuals who appear to have been wrongfully accused of capital offenses and have been languishing in detention since 2015 without legal advice. Additionally, there are those who have been repeatedly taken to the High Court since 2017 without the prosecution presenting a single witness.

In a recent development on March 18 and 19, 2024, the Oyo State Chief Judge, Honorable Justice Iyabo Yerima, visited the custodial centers in Ibadan and Oyo. She firmly resolved not to address any capital offense cases, maintaining her stance throughout the jail delivery exercise. Consequently, 32 inmates were released from Agodi and 38 from Oyo, totaling 70 releases from facilities that house 1,250 and 827 inmates, respectively. The data clearly indicates that a significant proportion of detainees charged with capital offenses remain unaddressed.

Pastor Olujobi further noted that “During the CJMR’s visit, seven recommendations were proposed to enhance the efficiency of justice delivery by the Attorney General’s office, and a list of 32 individuals awaiting legal advice was submitted.”

The Attorney General, known for his humility and activism, pledged to collaborate with the CJMR.

He further acknowledged that “It is a profound injustice for individuals, even those apprehended with substantial evidence, to be detained indefinitely, risking the degradation of evidence and waning interest or resolve of witnesses. The slow turn of the justice system’s wheels can erode its very foundation.

“Similarly, it is an injustice for an innocent person to endure punishment due to procedural delays or inefficiencies.

The presumption of innocence until proven guilty is a fundamental principle of democratic societies, yet it is undermined when the process to establish innocence is plagued by excessive delays. The time for change is now.

Olujobi is also of the view that “The judiciary must move beyond a confessionary-based approach to prison decongestion and focus on those unjustly detained for capital offenses.”

From Darkness to Light: The Unraveling of Injustice and the Triumph of Freedom for Olusola Adepetu after 26 years behind bar

In this scenario, the police conducted a comprehensive investigation, and the defense attorney performed admirably. However, despite these efforts, the judge appeared to succumb to public pressure, reminiscent of Pontius Pilate’s historical decision, resulting in Olusola Adepetu being wrongfully sentenced to death.

Tragically, this miscarriage of justice led to the loss of 26 years of Adepetu’s life.

The appellant, a native of Ondo state was 34 years old at the time of his arrest, a father of 4 children with a broken home.

He was the owner of Olusola Naturalist Hospital. He was a Guru in herbal traditional-medicine, very popular with radio and television advertisements.

He cures all manner of ailment, he was a highlife socialite, he was a member of special marshal of Federal Road Safety Commission, due to the nature of his work as herbal traditional medicine healer he was highly connected with people in high places who always patronized him and in the world ravaged with deceases people always throng his office to seek healing for their ailments.

He is not a medical doctor but always referred to as Doctor Olusola.

All of a sudden, the light of his fame and popularity went off, he was enveloped with thick darkness. For a good 26 years he never walks under the moon nor is beaten by rain.

What happened?

His girlfriend was murdered in a mysterious way, three days later, her dead body was recovered by the police at the Express way, Sanyo, Ibadan and deposited at mortuary in Adeoyo state Hospital. Who must have done this?

Nobody knows till today. The relations who were in the shop of the father of his girlfriend who saw him when he came to pick the deceased and the bar man who saw him the previous day with the deceased pointed touch light on him.

Upon his arrest, rumors went round the whole city like wildfire and consumed the heart of men, same Radio and Television stations where his advertisements were being jingled, announced his arrest, all kinds of rumors went round the city, his case became a celebrated case.

He was consumed by the public adverse opinion.

With all kinds of rumors, the death of the lady was attributed to ritual killing, some said he cut the breast of the lady, some said he cut her private part for the ritual purpose.

At every court adjournment the whole court room and the premises will always be filled up with people. The case attracted the public interest. Like Pontius Pilate, the judge has no choice than to deliver the innocent man as a sacrificial lamb not for the world but for his likely hidden sin.

Light shines on his path again, when we unravel the case file documents with the dissenting judgement and the man regains his freedom after 26 years.

The critical question is: Who will advocate for the poor and helpless? It is us;
The Chief Judge, Attorney General, Commissioner of Police, and all stakeholders must be involved. And this where CJMR comes in, and the organization are doing it.

“We therefore call for wholesome assistance from all and sundry to sustain the tempo, and help our people, who graciously need the assistance,” Olujobi concluded.

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Binance Executive Detained in Nigeria Escapes from Custody

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One of the two Binance executives detained in Nigeria for alleged tax evasion and other offences, Nadeem Anjarwalla, has escaped from lawful custody, according to PREMIUM TIMES report.

Our sources said Mr Anjarwalla, 38, escaped on Friday, 22 March, 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.

The Briton, who also has Kenyan citizenship, is believed to have flown out of Abuja using a Middle East airliner.

It remains unclear how Mr Anjarwalla got on an international flight despite his British passport, with which he entered Nigeria, remaining in the custody of the Nigerian authorities.

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 Mr Anjarwalla is believed to have exploited to plot an escape.

When contacted Sunday night on the escape of the Binance executive from detention, the Head of Strategic Communication at the Office of the National Security Adviser, Zakari Mijinyawa, said he would enquire and revert. He has yet to do so as of the time of filing this report.

Mr Anjarwalla, Binance’s Africa regional manager, and Tigran Gambaryan, a US citizen overseeing financial crime compliance at the crypto exchange platform, were detained upon their arrival in Nigeria on 26 February 2024.

A criminal charge was filed against the two executives before a Magistrate Court in Abuja. On 28 February 2024, the court granted the Economic and Financial Crimes Commission (EFCC) 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 4 April 2024.

Also on 22 March, the Nigerian government approached the Federal High Court in Abuja and slammed another four-count charge on Binance Holdings Limited, Mr Anjarwalla and Mr 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, 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 are using the Binance platform for criminal activities

The Nigerian government said over $21.6 billion was traded by Nigerians whose identities were concealed by Binance.

Source: Premium Times

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