Connect with us

Headline

Show of Shame: Lawmakers, Binance Chief Trade Words over $150m Bribe

Published

on

By Eric Elezuo

The show of shame playing out between the Federal Government of Nigeria and a Binance Executive, Tigran Gambaryan, over allegations of demand for $150 million bribe by certain lawmakers, including financial infractions leveled against the National Security Adviser, Malam Nuhu Ribadu, has become more worrisome.

While the Nigerian government has consistently make clarifications on what exactly transpired between them, the Binance organization has insisted that the Nigerian officials made spurious demands of them to the tune of $150 million.

In the wake of the accusations, the Chairman, House of Representatives Committee on Financial Crimes, Mr. Ginger Obinna Onwusibe, who is among officials named in the financial fraud, has risen stoutly to deny the allegations of bribery made against him by the senior executive of Binance, Gambaryan. describing the claims as false, malicious, and defamatory.

His response follows a statement by Binance’s Head of Financial Crime Compliance, Mr. Gambaryan, who took to social media to accuse the lawmaker and his committee of demanding bribes during an investigative hearing on the company’s activities in Nigeria.

The accusations were also echoed in international publications, including NPR and Wired, painting a picture of Binance executives being subjected to political and legal harassment in Nigeria.

Reacting to these claims, Onwusibe said he initially chose not to respond, as the matter was already before the court. But, given the widespread public reactions and what he described as the “unfair demonization” of his person, his political party, and even his ethnic group, he felt compelled to address the allegations.

Providing a detailed account of events, Onwusibe said that his committee began investigating Binance after receiving a petition from the Empowerment for Unemployed Youth Initiative, a civil society organisation.

“The petition alleged that Binance had engaged in financial and economic crimes that posed a threat to the Nigerian economy. In response, the committee invited Binance’s CEO, Richard Teng, to appear before a public hearing scheduled for January 10, 2024.

”However, before that date, Binance requested a pre-hearing meeting to better understand the allegations against them. Onwusibe explained that the committee agreed to the request and scheduled the meeting for January 8, 2024, at the National Assembly complex,” he said.

The lawmaker said that he was unable to attend due to other official engagements, so he delegated three committee members and a clerk to meet with Binance’s six-member team, which included legal counsel.

According to Onwusibe, the meeting was professional, transparent, and ended on a cordial note, with no demands for bribes.

“Despite agreeing to attend the public hearing, Binance’s CEO, Richard Teng, failed to appear on multiple occasions. Instead, the company sent legal representatives, a move the committee rejected.

The hearing was postponed several times to accommodate Binance’s requests, but neither Teng nor any other senior Binance executive ever attended,” Mr. Onwusibe said.

This, he said, raised serious concerns about Binance’s willingness to cooperate with Nigerian authorities.

As the controversy grew, Onwusibe said he was surprised to discover, through a May 7, 2024, blog post by Richard Teng, that Binance executives were also under investigation by Nigeria’s security agencies, including the Department of State Services (DSS) and the Office of the National Security Adviser (ONSA).

Teng’s post, titled “Tigran Gambaryan is Innocent and Must Be Released”, contained what Onwusibe described as defamatory claims against him.

In response, he instructed his lawyer, Nnamdi U. Nwokocha Ahaaiwe, to demand an apology and damages. Binance, however, refused to retract the statements or offer any compensation.

On September 18, 2024, Onwusibe filed a lawsuit against Binance and Teng at the High Court of the Federal Capital Territory, seeking an apology, a retraction, and $3 billion in damages.

The case, which first came up for hearing on January 22, 2025, is set to continue on February 19.

The lawmaker dismissed the latest allegations by Gambaryan, calling them a desperate attempt by Binance to deflect attention from its own legal troubles.

He emphasised that neither he nor his committee coordinated with Nigerian security agencies in their investigation of Binance.

He also denied allegations that the DSS, ONSA, the Securities and Exchange Commission (SEC), the Central Bank of Nigeria (CBN), the Economic and Financial Crimes Commission (EFCC), or the Nigerian Financial Intelligence Unit (NFIU) were involved in the legislative probe.

Beyond refuting the claims, Onwusibe painted Binance as ” a company with a troubling history of legal infractions in multiple countries”.

He cited the conviction of Binance’s founder and former CEO, Changpeng Zhao, who was sentenced to four months in prison in the United States for financial crimes, including money laundering.

He also pointed to the company’s record fines in the U.S., Canada, India, and Uzbekistan for violating anti-money laundering and financial regulations.

Mr. Onwusibe noted that the backlash from the Nigerian public has been particularly painful.

He lamented that many Nigerians were quick to believe Binance’s version of events without critically examining the facts.

He said the accusations had not only damaged his reputation but had also been used to mock his political party, the Labour Party, and even his Igbo ethnic group.

Despite the attacks, Mr. Onwusibe remains determined to clear his name and vowed to pursue his lawsuit to its logical conclusion and to continue defending the integrity of the Nigerian legislature.

He accused Binance and its executives of attempting to use media blackmail to escape accountability, stating that the company’s actions—including the alleged escape of one of its executives from Nigerian custody—proved that it was acting in bad faith.

As the legal battle continues, Onwusibe insists that his only interest is ensuring that Binance is held accountable for any financial misconduct.

However, the Binance company has insisted that its earlier accusations against the lawmakers stand while replying the lawmakers in an X post.

In his response, Gambaryan insisted that Nigerian officials demanded bribe from him despite the denial.

Gambaryan, who serves as Binance’s head of financial crime compliance, was detained in Nigeria from February to October 2024.

According to the federal government, his arrest was part of a broader investigation into alleged money laundering and economic destabilisation attributed to Binance’s activities in Nigeria.

Recounting his experience in a post on X, Gambaryan alleged that certain Nigerian lawmakers demanded substantial bribes in cryptocurrency. He accused three lawmakers of soliciting a $150 million bribe.

Additionally, he claimed that Nuhu Ribadu, the national security adviser, sought significant payouts from Binance for his political ambition.

In response, Mohammed Idris, Nigeria’s minister of information and national orientation, dismissed Gambaryan’s allegations as “outrageous” and “defamatory”.

Idris said the Nigerian government had rejected a $5 million offer from Binance intended to secure Gambaryan’s release, opting instead for a more favourable settlement with the US government.

He said Gambaryan’s claims lack credibility and appear to be an attempt to discredit Nigerian officials.

Reacting in another statement on his X handle, the Binance official said the federal government used him as leverage to negotiate a beneficial settlement with the US government.

“I was invited by the Nigerian FIU to a meeting in January. Last time I checked, they are part of the Nigerian government. House members also invited us to the meeting. Last time I checked, the legislative branch is also part of the Nigerian government,” he said.

“You said the second part was part of a probe? Lol. So when you invited us to a friendly meeting, you even lied about that?

“I was in a safe house for a month, watching TV, while you were trying to use me as leverage. You then panicked and knowingly charged me with blatantly false accusations.

“So I was released on humanitarian grounds? At least you’re finally admitting the need to release me. Last time you posted, you claimed my health was fine and that there was nothing wrong with me.

“You investigated? Yet you didn’t take a statement from me?  A person with direct knowledge. What a joke.

“You dragged my name through the mud for the past year with zero evidence against me, nearly killed me, and caused trauma to my family. And now you have the nerve to talk about defamation?

“I’ll put my credibility on the line anytime. In court? You mean like last time, when your attorneys didn’t even show up to the human rights suit in Abuja?

“Get your facts straight. I am done with this foolishness. I said my part. I’ll be off Twitter now since it’s pointless to argue with evil.”

Source NAN, TheCable

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Headline

Badagry Mourns Passage of Oba Akran Amid Sobriety, Restriction of Movement

Published

on

By

Badagry, a historic coastal town renowned for its rich cultural heritage, was on Monday enveloped in a sombre and brooding mood following the passing of its 89-year-old monarch, De Wheno Aholu Menu-Toyi I, the Akran of Badagry.

The revered monarch, who reigned for 48 years, was a towering figure in the history and development of the ancient coastal town.

He was a journalist before ascending the throne of his forefathers on April 23, 1977.

His long reign was marked by peace, unity and steady community development across Badagry and its environs.

As Permanent Vice-Chairman of the Lagos State Council of Obas and Chiefs, his counsel and leadership carried significant influence within traditional institutions across the State.

He was widely respected as a devoted custodian of Ogu culture and tradition, as well as a passionate advocate for the welfare of his people.

From the early hours of Monday, an unusual calm descended on the ancient kingdom as residents struggled to come to terms with the loss of their traditional ruler.

Markets that normally buzz with activities witnessed low patronage, while groups of residents gathered sparsely in streets and compounds, exchanging restrained conversations.

At the Akran’s palace, it was learnt that the atmosphere was pensive as chiefs and community leaders’ showed grief.

There were restrictions on vehicular movements around the palace vicinity with some sections of the road leading to the place barricaded. Commuters were said to be directed to take alternative routes.

Sources said the traditional worshippers may have started observing rites necessitated by the demise of the monarch. Security and palace officials were seen restricting movement in the immediate vicinity.

Residents said the rites would affect social and commercial activities around the palace and may force many residents especially those working outside Badagry to return home early.

Many residents described the late Akran as a symbol of unity, stability and cultural pride for Badagry. They recalled his role in preserving the town’s customs and mediating communal disputes, while youths spoke of a monarch who encouraged peace and respect for tradition amid modern challenges.

According to the News Agency of Nigeria (NAN), some sons and daughters of the late king were at the palace, with some seen openly weeping.

A traditional chief, who spoke on condition of anonymity, said the Akran passed on at about 1:30 am, but confirmation of his death was made at about 5:30 am.

“The Chairman of Badagry Local Government Area, Babatunde Hunpe, has been informed, and we hope he will relay the information to Governor Babajide Sanwo-Olu for an official announcement.

“That is why many of us are seated here at the palace to receive visitors. The Akran has gone to rest with his great ancestors,” he said.

Continue Reading

Headline

Rivers Impeachment Brouhaha: Wike, Fubara ‘Run’ Abroad to Meet Tinubu

Published

on

By

By Eric Elezuo

The fragile peace that sprout out in Rivers State after the six months Emergency Rule declared by President Bola Tinubu, has suddenly collapsed as the two major gladiators; the Federal Capital Territory Minister, Nyesom Wike and Rivers State governor, Siminalayi Fubara, have returned to the war front.

This is as the 26 legislators loyal to the FCT minister have initiated an impeachment proceedings against the sitting governor, Fubara, accusing him of gross misconduct roped in 8-count charges.

The lawmakers during a session on Thursday, presided over by Speaker of the House, Martin Amaewhule, are accusing Fubara and his deputy, Dr. Ngozi Oduh, of gross misconduct.

Observers have said that the day’s proceedings bear the imprimatur of renewed hostilities between Fubara and his predecessor Nyesom Wike, minister of the Federal Capital Territory (FCT).

Rrcall that onn December 5, 2025, a horde of the Rivers assembly lawmakers led by the speaker, announced their defection from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC), and days later, Fubara formalised his own switch from the PDP to the APC.

By the renewed hostilities, the two feuding personalities are seeking the support of the president, who it is believed can quench the rising tension, to either impeach the Chief Executive or survive the impeachment process.

A report monitored on Businessday Newspaper noted therfore, that President Bola Tinubu has once again intervened in the lingering political crisis between Fubara, and Wike.

According to the paper, quoting credible sources, the President summoned Wike for a crucial meeting abroad over the renewed face-off, which has reignited tensions in the oil-rich state, even as the president is still holidaying abroad.

The paper also The Punch, said a top presidential source disclosed on Saturday that the meeting is expected to be held in Dubai, United Arab Emirates (UAE), where Tinubu will be heading after a brief stay in France.

“The President must see the danger in what Wike is doing. I am aware he has summoned him to a meeting in Dubai. Barring any last-minute change, they are expected to meet abroad. Wike cannot impeach Fubara; the President will call him to order,” the source said.

The source added that Wike’s recent actions constituted an affront to the President and could potentially trigger unrest in the Niger Delta.

“If you say you want to sack the first Ijaw man to be governor, are you not sending the Ijaw people back to the creeks? That will have attendant effects on the economy, and the President will not allow that to happen,” he warned.

According to reports, tension heightened on Thursday after 27 members of the Rivers State House of Assembly, loyal to Wike, initiated fresh impeachment proceedings against Governor Fubara and his deputy, Prof. Ngozi Odu.

The impeachment notice, read by Majority Leader, Major Jack, during plenary presided over by Speaker Martins Amaewhule, contained seven allegations of gross misconduct against the governor.

These include the demolition of the Assembly complex, extra-budgetary spending, and refusal to comply with a Supreme Court ruling on legislative financial autonomy.

Deputy Governor Odu was accused of “reckless and unconstitutional spending of public funds” and “obstructing the Assembly from performing its duties.”

Speaker Amaewhule described the impeachment move as “good and in the interest of Rivers State,” accusing Fubara of undermining the Assembly by failing to present the 2026 budget.

The latest move mirrors the earlier impeachment crisis that led to the declaration of a state of emergency in Rivers in March 2025.

Despite Tinubu’s earlier mediation, the fragile peace between Wike and Fubara collapsed just months after the end of the six-month emergency rule.

Wike accused Fubara of reneging on their post-truce agreements, while Fubara fired subtle jabs at his predecessor.

The rift has since deepened, with Wike vowing that Fubara would not secure a second term, even after defecting to the All Progressives Congress (APC).

A senior aide to the President told reporters that Tinubu was aware of the escalating situation but declined to confirm any planned meeting with Wike.

“Only Wike or his aides can say if there is any scheduled meeting between him and the President,” the official said.

However, a senior APC official confirmed that national leaders of the party planned to meet Tinubu when he returns to Nigeria to discuss the growing discontent over Wike’s conduct.

“Some of our leaders believe Wike should have respected the President and the party because Fubara is now one of our governors,” the official said. “Even if he won’t get a second term, he should be allowed to complete his tenure.”

Meanwhile, Wike has been touring Rivers local councils, soliciting and accepting approvals from loyalists just as Fubara has asked for calm from members while they wait on the president.

Continue Reading

Headline

Atiku Will Not Withdraw for Anyone, ADC Ticket Must Be Earned in Open Contest – Paul Ibe

Published

on

By

Media Adviser to former Vice President Atiku Abubakar, Paul Ibe, has insisted that neither Atiku nor any other aspirant in the African Democratic Congress (ADC) opposition coalition will step aside, stressing that the party’s presidential ticket must be earned through a transparent and competitive process.

Speaking in an interview with ARISE News on Wednesday, Ibe said calls for Atiku to withdraw from the race undermine democratic principles and play into what he described as the ruling All Progressives Congress’ alleged plan to weaken opposition politics.

“Inclusiveness is the essence of democracy. The ADC remains committed to an open, transparent and competitive process for choosing its flag bearer. Any call for Atiku Abubakar to step aside is a betrayal of the Nigerian people,” he said.

Ibe accused the administration of President Bola Tinubu of interfering in the internal affairs of opposition parties, alleging an agenda to impose a one-party state on Nigeria.

“The Tinubu-led administration should be focused on governance — security, the economy, the welfare of Nigerians — but instead, they are dabbling into opposition politics. That is dangerous for democracy,” he said.

He dismissed claims that Atiku dominates the ADC, describing such narratives as “mischief.”

“Atiku Abubakar is just a member of the ADC. Yes, he is a leader, a former vice president, but he is not the only leader. There are leaders across the country, and he is working with them to build party structures,” Ibe said.

According to him, the party’s current priority is grassroots mobilisation, not ticket permutations.

“Talking about who gets the ticket now is putting the cart before the horse. A house without pillars will collapse. The ADC is building structures — ward, local government, state — and that is where the focus should be.”

On speculation about possible compromises with other aspirants such as Peter Obi and Rotimi Amaechi, Ibe said no discussion has taken place regarding relinquishing the presidential ticket.

“There has been no conversation whatsoever about stepping down for anyone. Their preoccupation is building a robust alternative platform capable of giving the APC a run for its money.”

Addressing reports of alliances involving figures outside the ADC, including Rabiu Kwankwaso and former President Olusegun Obasanjo, Ibe said such talks were external to the party.

“Rabiu Kwankwaso is not a member of the ADC. Whatever discussions are happening are outside the party. But the ADC is expanding, reaching out, and more people will come on board.”

He maintained that the ADC leadership has ruled out automatic tickets, insisting the process will not be dictated by external forces.

“The party has made it clear: no automatic tickets. The outcome of the primaries will be determined by party members, not outside influence.”

Responding to questions about Atiku’s age and repeated presidential bids, Ibe rejected suggestions that the former vice president should step aside to mentor successors.

“Age has nothing to do with leadership. Atiku has mentored governors, lawmakers and public servants over the years. He is patriotic, passionate, and deeply committed to Nigeria.”

He added:

“If you analyse his blood, you will find Nigeria in it. Nobody has been more prepared to govern than Atiku Abubakar.”

Ibe also alleged that Nigeria’s last two presidential elections were rigged, arguing that Atiku’s defeats were not a reflection of public trust.

“The elections of 2019 and 2023 were rigged. This is not about trust; it is about institutions failing Nigerians.”

On fears that opposition divisions could again hand victory to the ruling party in 2027, Ibe said opposition leaders had learned from past mistakes.

“This is not about personal ambition. It is a call to national duty. Leaders understand what is at stake and have learned from 2023.”

He further alleged attempts by the ruling party to infiltrate and destabilise the ADC.

“The Tinubu camp does not want an opposition. They are funding court cases and using state resources to undermine the ADC, but the party is taking steps to ensure they fail.”

However, Ibe said some details could not be disclosed publicly.

“There are things I cannot share on camera, but the leadership and stakeholders are fully aware.”

Asked what would happen if Atiku loses the ADC primary, Ibe said his principal would accept the outcome.

“Atiku Abubakar will submit himself to the process and support whoever emerges as the presidential candidate of the ADC.”

Continue Reading

Trending