Nigeria’s Lawmakers Seek Arrest Warrant Against Binance CEO Over Alleged Financial Crimes.
The Nigeria’s House of Representatives Committee on Financial Crimes has recommended the issuance of an arrest warrant against the Chief Executive Officer of Binance Holding Ltd. The allegations levied against the CEO include tax invasion and money laundering in Nigeria.
The recommendation arose during a public hearing in Abuja, prompted by a petition from the Empowerment Fund for Nigerian Youth Initiative and the Niger Delta Youth Council of Nigeria, detailing various crimes allegedly committed by Binance.
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Binance, an online financial company, has operated in Nigeria’s cyberspace for over six years, amassing a user base of no less than 20 million Nigerians.
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Representative Isah Dogonyaro (APC-Jigawa state) moved the motion during the hearing, stating that the committee had previously invited the CEO of Binance to address questions on terrorism, tax evasion, and money laundering, but the executive failed to appear. Despite providing another chance for the Binance executive to attend the hearing on March 4, 2024, the CEO refused to appear once again, which the committee deemed as an insult.
Binance’s Legal Counsel, Mr. Senator Ihenyen, responded, noting that the company had addressed all allegations in writing and was willing to provide further written responses during the hearing. However, he expressed concerns about the safety of company officials in Nigeria following the recent arrest of two senior officials by the office of the National Security Adviser.
In response, Committee Chairman Rep. Ginger Obinna (LP-Abia) announced the committee’s resolution not to entertain legal representation from Binance.
He recommended invoking constitutional powers to issue a subpoena and arrest warrant against Binance executives, compelling them to appear before the committee and address the allegations of terrorism, money laundering, financial crimes, and tax evasion.
The committee expressed gratitude to the petitioners for bringing to light the alleged financial crimes and exploitation of 20 million young Nigerians over the past six years.
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