FG refutes $150m binance bribery claim

The Federal Government of Nigeria has vigorously rejected allegations made by Binance, one of the top cryptocurrency exchanges globally, about a purported $150 million bribe demand made by public officials.

Richard Teng, the CEO of Binance, had claimed that in order to end their continuing inquiry into the firm, Nigerian authorities had requested an astounding $150 million in cryptocurrency.

However, in a statement given to media on Wednesday in Abuja, Minister of Information and National Orientation Mohammed Idris claimed that the assertion made by the CEO of Binance was completely unfounded.

He claimed it was nothing more than a ploy to divert attention away from the serious criminal allegations the corporation is facing in Nigeria and an effort at blackmail.

Idris reaffirmed that the investigation into Binance’s involvement in money laundering, financing terrorism, and manipulating foreign exchange through illicit trading is still ongoing in Nigeria.

He added that an official of Binance who was under court-approved protective custody fled Nigeria and is currently a fugitive of the law while a legitimate inquiry was underway.

But, he added, INTERPOL is presently carrying out an international arrest warrant on the aforementioned fugitive in collaboration with Nigerian security services.

He pointed out that this corporation is being prosecuted criminally in other nations, including the US, for its masterful worldwide campaign to destabilize the Nigerian government, which included the faux bribe claim.

He emphasized that Changpeng Zhao, the founder and former CEO of Binance, was sentenced to prison in the United States just one week ago after entering a guilty plea to crimes that are strikingly identical to those for which Binance is under investigation in Nigeria.

The Minister added that although Binance owes the US government $4.3 billion in fines and forfeitures, Zhao has consented to pay a $50 million fee.

“We would like to remind Binance that it will not clear its name in Nigeria by resorting to fictional claims and mudslinging media campaigns. The only way to resolve its issues will be by submitting itself to unobstructed investigation and judicial due process,” he said.

Idris further said that the Nigerian government would not give in to blackmail of any kind from any source, domestic or foreign, and would keep acting in accordance with the law and international standards.

Alex Obichie
Alex Obichie
Alex Obichie is an Ardent Sustainability Enthusiast, advocate for the Waste-2-Wealth Initiative, and Ingenious Politician, he uses articles to promote and sensitize the public about matters surrounding the environment, political systems and ways to benefit & support sustsinable global development.

Popular Related

How to check your WAEC results

The West African Examinations Council (WAEC) has released the results for the 2024 West African Senior School Certificate Examination (WASSCE). You can check your results...

Sandra Okunzuwa Biography: Age, Education, Career, Net Worth

Sandra Ese Okunzuwa (born on 25th February 1996) is a Nigerian Nollywood actress, lawyer, humanitarian, and entrepreneur. She was featured in the movie titled “Blind...

FG says 378MW Imo power plant nears completion

Following the recent increase in electricity tariff, the federal government has assured accelerated completion of the 378.3 megawatts Egbema Power Plant in Imo State,...

Detained Binance Executive ‘Escapes’ From Custody After Observing Ramadan Prayer

Nadeem Anjarwalla, one of the two Binance executives being held in Nigeria on charges of tax evasion and other offenses, has allegedly escaped from...

States owe FG N1.7tn budget loans

The Federal Capital Territory and the government of 36 states owes the federal government an outstanding loan of N1.72trillion in budget support facilities. The Accountant...

Customs Q1 revenue surpasses N1tn, rice tops N10bn seizures

In the first quarter of 2024 , the Nigeria Customs Service, declared on Wednesday that a 122.35 percent increase while comparing it to the...

Don warns palm oil producers against adulteration

At Obafemi Awolowo University, Prof Kehinde Owolarafe, the head Department of Agriculture and Environmental Engineering of lle-Ife Osun State, has warned palm oil producers,...

Judy Austin Biography: Age, Education, Husband, Career

Judith Muoghalu Uchechuwku (born on December 31st, 1991) better known as Judy Austin is a Nigerian actress, producer, and brand influencer. She came into the limelight...

Invest in agriculture, Obi urges FG

Peter Obi, the former Governor of Anambra State and 2023 Labour Party presidential candidate, has urged for increased investment in agriculture as a solution...

Army laments over inadequate power supply in barracks

The Nigerian Army voice concerns regarding the insufficient power supply at Lagos' Ikeja Military Cantonment. This is in light of the N12.7 billion that the...