Due to allegations of tax evasion and money laundering in Nigeria, the House of Representatives Committee on Financial Crimes has recommended that Binance Holding Ltd.’s CEO be placed under arrest. At a Monday public hearing in Abuja, Representative Isah Dogonyaro (APC, Jigawa State) moved for the proposal.
The Empowerment Fund for Nigerian Youth Initiative and the Niger Delta Youth Council of Nigeria filed a petition regarding multiple alleged offenses perpetrated by Binance, which was the subject of the hearing.
Over 20 million Nigerians use the online financial platform of Binance, an online financial corporation that has been functioning in Nigerian cyberspace for over six years.
Moving the motion, Dogonyaro said that the committee earlier invited the CEO of Binance to appear and respond to questions on terrorism, tax invasion and money laundering against the company but failed to appear.
He said that the committee gave him another chance to enable the Binance executive to appear on March 4, 2024, but have refused to appear again.
According to him, the refusal to appear is an insult to this committee and on the Nigerian people.
In his response, to the Legal Council to Binance, Mr Senator Ihenyen said that the company had responded in writing to all the allegations levelled against the company.
He said that the company was also ready to provide more answers in writing if the need arises in the cause of the hearing.
Ihenyen, however, explained that the company was concerned over the safety of its officials in Nigeria following the recent arrest of two senior officials of the company.
The council explained that two top officials of the company who came to Nigeria were arrested by the office of the National Security Adviser.
In his ruling, your Chairman of the committee, Rep. Ginger Obinna (LP-Abia) said that the committee had taken a position on its last sitting not to entertain legal representation from Binance.
He said that the leadership of Binance should be arrested and brought to the committee to answer questions about the grave allegations levelled against the company in a petition brought to the committee.
“This committee has resolved to recommend to the house to invoke its constitutional powers by issuing a subpoena and a warrant for Binance executives to be arrested and brought to this committee to answer these questions on terrorism, money laundering and other financial crimes as stated in the petition including evasion of tax,” he said.
The chairman thanked the petitioners for unearthing grievous financial crimes and the exploitation of 20 million young Nigerians in the last six years.
