The Federal Government has strongly refuted allegations made by cryptocurrency exchange giant Binance, accusing unnamed officials of demanding a $150 million bribe to settle criminal charges against the firm.
Mohammed Idris, the Minister of Information and National Orientation, in a statement on Wednesday, dismissed these claims as groundless and part of Binance’s strategy to evade accountability for alleged criminal activities.
Binance’s CEO, Richard Teng, claimed that individuals acting on behalf of officials made the bribe demand to resolve tax evasion and money laundering charges against the company and its officials.
These allegations were published in the New York Times on Tuesday, with Teng stating that the demand was made shortly after a meeting with lawmakers on January 8, 2024.
However, the House of Representatives denied these allegations, stating that its committees did not meet with Binance executives as claimed by Teng.
Teng alleged that the bribe demand was made for the issues to be resolved secretly within 48 hours.
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Minister Idris emphasized that Nigeria’s investigation into Binance focused on allegations of money laundering, terrorism financing, and illegal trading activities.
He stated that the government would not yield to blackmail or coercion and urged Binance to submit to investigation and judicial due process.
The government pledged to address legal issues surrounding Binance’s operations in Nigeria and emphasized its commitment to acting within the law and international norms.
Meanwhile, during Wednesday’s plenary, a member of the House of Representatives, Kama Nkemkanma, asserted that the House never met with Binance executives or their agents.
The Speaker, Tajudeen Abbas, instructed the House to refute the allegations and directed committees to investigate the escape of Binance’s Head of the African Region from custody.
The investigation was mandated to report back to the House in two weeks, with a focus on personnel involved in the incident.
The motion was led by Dominic Okafor, who highlighted the arrest of Binance executives for alleged complicity in money laundering and terrorism financing.
He criticized the security breach that led to the escape of one executive and called for accountability in handling such cases.
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