…over alleged tax evasion, money laundering in Nigeria
House of Representatives Committee on Financial Crimes, on Monday, recommended the arrest of the Chief Executive Officer of Bianace Holding Ltd over alleged tax evasion and money laundering in Nigeria.
The Reps’ recommendation for Binance CEO’s arrest followed a motion by Hon Isah Dogonyaro (APC- Jigawa State) at a public hearing on Monday in Abuja.
The hearing was on a petition by Empowerment Fund for Nigerian Youth Initiative and the Niger Delta Youth Council of Nigeria on several crimes allegedly committed by Bianance.
Binance is an online financial company, operating in the cyberspace of Nigeria for more than six years with not less than 20 million Nigerians on the platform.
Dongoyaro, while moving the motion, said that the committee earlier invited the Binance CEO to appear and respond to questions on terrorism, tax evasion and money laundering against the company but didn’t turn up.
He said that the committee gave him another chance to appear on March 4, 2024, but still refused to appear.
The lawmaker described the Binance CEO’s refusal to appear as an insult to the committee and the Nigerian people.
Responding, the lawyer to Bianance, Mr Senator Ihenyen, said that the company had responded in writing to all the allegations levelled against it.
He said Binance was also ready to provide more answers in writing if the need arises in the course of the hearing.
But Ihenyen explained that Binance was concerned over the safety of its officials in Nigeria following the recent arrest of two senior officials of the company.
According to the counsel, two top officials of the company who came to Nigeria were arrested by the office of the National Security Adviser.
In his ruling, the 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 the grievous financial crimes and the exploitation of 20 million young Nigerians in the last six years.