A House of Representatives Committee on Financial Crimes has proposed the arrest of the Chief Executive Officer of Binance Holding Ltd in Nigeria due to allegations of tax evasion and money laundering. The recommendation stemmed from a motion introduced by Rep. Isah Dogonyaro (APC- Jigawa state) during a public hearing in Abuja on Monday, March 4. The motion, based on petitions by the Empowerment Fund for Nigerian Youth Initiative and the Niger Delta Youth Council of Nigeria, highlighted various crimes allegedly committed by Binance.
Dogonyaro noted that despite invitations extended to the CEO of Binance to address questions concerning terrorism, tax evasion, and money laundering, the CEO failed to appear before the committee. Even after granting an additional opportunity for appearance on March 4, 2024, the CEO refused to comply, which Dogonyaro described as an affront to the committee and the Nigerian populace.
However, Binance’s Legal Counsel, Mr. Senator Ihenyen, asserted that the company had responded to all allegations in writing and expressed readiness to furnish further clarifications if needed. Ihenyen also raised concerns about the safety of Binance officials in Nigeria following the recent arrests of two senior company officials.
In response, Committee Chairman Rep. Ginger Obinna (LP-Abia) stated that the committee had decided not to entertain legal representation from Binance. He emphasized the committee’s stance to recommend the arrest of Binance executives to answer questions regarding the serious allegations. Obinna underscored the need for the executives to be brought before the committee to address issues related to terrorism, money laundering, financial crimes, and tax evasion as outlined in the petitions.
