Economy
Binance and Nigerian Law Enforcement: Partnership to Foster Responsible Growth
For Binance, complying with the applicable laws and regulations in the countries where we operate is a top priority. We proactively engage with regulators and law enforcement whenever we can contribute insight, intelligence, or expertise to help protect users, identify and prosecute criminals, or stop or prevent unlawful activity. This is the definition of collaborative security in the crypto space that we have pledged to strengthen.
In light of recent news, we would like to share some facts and numbers that demonstrate that we take our commitment to promoting the responsible growth of crypto in Nigeria very seriously.
Even though Nigeria is not yet one of Binance’s top markets, we believe it holds extraordinary potential and we hope to continue to invest there.
In recent years, Africa’s most populous country and largest economy, has seen tremendous growth in crypto adoption and usage, as digital assets deliver value and improve the lives of many Nigerians.
In Chainalysis’ 2023 ranking of global grassroots crypto adoption, Nigeria ranked second in the world, while several studies have estimated that more than one-third of the population uses digital assets.
We are proud that Binance has become one of the most trusted platforms among crypto users in the country and we believe we are rewarded with that trust because of our efforts to give them the best trading experience while keeping their funds safe.
And, while we celebrate and welcome the growth we’ve seen, we also recognize the need to ensure that this growth is responsible and safe.
Information Requests and Training Sessions
Binance has a policy of cooperation and compliance with all lawful information requests and legal inquiries from government, local regulatory, and law enforcement authorities pertaining to investigations, prosecutions, and forfeiture actions.
Between June 2020 and February 2024, Binance’s financial crime compliance (FCC) teams responded to 626 information requests coming from Nigerian law enforcement agencies or related to investigations pertinent to Nigeria, with an average of 37.4 hours between submission and resolution.
The information we provided helped a vast range of agencies, such as the Nigeria Police Force, the Economic and Financial Crimes Commission (EFCC), and INTERPOL Nigeria to tackle crimes ranging from scams and fraud to money laundering, blackmail, kidnapping, and extortion.
In one high-profile action that took place in January 2022, we restricted 281 accounts belonging to Nigerian residents due to money laundering concerns and extensively collaborated with the authorities to protect users from illicit activity.
In recent months, Binance’s team has visited Nigeria twice – in November and December 2023. Our Law Enforcement Training team delivered two full-day sessions to EFCC officials in Abuja and Lagos, with more than 30 investigators attending each of them.
The training focused on practical aspects of cryptocurrency investigations: following the money on the blockchain using both public and commercial tracing tools. We provided training for Nigerian crime fighters on the role of exchanges in the digital-asset ecosystem and gave a comprehensive overview of Binance’s operations.
We also introduced several case studies, including those featuring Nigerian suspects. Both sessions received overwhelmingly positive feedback from Nigerian investigators, who expressed strong interest in continuing this format of cooperation.
In August 2023, we also delivered a three-hour online workshop for 70 EFCC officials, focusing on the interpretation of Binance’s operational responses and the most effective ways of leveraging the assistance we can provide.
Furthermore, we have been cooperating with the Nigerian Financial Intelligence Unit, holding two meetings and discussing a memorandum of understanding focused on continuous training initiatives and operational cooperation, and held talks with the Nigeria Police Force about organizing a similar training session.
These trainings and sessions are unprecedented within the cryptocurrency industry. There is no other exchange that has committed to such close proactive cooperation with law enforcement and delivering relevant, practical education to their employees.
Promoting Inclusion and Prosperity
At Binance, increasing financial inclusion is an important goal for us. The lack of access to traditional financial services and features can often leave behind underserved communities. This is where blockchain technology and digital assets can play a key role. Our hope is that we can support the continued growth of crypto so that it can support people, while we work collaboratively with law enforcement around the world to ensure the financial system is safe.
Nigeria’s fintech ecosystem is booming, having secured nearly half of all fintech investment across Africa between 2019 and 2023. It is important for the harmonious growth of this ecosystem that dynamic local startups operate alongside established global players like Binance.
As the adoption of financial technology in the country accelerates, law enforcement and regulators should be able to rely on industry-leading partners with a proven track record of constructive collaboration with the authorities in Nigeria and all around the world.
We look forward to continuing these kinds of constructive engagements in the future as we work together jointly to ensure that all Nigerians prosper.
By Adedapo Adesanya
The Senate Committee on Banking, Insurance and Other Financial Institutions has called for stronger collaboration among financial sector regulators and other stakeholders to strengthen Nigeria’s financial system and support sustainable economic growth.
The committee made the call during an expanded stakeholders’ engagement in Lagos, attended by the leadership of the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), Asset Management Corporation of Nigeria (AMCON), National Insurance Commission (NAICOM) and Nigeria Export-Import Bank (NEXIM), among other industry stakeholders and financial experts.
Chairman of the committee, Mr Adetokunbo Abiru (Lagos East), who was represented by Mr Osita Izunaso (Imo West), said stronger legislative reforms and regulatory collaboration were necessary to reposition Nigeria’s financial architecture for long-term economic prosperity.
Mr Abiru said the financial sector remained critical to investment, job creation, business expansion and macroeconomic stability, stressing that its ability to mobilise savings, channel credit to productive sectors, facilitate investment and manage risks was fundamental to sustainable economic growth.
He said the current economic realities required closer collaboration between the legislature and financial regulators, noting that challenges confronting the sector were interconnected and could not be effectively addressed through isolated interventions.
The lawmaker identified inflationary pressures, global economic uncertainties, cybersecurity threats, low insurance penetration and the need to diversify Nigeria’s export base as some of the challenges requiring coordinated policy responses.
He said the engagement was aimed at generating practical solutions to strengthen the country’s financial architecture and support sustainable economic growth.
According to him, monetary policy, financial safety nets, banking institutions, the insurance industry and export finance were interdependent components of a stable financial system and must therefore be strengthened collectively.
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin, said the Nigeria Insurance Industry Reform Act (NIIRA) 2025 had contributed significantly to stabilising and repositioning the insurance sector.
Mr Omosehin disclosed that 43 insurance companies had successfully recapitalised, describing the development as a major milestone for the industry.
He commended Abiru and members of the committee for their role in advancing insurance sector reforms and urged the House of Representatives to expedite action on the relevant insurance reform bill to enable it to receive presidential assent and become operational.
Representatives of the CBN Governor and the Managing Directors of AMCON, NEXIM and NDIC also commended the Senate committee for its oversight and legislative support, saying its interventions had strengthened the agencies’ capacity to discharge their statutory mandates.
The engagement, held under the theme, Strengthening Financial System Architecture for Sustainable Economic Growth and Stability in Nigeria, also featured presentations by Professor Uche Uwaleke, President of Capital Market Academics of Nigeria (CMAN); Professor Biodun Adedipe, Chief Consultant, B. Adedipe Associates Limited; and Dr Tilewa Adebajo, Chief Executive Officer of CFG Advisory.
The experts presented policy recommendations on key issues affecting Nigeria’s financial system, with emphasis on financial stability, investment and sustainable economic growth.
Mr Abiru said the Senate would continue to engage financial regulators and other stakeholders to deepen financial inclusion, strengthen public confidence in financial institutions and improve regulatory effectiveness.
He said the broader objective was to position Nigeria’s financial system to compete more effectively in the global economy while remaining resilient and responsive to the country’s economic transformation agenda.
By Aduragbemi Omiyale
The first six months of 2026 were not too good for Caverton Offshore Support Group Plc, as it suffered an N8.7 billion loss compared with the N2.1 billion net profit it recorded in the same period of 2025.
This occurred as the company posted a 10.91 per cent decline in earnings between January and June 2026, according to its financial statements for the period ended June 30, 2026.
Analysis of the results showed that the revenue generated in the period under review stood at N14.7 billion versus the N16.5 billion printed in the corresponding period of last year.
Business Post observed that the revenue was negatively impacted by a decline in earnings from helicopter charter and helicopter/airplane contract.
Further analysis of the financial results indicated that operating profit went down by 22.34 per cent to N7.3 billion from N9.4 billion, with administrative expenses jumping to N7.9 billion from N4.7 billion.
But Caverton believes things will get better, noting that the clearest driver of the recovery is Caverton Marine.
Through its relationship with Stena Bulk, one of the world’s leading tanker operators, the organisation now participates in three Suezmax tankers trading a rare source of foreign-currency revenue for a Nigerian-listed company.
It noted that the relationship is being deepened through Unity Shipping Worldwide, a joint venture with the Nigerian National Petroleum Company (NNPC) Limited and Stena Bulk that pairs the state-owned oil firm’s national position and Stena Bulk’s fleet with Caverton’s indigenous operating platform
Closer to home, the firm’s OMIBUS platform, developed with Shanghai-based electric-propulsion OEM Explomar, is bringing battery-electric passenger ferries to Lagos waterways. A prototype is already in service, and Caverton holds a firm order from Lagos State for ten vessels, an early-mover position in clean inland-water transport that the group believes can be replicated across other states as the fleet enters service and ferry operations mature into steady, recurring revenue.
In aviation, the institution said the recovery is anchored on its partnership with NHV, a Belgium-based international helicopter operator, with the restructuring of charter operations targeted for the second half of 2026.
“The first half of the year tested us, but the direction of travel is now visible in the numbers.
“Quarter on quarter, we are working to build up our revenue to narrow losses. Our marine business units, from international tankers to electric ferries, are scaling.
“Meanwhile, our aviation relaunch is on track for the second half, and our cost base is tighter than it has been in years. There is distance still to travel, but Caverton is moving from stabilisation to recovery, and we intend to finish 2026 with that momentum intact,” the chief executive of Caverton, Mr Olabode Makanjuola, stated.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) and the Joint Revenue Board (JRB) have issued new guidelines clarifying the taxation of virtual assets in Nigeria.
The guidelines provide an administrative framework for the taxation of virtual assets and specify the tax obligations of individuals and businesses operating in the sector.
According to a public notice issued by the two agencies, the framework covers registration, reporting and record-keeping requirements, valuation principles and the tax treatment of virtual asset transactions.
It applies to taxpayers, Virtual Asset Service Providers (VASPs), peer-to-peer (P2P) marketplace operators, tax practitioners and other persons engaged in virtual asset-related activities.
The NRS and JRB said the guidelines were developed in line with the provisions of the Nigeria Tax Act 2025 and the Nigeria Tax Administration Act 2025.
The two bodies said the release was aimed at providing clarity, certainty and consistency in the administration of Nigeria’s tax laws as the country’s virtual asset ecosystem continues to evolve.
The agencies added that the framework would promote voluntary compliance, enhance transparency and support the development of a fair and efficient tax system for digital asset transactions.
They urged all affected taxpayers and stakeholders to familiarise themselves with the guidelines and ensure compliance with the applicable tax obligations.
The guidelines are available on the official websites of the two agencies.
