Economy
Court Adjourns Arraignment of Binance, Representatives Till April 8
By Modupe Gbadeyanka
The arraignment of Binance Holdings Limited and two of its representatives detained in Nigeria, Mr Tigran Gambaryan and Nadeem Anjarwalla, has been adjourned till Monday, April 8, 2024.
The Economic and Financial Crimes Commission (EFCC) brought the suspects, except for Mr Anjarwalla, who is now at large, to court on Thursday, April 4, 2024.
They were brought before Justice Emeka Nwite of the Federal High Court in Abuja on a five-count charge bordering on tax evasion, currency speculation and money laundering to the tune of $34.4 million.
Arguing on a ruling on the service of charges on the company today, the defence counsel, Mr Mark Mordi (SAN) objected to the arraignment of the second defendant without the prosecution properly serving the charges on the first defendant, stressing that his client is not an agent, director or representative of the company in the country, and as such could not be served on behalf of the first defendant.
“My Lord, it is a joint charge, the prosecution is supposed to have served the first defendant the charge and having not accomplished service to the first defendant, I don’t see how the arraignment can go my Lord.
“He’s not a Director, not a partner, and not even the Secretary. He does not reside in Nigeria to qualify as an agent within the jurisdiction, he has no physical footprint here, so he’s not an agent here. There’s no proof of service in the court’s file, so the prosecution cannot assume that he has been served through my client,” he informed the court.
But counsel to the EFCC, Mr Ekele Iheanacho, disagreed with him, noting that the second respondent is a representative of the first defendant in the country, adding that the charge was served on him on behalf of the company.
“My Lord Section 123 of the Administration of Criminal Justice Act states that on effecting service; ‘the person effecting service of a summons shall effect it by delivering it on: (a) an individual, to him personally; or (b) a firm or corporation; (i) to one of the partners, (ii) to a director, (iii) to the secretary, (iv) to the chief agent within the jurisdiction, (v) by leaving it at the principal place of business in Nigeria of the firm or corporation, or (vi) to anyone having, at the time of service, control of the business of the firm. So, my Lord, the law allows that the service can be effected to the chief agent within the jurisdiction, and in this case, the second defendant is the only physical agent within the jurisdiction,” he argued.
He also pointed out that “the law does not command an impossibility. A party that has no physical presence in Nigeria but has a physical agent in Nigeria can properly be served through that agent. He is the only physical agent we have, hence we served him on behalf of the first defendant though he refused the service, but it is in our proof of evidence that we served him”.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange maintained its upward trajectory with a further 0.88 per cent rise on Wednesday, March 3.
The expansion increased the NASD Unlisted Security Index (NSI) by 36.94 points to 4,256.41 points from 4,219.47 points, and lifted the market capitalisation by N22.10 billion to N2.546 trillion from Tuesday’s N2.524 trillion.
The six price gainers were responsible for the growth achieved by the unlisted securities market yesterday, with MRS Oil Plc adding N20.00 to trade at N230.00 per unit versus the previous day’s N210.00 per share.
Further, FrieslandCampina Wamco Nigeria Plc surged by N11.07 to N128.83 per share from N117.76 per share, Lagos Building Investment Company (LBIC) Plc grew by 37 Kobo to N4.12 per unit from N3.75 per unit, First Trust Mortgage Bank Plc advanced by 19 Kobo to N2.11 per share from N1.92 per share, Acorn Petroleum Plc rose by 1 Kobo to sell at N18.75 per unit versus the preceding day’s N18.74 per unit, and Acorn Petroleum Plc also gained 1 Kobo rise to sell at N1.35 per share versus N1.34 per share.
It was observed that two securities were in red at midweek, with Central Securities Clearing System (CSCS) Plc down by N1.56 to N82.59 per unit from N84.05 per unit, and Industrial and General Insurance (IGI) Plc down by 2 Kobo to 47 Kobo per share from 49 Kobo per share.
Yesterday, the volume of trades went up by 86.2 per cent to 2.6 million units from 1.4 million units, but the value of transactions deflated by 31.4 per cent to N64.1 million from N93.4 million, and the number of deals declined by 22.0 per cent to 46 deals from 59 deals.
CSCS Plc remained the most traded stock by value (year-to-date) with 36.4 million units valued at N2.2 billion, trailed by Okitipupa Plc with 6.3 million units traded for N1.1 billion, and Geo-Fluids Plc with 122.8 million units transacted for N480.4 million.
Resourcery Plc ended the day as the most traded stock by volume (year-to-date) with 1.05 billion units sold for N408.7 million, followed by Geo-Fluids Plc with 122.8 million units traded for N480.4 million, and CSCS Plc with 36.4 million units worth N2.2 billion.
By Adedapo Adesanya
For the 11th straight trading session, the Naira closed lower against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday, March 4.
At the official market, it lost N2.80 or 0.2 per cent against the greenback to close at N1,387.09/$1, i contrast to the N1,384.29/$1 it was traded a day earlier.
It also depreciated against the Pound Sterling in the same market window at midweek by N12.88 to quote at N1,855.10/£1 versus Tuesday’s rate of N1,842.22/£1, and weakened against the Euro by N9.08 to N1,615.27/€1 from N1,606.19/€1.
The Nigerian Naira depreciated against the US Dollar yesterday at the GTBank forex counter by N12 to sell for N1,385/$1 compared with the previous day’s N1,373/$1, and tumbled by N5 in the parallel market to close at N1,390/$1 compared with the preceding day’s N1,385/$1.
The exchange rate has been trending downward for almost two weeks, though it has been resistant to being in panic mode because it is still within its projected N1,350 to N1,450 per Dollar band.
Nigeria’s gross external reserves climbed to $49.693 billion from $49.604 billion, based on the latest data from the Central Bank of Nigeria (CBN).
Meanwhile, the cryptocurrency market recovered after weeks of consolidation, but traders remain divided over whether the move marks a genuine breakout or another trap for late buyers.
Analysts have pointed to heavy overhead supply and positioning in derivatives markets as potential risks, with some suggesting a rally could only attract sellers rather than confirm a sustained recovery.
Dogecoin (DOGE) gained 8.3 per cent to trade at $0.0962, Ethereum (ETH) appreciated by 7.9 per cent to $2,122.87, Bitcoin (BTC) added 6.3 per cent to sell for $72,438.50, Solana (SOL) improved by 6.2 per cent to $90.37, and Cardano (ADA) jumped 5.1 per cent to $0.2733.
Further, Ripple (XRP) rose by 4.9 per cent to $1.41, Binance Coin (BNB) soared by 3.2 per cent to $652.64, and Litecoin (LTC) surged by 2.7 per cent to $56.09, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
By Adedapo Adesanya
Crude oil prices were largely unchanged on Wednesday as escalating US and Israel strikes against Iran widened regional tensions and halted shipping through the Strait of Hormuz.
Brent crude was at $81.40 per barrel, while the US West Texas Intermediate (WTI) crude gained 10 cents or 0.1 per cent to trade at $74.66 per barrel.
Despite not much movement in midweek, analysts say prices remain elevated as markets grapple with the prospect of a prolonged war and lingering supply disruptions.
The US government has signalled a four- to five-week campaign, but Iran is seeking to regionalise the conflict, and the crucial Strait of Hormuz chokepoint is effectively shut.
The New York Times reported that operatives from Iran’s Ministry of Intelligence signalled openness to the US Central Intelligence Agency to talks on ending the war.
On Wednesday, US Defence Secretary Pete Hegseth said America was winning the war against Iran and that the US military could fight as long as needed.
While all other options are being explored, forces from both the US and Israel have struck targets across Iran, prompting Iranian retaliatory strikes against energy infrastructure in a region that accounts for just under a third of global oil production.
Iraq, the second-largest crude producer in the Organisation of the Petroleum Exporting Countries (OPEC), has cut output by nearly 1.5 million barrels a day due to storage limits and the lack of an export route.
The US said it was working on plans to secure the Strait of Hormuz to ensure safety for oil tankers amid the war with Iran.
President Donald Trump on Tuesday said the country’s Navy could begin escorting oil tankers through the strait if necessary. He added that he had ordered the US International Development Finance Corporation to provide political risk insurance and financial guarantees for maritime trade in the Gulf.
Meanwhile, countries and companies have begun seeking alternative routes and supplies of crude. India and Indonesia said they were looking for other supplies, while some Chinese refineries were shutting or moving up maintenance plans.
The Energy Information Administration (EIA) said on Wednesday that crude stocks rose by 3.5 million barrels in the last week to their highest in three and a half years.
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