General
Again, Binance Asks Nigeria to Release Detained Tigran Gambaryan

By Adedapo Adesanya
Cryptocurrency firm, Binance, has once again asked Nigeria to release Mr Tigran Gambaryan, a top company’s executive detained in the country since February 2024.
This comes after videos emerged of Mr Gambaryan, a US citizen, being denied the use of a wheelchair by prison officials went viral.
In the video seen by Business Post, the detained Binance executive was expressing displeasure about his neglect and treatment.
“We are extremely distressed by the video of Tigran in court yesterday (on Monday). This video is just a snapshot of Tigran’s current reality. His health is rapidly declining and we are deeply concerned about the long-term consequences of this unjust detention,” a Binance spokesperson said in a statement on Tuesday.
“Nigeria does not need to keep Tigran in order for us to settle any alleged past issues. We continue to implore the Government of Nigeria to let Tigran return home and let us continue in our engagements.”
Mr Gambrayan is currently remanded in Kuje prison over money laundering charges filed by the Economic and Financial Crimes Commission (EFCC) also against Binance.
Nigeria has accused Binance of triggering challenges in the foreign exchange market and also tax evasion, charges which the company continually denied. The company as a result discontinued its Peer-to-Peer (P2P) services and limited operations.
His lawyers filed a new bail application citing his deteriorating health condition. However, the EFCC and its lawyers opposed the application based on his medical records.
The court will rule on the bail application on September 4.
Mr Gambaryan and his colleague, Mr Najeem Arjawalla, were detained by the Nigerian government but later escaped from house arrest.
The Chief Executive Officer of Binance, Mr Richard Teng, on X, formerly known as Twitter, also weighed on the video.
“This inhumane treatment of Tigran must end. He must be allowed to go home for medical treatment and to be with his family,” he wrote.
General
Young Professionals for Tinubu Group Attracts Over 3,000 Nigerians

By Aduragbemi Omiyale
No fewer than 3,000 Nigerians have joined a dynamic and fast-growing youth-driven group known as the Young Professionals for Tinubu (YP4T).
The organisation is dedicated to leadership, policy engagement, and economic empowerment. It was established to support President Bola Tinubu’s vision for economic transformation.
Since its inception, YP4T has quickly established itself as a mobilising force for young professionals who see themselves not just as beneficiaries of development but as key drivers of it.
Across multiple states, its members are actively working to strengthen Nigeria’s economic, technological, and entrepreneurial landscape, ensuring that young people are not left behind in the country’s evolving growth story.
With an economy valued at over $440 billion and a youth population that makes up more than 60 per cent of Nigeria’s 200 million citizens, the impact of an organized and engaged professional youth network cannot be overstated.
“We are building a generation that is ready to lead, innovate, and contribute meaningfully to national growth. The rapid expansion of our network is proof that young Nigerians want to be involved in shaping the country’s future.
“The best way to honour the administration’s vision for national development is not just to support it but to become part of the execution—ensuring that policies translate into opportunities for people across the country,” the Regional Director of YP4T, Mr Alex Oware.
Another member of the movement, Mr Raphael Utoku, said, “I joined YP4T because I wanted to be part of something bigger than myself. Beyond the leadership discussions and the networking, I gained practical mentorship that has completely transformed my career path. It’s the kind of community that young professionals in Nigeria have needed for a long time.”
It was learned that through direct interventions in education, career development, and entrepreneurship, YP4T has already begun making a tangible impact.
In the past six months, the movement has facilitated over N50 million in small business support, connected more than 1,200 young Nigerians to industry mentors across finance, technology, and governance, and provided professional development training to over 800 early-career professionals.
Its education-focused initiatives have also led to the launch of the YP4T Scholarship and Skills Fund, which has supported university students and technical training beneficiaries in multiple states, ensuring that economic hardship does not derail potential.
General
Customs Suspends 4% FOB Levy on Imports for Wider Deliberations

By Adedapo Adesanya
The Nigeria Customs Service has suspended the implementation of the 4 per cent Free-on-Board (FOB) value on imports following a series of blowbacks from key stakeholders.
According to a statement signed by the Customs’ spokesman, Mr Abdullahi Maiwada, the suspension will enable comprehensive engagement and consultations between the Minister of Finance, Mr Wale Edun and other stakeholders.
The FOB, which is a 4 per cent charge on imported goods, was meant to replace an older system where companies like Webb Fontaine handled import inspections for a 1 per cent fee. The move sparked heavy criticism from stakeholders like the Nigeria Employers’ Consultative Association (NECA).
According to NECA, the Nigerian business environment already struggles with multiple taxes, unpredictable policies, and economic challenges coupled with unsold inventories and growing unemployment, pleading that policies should “support businesses, not further suffocate them.”
“The timing of this suspension aligns with the exit of the contract agreement with the Service providers, including Webb Fontaine, which were previously funded through the 1% Comprehensive Import Supervision Scheme (CISS). This presents an opportunity to review our revenue framework holistically,” Mr Maiwada said.
“Under the previous funding arrangement repealed by the Nigeria Customs Service Act (NCSA) 2023, separating the 1% CISS and 7% cost of collection created operational inefficiencies and funding gaps in customs modernisation efforts.
“The new Act addresses these challenges by consolidating “not less than 4% of the Free-on-Board value of imports,” designed to ensure sustainable funding for critical customs operations and modernisation initiatives. This transition period will allow the Service to optimise the management of these frameworks to serve our stakeholders and the nation’s interests better,” he added.
“The suspension period will allow the Service to further engage with stakeholders while ensuring proper alignment with the Act’s provisions for sustainable funding of these modernisation initiatives.
“We will communicate the revised implementation timeline following the conclusion of stakeholder consultations,” he said.
General
National Grid Collapse Leaves Abuja, Lagos Residents in Darkness

By Dipo Olowookere
Residents of Abuja and Lagos are currently experiencing blackouts after the national grid collapsed on Wednesday morning.
Electricity in two of the biggest cities in Nigeria went off a few minutes before noon on Wednesday, information gathered by Business Post showed.
This was confirmed by one of the energy distribution companies in the country in a message to customers within its franchise areas.
“Please be informed that we experienced a system outage today, February 12, 2025, at 11:34 am affecting all our feeders.
“Restoration of supply is ongoing in collaboration with our critical stakeholders. Kindly bear with us,” the message from Ikeja Electric said.
As of the time of filing this report, power had yet to be restored by the Disco, as electricity consumers switched to alternative power sources amid the scorching heat.
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