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Nigerian Lawmakers Asked $150m Bribe in Crypto—Binance Executive Gambaryan

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By Dipo Olowookere

One of the Binance executives detained by the Nigerian government last year, Mr Tigran Gambaryan, has alleged that a few members of the House of Representatives demanded bribe to the tune of $150 million in cryptocurrency from the crypto exchange.

In a lengthen post on his page on X, formerly known as Twitter, on Friday, he confirmed reports of bribery against the Nigerian officials, who met with employees of Binance in 2024.

Recall that Mr Gambaryan regained freedom last year after several months in detention after he honoured an invitation from the federal government through the Office of the National Security Adviser (ONSA), headed by Mr Nuhu Ribadu.

Binance was accused of being used to manipulate the local currency, the Naira, and was forced to delist the currency from its platform, especially for peer-to-peer (P2P) trading.

Narrating what transpired when he engaged Nigerian officials, Mr Gambaryan alleged that Mr Ribadu, who once headed the Economic and Financial Crimes Commission (EFCC), also wanted money from Binance to pursue his future political career, probably the highest political office.

Below is his unedited narration;

The DSS was involved in the House of Representatives matter. We met with them at their office on Friday, January 5, 2024, as a prerequisite to our meeting with the House of Representatives. They alluded to the fact that we had to comply with whatever the House members instructed us to do.

At the House meeting, there were three members present. Two of them were Peter Akpanke and Philip Agbese, both working under the leadership of Ginger Obinna Onwusibe. There was a third House member, but I don’t recall his name. They set up fake cameras and media to make the meeting appear official, but the cameras weren’t even plugged in. As you may already know, this ended with them asking for a $150 million bribe, paid in cryptocurrency into their personal wallets. A Mickey Mouse operation at its best.

@NuhuRibadu invited us to the official meeting and worked through Sa’ad Abubakar. Another key figure in this situation was Hamma Adama Belloji. Ogunjobi was just a pawn; they used him too. This was a sold as a friendly meeting with the NSA, the head of the SEC, and the CBN governor and include the discussion of the bribe that was solicited by the house of representatives.

The $26 billion figure they kept pushing publicly as some mystery money escaping Nigeria is complete BS. This information was provided in response to their request and was simply cumulative trade data for Nigerians on the platform. This money didn’t leave Nigeria—it was just people buying and selling crypto. For example, if you trade $100 a hundred times, that’s $10,000 in trade volume, but in reality, you only used $100. Again, just another example of them lying to cover up their BS investigation.

They lied about Nadeem escaping during mosque prayers. In reality, he returned and escaped afterward. I don’t know exactly how he managed to flee. He emailed me in November, but we haven’t discussed the details of his escape. It’s possible he paid someone off, but I have no proof. If Belloji had simply checked his passport for a visa, he would have realized that Nadeem did not use that passport to travel to Nigeria.

They sent a letter to the U.S. Embassy and the British High Commission, falsely claiming that we were voluntarily participating in strategic talks. This was a blatant lie.

Nadeem did not escape lawful detention—we were being held illegally. Belloji even admitted that he would fabricate evidence to obtain a court order to detain us for 14 days. Once the court order expired, they were unable to get an extension from the judge. At that point, they continued holding us illegally and had no justification for doing so.

There was a lot of noise about using Interpol to capture Nadeem. As someone who has been involved in multiple extradition cases, I can confidently say this was a joke. Extradition is a lengthy legal process, and no rational judge in Kenya or wherever would ever approve extradition for someone who escaped illegal detention at the hands of rogue law enforcement—especially when that detention involved holding employees hostage to pressure their employer. All noise.

They tried to use us to violate international privacy laws by demanding user data on all Nigerians to target opposition members allegedly “manipulating the price of the naira.” However, they all knew that the naira’s devaluation was a direct result of Tinubu’s monetary policy, which depegged the naira from the dollar. I’m not saying this policy decision was wrong, but everyone understood that removing government intervention would lead to extreme devaluation. Instead of acknowledging this, they used Binance as a scapegoat.

They also detained innocent EFCC detectives who weren’t even present when Nadeem “escaped.” If anyone should have been detained, it was Belloji, for multiple basic law enforcement failures, incompetence, and negligence- including:

.Failing to search our belongings

.Not checking passports for visas

.Neglecting to coordinate with    immigration to issue travel restrictions or alerts

.Mismanaging the situation internationally, creating an unnecessary diplomatic crisis

We had a strong working relationship with Nigerian law enforcement, but their greed destroyed all cooperation between Nigeria and the entire industry.

They even threatened administrators at Nizamiya Hospital, instructing them not to admit me when I was extremely ill. Additionally, they pressured the hospital to withhold my medical records from my attorneys. This was later confirmed by the Turkish Ministry of Health when my friend met with their officials in Turkey.

Ribadu emphasized that he wanted billions in payouts to fund his future political ambition. However, when the corruption scandal came to light, he was trapped—because any settlement would now be perceived as a bribe. I guess he really wanted his boss’ job 🙂

Ribadu even hired a U.S. law firm to negotiate my release, but this failed due to their incompetence and greed. Looking at you Idayat Hassan.

Ribadu overstepped his authority and embarrassed Nigeria in front of U.S. National Security Advisor Jake Sullivan. Ribadu acting like an asshole angered the White House and led to diplomatic repercussions—the U.S. limited visas to the Nigerian delegation for UNGA, and Biden refused to meet with Tinubu until my situation was resolved.

In the end, Ribadu overestimated his influence. They thought they could secure a quick win, but instead, they created an international incident, exposing his incompetence on a global scale.

That’s it’s for me for now. I don’t want to dwell on this, but it’s important for Nigerians to get the facts. I met amazing people in Nigeria. It’s a shame that these muppets are in charge.

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Customs, NMDPRA Strengthen Interagency Efforts Against Fuel Diversion

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By Adedapo Adesanya

The Nigeria Customs Service (NCS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) are strengthening their collaboration to combat the diversion of petroleum products intended for domestic use and to safeguard Nigeria’s energy security.

This renewed partnership was highlighted during a meeting between Comptroller General of Customs, Mr Adewale Adeniyi and the NMDPRA Executive Director of Distribution Systems, Storage and Retailing Infrastructure, Mr Ogbugo Ukoha, at Customs House, Maitama, Abuja.

During the engagement, Mr Adeniyi reaffirmed the service’s commitment to strengthening inter-agency cooperation, particularly in safeguarding Nigeria’s domestic energy security and ensuring that petroleum products meant for local consumption are not diverted to neighbouring countries.

He noted that collaboration between both agencies had already produced measurable results, especially through Operation Whirlwind, which he described as a model for intelligence sharing, joint enforcement and coordinated field operations.

He said the Nigeria Customs Service remains fully aligned with ongoing reforms in the petroleum regulatory space and will continue to provide technical input, operational feedback and border management expertise to support the implementation of new guidelines being developed by the NMDPRA.

He commended the Authority for its efforts to harmonise legacy processes with the Petroleum Industry Act, stressing that clear and efficient export point procedures are essential as Nigeria moves from being a net importer to an emerging exporter of petroleum products.

“We welcome every initiative that strengthens energy security and ensures that the gains made in reducing cross border diversion are not reversed. Our shared responsibility is to protect national interest, support legitimate trade and maintain a transparent system that stakeholders can rely on. We will continue to work closely with sister agencies to achieve these outcomes,” he stated.

In his remarks, the Executive Director, Mr Ukoha, said the NMDPRA enjoys a longstanding and productive working relationship with the Nigeria Customs Service, noting that Operation Whirlwind remained the high point of that collaboration.

He explained that both agencies deployed personnel, exchanged intelligence and jointly monitored petroleum products in border corridors, leading to a marked reduction in cross border diversion.

Ukoha said the purpose of the visit was to brief the CGC on newly developed guidelines for designating export points for petroleum products as Nigeria’s refining capacity expands.

He said the NMDPRA is engaging key institutions, including Customs, the Central Bank of Nigeria (CBN), the Federal Ministry of Industry, Trade and Investment, and the Nigerian Navy, to ensure the guidelines reflect operational realities before implementation.

The NMDPRA executive recalled several field operations and strategic engagements with the Customs leadership, including the joint launch of Operation Whirlwind in Yola, where both agencies reinforced their commitment to curbing diversion and securing the domestic supply chain.

He added that while enforcement had played a major role in reducing irregular movements of petroleum products, the removal of fuel subsidy had significantly reduced the economic incentive for cross border smuggling.

According to him, the authority will continue to work closely with the Customs Service to sustain progress and ensure that petroleum exports are properly regulated without exposing the country to energy security risks.

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Supreme Court Empowers Tinubu to Declare Emergency Rule, Suspend Elected Officials

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By Adedapo Adesanya

The Supreme Court has upheld the power of the President to declare a state of emergency in any state to prevent a breakdown of law and order or degeneration into a state of chaos or anarchy.

In a split decision of six-to-one, the apex court held that the President, during a state of emergency, can suspend elected officials, but within a limited period.

In the lead majority judgment, Justice Mohammed Idris held that Section 305 of the Constitution empowers the President to deploy extraordinary measures to restore normalcy where emergency rule is declared.

Justice Mohammed Idris noted Section 305 was not specific on the nature of the extraordinary measures, thereby granting the President the discretion on how to go about it.

The judgment was on the suit filed by Adamawa State and 10 other Peoples Democratic Party-led states challenging the propriety of the state of emergency declared by President Bola Tinubu in Rivers State, during which elected state officials, including Governor Siminalayi Fubara, were suspended for six months.

On March 18, President Tinubu declared a state of emergency in Rivers State following a reported attack on crude oil pipelines; and in the same breath, suspended the sitting governor and his deputy, Mrs Ngozi Odu. He then put in place a sole administrator.

This was challenged at the apex court by some states.

Justice Idris, in the earlier part of the judgment, upheld the preliminary objections raised by the two defendants against the competence of the suit.

In upholding the objections raised by the Attorney General of the Federation (AGF) and the National Assembly (the defendants), Justice Idris held that the plaintiffs (the 11 PDP states) failed to establish any cause of action capable of activating the original jurisdiction of the apex court.

He struck out the suit for want of jurisdiction, proceeded to also determine the case on the merits, and dismissed it.

However, Justice Obande Ogbuinya dissented and held that the case succeeded in part.

Among others, Justice Ogbuinya held that although the President could declare a state of emergency, he cannot use such powers as a tool to suspend elected state officials, including governors, deputy governors, and members of parliament.

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AI in Agriculture, Retail Sectors May Lead to Double Digit Growth by 2035

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By Adedapo Adesanya

High-impact sectors, including agriculture, wholesale and retail, will see double digit increases with the integration of artificial intelligence (AI) across Africa by 2035.

This is according to a new report by the African Development Bank (AfDB) developed under the G20 Digital Transformation Working Group, Africa’s AI Productivity Gain: Pathways to Labour Efficiency, Economic Growth and Inclusive Transformation, which establishes a strategic roadmap for unlocking the economic and social potential of AI across the continent.

The study, carried out by consulting firm Bazara Tech, finds that inclusive AI deployment could generate up to $1 trillion in additional GDP by 2035 equivalent to nearly one-third of the continent’s current economic output.

The report added that this is underpinned by Africa’s growing digital capacity, favorable demographics, and ongoing sectoral reforms, making it one of the most promising regions for AI-driven growth globally.

According to the report the AI dividend is expected to be concentrated in select high-impact sectors, rather than spread evenly across Africa’s economy. Analysis identified five priority sectors—agriculture (20 per cent), wholesale and retail (14 per cent), manufacturing and Industry 4.0 (9 per cent), finance and inclusion (8 per cent), and health and life sciences (7 per cent)—which together are projected to capture 58 per cent of the total AI gains, or approximately $580 billion by 2035. These sectors combine economic size, readiness to adopt AI, and strong potential to deliver inclusive development outcomes.

“We have set out the key actions in this report, identifying the areas where initial implementation should be focused,” said Mr Nicholas Williams, Manager of the ICT Operations Division at AfDB.

“The bank is ready to release investment to support these actions. We expect the private sector and the government to utilize this investment to ensure we achieve the identified productivity gains and create quality jobs,” he added.

The report also revealed that realising the potential of AI depends on five interlinked enablers: data, compute, skills, trust, and capital. Reliable and interoperable data forms the foundation for AI insights, while scalable compute infrastructure ensures solutions can be deployed efficiently across the continent.

It noted that a skilled workforce is essential to develop, implement, and maintain AI systems, and trust built through governance, and regulatory frameworks underpins adoption.

The report also noted that the enablers, together with adequate capital investment to de-risk innovation and accelerate deployment, would “foster a cycle of AI-driven growth.”

The report also outlines a three-phase roadmap toward Africa’s AI readiness: ignition (2025-27), consolidation (2028-31) and scale (2032-35).

“Achieving early milestones by 2026 will set Africa’s AI flywheel in motion,” said Mr Ousmane Fall, Director of Industrial and Trade Development at the bank. “Africa’s challenge is no longer what to do — it is doing it on time.”

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