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

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Tigran Gambaryan Binance

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.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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SERAP Urges Withdrawal of Bill Seeking to Jail Nigerians Who Don’t Vote

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voters awareness initiative will of the people

By Adedapo Adesanya

The Socio-Economic Rights and Accountability Project (SERAP) has called for the withdrawal of a bill which contains repressive provisions to jail any Nigerian of voting age for six months and/or impose a fine of N100,000 on them if they fail to vote in national and state elections.

The organisation urged the Senate President, Mr Godswill Akpabio, and Speaker of the House of Representatives, Mr Tajudeen Abbas, to immediately withdraw the bill, which it tagged oppressive.

SERAP urged Mr Akpabio and Mr Abbas to instead “amend the Nigerian Constitution 1999 [as amended] and the Electoral Act 2022 to remove constitutional immunity for state governors and their deputies who commit electoral offences, including vote-buying, to facilitate the investigation and prosecution of perpetrators.”

The group also urged Mr Akpabio and Mr Abbas “to amend the Nigerian Constitution and the Electoral Act to explicitly prohibit the appointment of members of any political party as resident electoral commissioners (RECs) of the Independent National Electoral Commission (INEC).”

There is currently in the National Assembly a ‘Bill for an Act to Amend the Electoral Act 2022 to Make It Mandatory for All Nigerians of Majority Age to Vote in All National and State Elections and for Related Matters.’ The bill seeks to make voting compulsory and prescribes a six-month jail term or a fine of N100,000 or both for non-compliance.

In the letter dated 29 March 2025 and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation said: “Jailing eligible Nigerians for deciding not to vote would be entirely inconsistent and incompatible with the letter and spirit of the Nigerian Constitution and the country’s international human rights obligations.”

SERAP said, “Rather than proposing bills that would severely punish Nigerians who may decide not to exercise their right to vote, the National Assembly ought to propose bills to remove constitutional immunity for governors and their deputies who commit electoral offences and undermine the integrity of the electoral process.”

According to the organisation, “The most effective way to solve the perennial voter apathy is to create a safe and conducive environment, combat the impunity of high-ranking politicians who commit electoral offences, and generally improve the electoral process to encourage the citizens to come out to vote, and not to send them to jail.”

The letter, read in part: “Should the National Assembly fails to drop the bill prescribing a six-month jail term for eligible Nigerians who decide not to vote in national and state elections, and should any such bill be assented to by President Bola Tinubu, SERAP would consider appropriate legal action to challenge the legality of any such law and ensure they are never implemented.”

“The idea of compulsory voting and jailing citizens for not voting is impracticable, unnecessary and unlawful. The right to vote is part of citizens’ right to participate in their own government and the choice of whether to exercise it is personal.”

“The right to vote includes the right not to vote. If the right to participation is a right of the citizen, she/he must be free to decide whether or not to exercise it.”

“Because the notion of a democracy exists by virtue of the consent of the citizens, voters must get to choose how they exercise consent, not be forced to the polls like ‘cattle to the slaughter.’”

“The National Assembly ought to propose bills to reduce the influence of money in politics, and encourage and not compel the exercise of the right to participation.”

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Nigeria Could Save $267m from Local Polypropylene Production

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77 Polypropylene Grades

By Adedapo Adesanya

The domestic production of polypropylene will help Nigeria to save around $267 million in import costs, according to estimates by the Manufacturers Association of Nigeria (MAN).

The group said investments from Dangote Group in the sector could significantly reduce the country’s reliance on imported raw materials for the textile industry.

The local production of polypropylene will not only boost industrial growth but also create jobs and enhance the competitiveness of Nigeria’s textile sector.

According to the Director-General of MAN, Mr Segun Kadir-Ajayi, this could help revive and ease the challenges facing a lot of industry in Nigeria, particularly the textile industry, which once employed over 25,000 workers in the northern region.

He attributed the industry’s decline to the lack of local polypropylene production and foreign exchange scarcity, forcing many companies to shut down.

Recently, Business Post reported that Dangote Industries has fully commenced polypropylene production, a move expected to transform Nigeria’s manufacturing sector.

It will help reduce Nigeria’s reliance on imports for this essential material used in packaging, textiles, and automotive components.

The Chairman of the group, Mr Aliko Dangote, projected that once fully operational, the refinery will meet local demand, eliminating the need for $267.7 million in annual imports.

By producing polypropylene locally, Dangote Industries is set to enhance industrial growth, create jobs, and strengthen Nigeria’s economy.

Polypropylene is a versatile thermoplastic used across multiple industries due to its durability, chemical resistance, and lightweight nature.

It plays a vital role in packaging, textiles, automotive, healthcare, construction, agriculture, consumer goods, and electronics. Its applications range from food containers and medical devices to car parts and irrigation pipes.

Local production of polypropylene is expected to boost industrial growth, create jobs, and enhance competitiveness.

Polypropylene’s versatile applications crucial for various industries including packaging, textiles, automotive, healthcare, construction and agriculture.

In packaging, polypropylene is essential for plastic containers and food packaging films. The textile industry relies on it for non-woven fabrics and carpets, while the automotive sector benefits from its lightweight properties in car bumpers and dashboards.

In healthcare, it is used for syringes and medical vials due to its sterility and durability. The construction and electronics industries utilize polypropylene for insulation materials, cables, and battery cases.

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EFCC Declares Aisha Achimugu Wanted for Money Laundering

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Aisha Achimugu

By Modupe Gbadeyanka

An associate of Governor Babajide Sanwo-Olu of Lagos State, Ms Aisha Achimugu, has been declared wanted by the Economic and Financial Crimes Commission (EFCC).

The agency is investigating her for an alleged money laundering and criminal conspiracy, a statement said.

The action of the EFCC followed a report by an online newspaper, Peoples Gazette, that President Bola Tinubu was not happy that the some funds made available to Ms Achimugu for the 2023 general elections were used to prosecute the campaigns of his main challengers, Mr Atiku Abubakar of the Peoples Democratic Party (PDP), and Mr Peter Obi of the Labour Party (LP).

Already, the former Vice President of Nigeria, Mr Atiku, has denied getting funds from the fugitive’s ally, Mr Sanwo-Olu, calling the claims “a blatant lie from the pit of hell.”

“We wish to state emphatically and for the record that this is a political hatchet job aimed at providing a much-needed justification to jettison Governor Sanwo-Olu, who appears to have fallen out of favour with the Bourdillon Cult,” a statement from his media office said.

The EFCC asked anyone with the whereabouts of Ms Achimugu to contact any of its offices in the country.

“The public is hereby notified that AISHA SULAIMAN ACHIMUGU, whose photograph appears above, is wanted by the Economic and Financial Crimes Commission (EFCC) in an alleged case of Criminal Conspiracy and Money Laundering.

“Achimugu, 51, is an indigene of Ofu Local Government Area of Kogi State. Anybody with useful information as to her whereabouts should please contact the Commission in its Ibadan, Uyo, Sokoto, Maiduguri, Benin, Makurdi, Kaduna, Ilorin, Enugu, Kano, Lagos, Gombe, Port Harcourt or Abuja offices or through 08093322644; its e-mail address: info@efcc.gov.ng or the nearest Police Station and other security agencies,” the notice signed on Friday by the commission’s Head of Media and Publicity, Mr Dele Oyewale, said.

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