Abuja, April 3, 2024 (NAN) The Empowerment for Unemployed youth initiative and Niger Delta Youth Council, on Wednesday, sought President Bola Tinubu’s directive on their state protection for unearthing the alleged money laundering perpetrated by Binance Holdings Ltd.

The Civil Society Organisations (CSOs) also commended the Federal Government for demonstrating the political will to arraign Binance Holdings Ltd. and its two top officials on five counts of money laundering charge.

The CSOs made the assertions in a letter to President Bola Tinubu, jointly signed by Amb. Solomon Adodo, National Coordinator Empowerment for Unemployed Youth Initiative and Engr. Jātor Abido, National Coordinator, Niger Delta Youth Council,

The organisations are the petitioners and whistleblowers that unearthed the brazen abuse of the Nigerian financial system being perpetrated by Binance Holdings Ltd.

“We write as the petitioners and whistleblowers who unearthed the brazen abuse of the Nigerian financial system being perpetrated by Binance Holdings Ltd to notify you of the present threat to our lives and seek protection from the State through your express Presidential directive.

“It should be recalled that after years of scrupulous investigation and fact findings on the operations of Binance in Nigeria, we identified certain grave infractions perpetrated against the Nigerian government and her people.

“Our fears also stem from the fact that we blew the lid on the terrorism financing. Serious operations carried out through the Binance platform, we are therefore at very significant risk alongside our immediate families.

“We have nowhere else to run to than to the Nigerian government for whom we undertook this daring patriotic task.’’

The letter reads, “On the heels of our incontrovertible findings, we sent a Petition to the House Committee on Financial Crimes against Binance.

“This petition was submitted on Dec. 5, 2023 by the Empowerment for Unemployed Youth Initiative, Niger Delta Youth Council and 21 other Civil Society Organisations over irregularities perpetrated by Binance Holdings Limited.

“The said petition which listed some of the irregularities perpetrated by Binance included the violation of the Provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.

“Violation of the provisions of the Investments and Securities Act, 2007 and the Rules on Issuance, Offering Platforms and Custody of Digital Assets (the “Digital Assets Rules”), May 2022.

“And violation of the relevant provisions of Nigeria’s tax laws, Results Cap evasion in the country.’’

The CSO, however, commended the administration of President Bola Tinubu for demonstrating the political will to arraign Binance Holdings Ltd. and its two top officials who abuse our financial system.

“We urge the Federal Government to ensure that the suspected money launderers are not escaped and face the wrath of law.

The News Agency of Nigeria (NAN) reports that the Economic and Financial Crimes Commission (EFCC) will arraign the two suspects, Tigran Gambaryan and Nadeem Anjarwalla on Thursday before a Federal High Court, Abuja.

In the charge dated and filed on March 28 by the anti-graft agency, the defendants are being accused of money laundering to the tune of $35,400,000.

Count one accused the defendants between January 2023 and January 2024 in Abuja of carrying on specialised business of other financial institution without valid licence.

The offence is said to be contrary to Section 57(1) and (2) of the Banks and Other Financial, Institutions Act, 2020 and punishable under Section 57(5) of the same Act.

NAN had, on March 28, also reported that the Federal Inland Revenue Service (FIRS) will, on April 4, arraigned Binance Holdings Limited, Gambaryan and fleeing Anjarwalla, on allegations bordering on tax evasion.

In the charge marked FHC/ABJ/CR/115/2024, the defendants will equally be arraigned before Justice Emeka Nwite on four counts

Count one alleged that while involved in carrying and offering services to subscribers on their platform, known as Binance, failed to register with the FIRS, for the purpose of paying all relevant taxes administered by the service.

The offences are said to be punishable under Sections 8 and 29 of the VAT Act of 1993 (as Amended), Section 40 of the FIRS Establishment Act, 2007 (as amended) and under provisions of Section 94 of the Companies Income Tax Act (as amended) respectively.

The two cases were fixed for Thursday to allow for accelerated hearing. (NAN).

By Deji Abdulwahab