Lawmakers in Nigeria have expressed their discontent after the CEO of Binance, a prominent online financial company operating in the country, refused to appear before them during a hearing on alleged crimes. The hearing was initiated based on a petition by the Empowerment Fund for Nigerian Youth Initiative and the Niger Delta Youth Council of Nigeria, accusing Binance of various offenses, including involvement in terrorism, tax invasion, and money laundering.
During the proceedings, Dogonyaro, who moved the motion, informed the committee that despite an initial invitation, the CEO of Binance failed to appear to respond to the allegations. The committee extended another opportunity for the executive to appear on March 4, 2024, but the CEO once again declined.
Dogonyaro expressed his dissatisfaction, stating that the refusal to appear was an insult to the committee and the Nigerian people. In response, the Legal Counsel to Binance, Senator Ihenyen, mentioned that the company had provided written responses to all the allegations and was willing to furnish additional written answers if needed. He cited concerns for the safety of company officials in Nigeria following the recent arrest of two senior executives by the National Security Adviser’s office.
The committee’s Chairman, Rep. Ginger Obinna, announced that legal representation from Binance would not be entertained, and the committee had decided to recommend invoking constitutional powers to issue a subpoena and warrant for the arrest of Binance executives. This decision was made to compel them to appear and address questions related to terrorism, money laundering, financial crimes, and tax evasion as raised in the petition.
The chairman expressed gratitude to the petitioners for bringing attention to the alleged financial crimes and exploitation of 20 million young Nigerians over the past six years.
