Nigeria is considering the creation of police departments for each state as part of measures to address security concerns in the country. The bill put forward by the ruling party is being debated in parliament.
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Binance troubles in Nigeria take yet another turn. After authorities blocked the exchange’s website, shut down its P2P marketplace, and detained two of its executives, the government is now looking to summon Binance’s CEO, Richard Teng, over allegations of terror financing and money laundering.
Nigeria Issues Ultimatum to Binance
Local news outlet Punch reported that Nigeria’s House of Representatives Committee on Financial Crimes has issued a seven-day ultimatum to Binance’s CEO to appear before the committee on or before Monday, March 4.
The regulator’s summoning follows recent allegations of suspicious funds flowing through the exchange’s Nigerian arm in 2023. Central Bank of Nigeria Governor Olayemi Cardoso highlighted that $26 billion had passed through Nigeria via Binance in 2023 from unidentified sources and users.
Chairman of the Committee on Financial Crimes, Ginger Onwusibe, warned that the committee will invoke its constitutional powers if Binance’s CEO, Richard Teng, refuses to appear before the court. Despite repeated invitations, Teng has been unwilling to address the Nigerian government’s concerns regarding compliance with its business and financial laws.
Onwusibe emphasized the committee’s commitment to fighting financial crimes, citing the constitutional mandate to protect Nigerians and the country’s finances.
The allegations of terrorism financing, money laundering, and tax evasion, amongst others, leveled against Binance are damning enough. At this material time, we need all the tax dollars to block the leaks and channels to financing terror.” he added.
Onwusibe concluded by urging Binance to fulfill its obligations, including paying taxes and establishing a physical office for citizen complaints.
Why This Matters
Binance has been under intense scrutiny over the last year from regulators worldwide. Its regulatory woes in Nigeria could further complicate its operations and raise questions about its compliance.
By Insha Zia, DAILYCOIN
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Nigeria's National Emergency Management Agency (NEMA) announced Sunday (Mar. 3rd) it was increasing security at its facilities, Amid increased cases of attacks on warehouses.
The Director General of NEMA has instructed Zonal Directors and Heads of Operations to strengthen security in and around the Agency’s offices and warehouses nationwide “to forestall any breaches”.
Africa's largest economy is also the continent's most populous country.
Nigerians are living through one of the west African nation's worst economic crises in years with inflation rising to nearly 30% and the consequences of monetary policies that have pushed the Naira to an all-time low against the dollar.
One of the nation's most powerful trade unions launched protests last week demanding immediate measures to quell hunger.
In a letter to the president, it notably called for the “Opening of all food storage silos across the country,” to ensure equitable distribution.
The decision by the National Management Agency comes after residents broke into a facility in the capital Abuja to steal food items including bags of maize.
The incident reportedly went on for hours.
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Heineken has agreed a deal to sell its interest in Champion Breweries, the Nigeria-based beer business.
The Dutch giant is to offload its majority interest in the Champion Lager owner to EnjoyCorp, a local holding that says it is “building a portfolio of food, beverage and hospitality brands”.
Heineken is selling The Raysun Nigeria Company Limited, which owned an 86.5% stake in publicly-listed Champion Breweries, a business centred around one brewery and based in Uyo.
The financial terms of the deal were not disclosed by Heineken, Champion Breweries nor EnjoyCorp.
A Heineken spokesperson said: “The decision will allow greater focus on our core business in Nigeria, while finding a local investor with the ability to allow Champion to continue its development in the best way to suit local market conditions.”
In 2023, Heineken saw its sales volumes in Nigeria decline at a rate “in the high teens”, the Amstel owner said last month when it reported its annual results.
The group, which owns a 56.7% stake in the also publicly-listed Nigerian Breweries, said the devaluation of the Nigerian naira had fuelled inflation and hit consumers’ spending power.
Heineken’s group beer volumes dropped 4.7% in 2023 and the Amstel owner said two markets “represented more than 60% of the decline” – Vietnam and Nigeria.
In December, Champion Breweries promoted general manager Dr Inalegwu Adoga – a former Coca-Cola HBC and Heineken executive – to the positions of MD and CEO.
The most recently published set of financial accounts for the brewer covers the nine months to the end of September last year.
Revenue during the period fell 6.7% at N8.36bn. Champion Breweries made a loss from operating activities over the nine months of N46.7m ($28,881) – versus a profit of N1.76bn a year earlier – due to the lower sales and higher selling, distribution and admin costs.
It ran up a nine-month net loss of N77.7m, against a profit of N1.26bn in the first nine months of 2022.
The Heineken spokesperson added: “Champion has strong brands and talented people and we believe that the transaction will help secure a sustainable future for the business.”
In a brief statement on the Nigerian Exchange, EnjoyCorp said it expects the deal to be closed in the second quarter.
“The proposed acquisition will mark EnjoyCorp’s strategic entry into the beverage category underpinning the company’s long-term commitment to the African consumer,” it said.
Peseiro said it was a great privilege to work with Nigeria and he and his staff will miss both the officials and players they have worked with over the past two years.
"It has been 22 months of immense dedication, sacrifice, emotion, and enormous enthusiasm. We feel a sense of fulfillment," Peseiro posted on X, formerly Twitter, after his contract with the NFF ran out Thursday.
"Guys, we are thankful; it has been a privilege to be part of this family.
"We will miss you, but we will always be there for you, no matter where you are. A big hug to all of you."
Peseiro was appointed Nigeria coach in May 2022 amid concerns he would not make a success of the job going by his past record.
He helped the country qualify for the delayed 2023 Africa Cup of Nations, which was staged in Ivory Coast last month, when the Super Eagles went all the way to the championship game.
His critics knocked his defensive tactics even though the team reached the final against most expectations.
His extended contract covered only the Africa Cup of Nations after which officials said he was offered a new deal with the same monthly salary of $50,000, which he earned when he took a pay cut last year to keep his post.
Widely travelled Peseiro has said he has received several offers after Nigeria were beaten in the final by hosts Ivory Coast.
His departure will signal what could possibly be a long-drawn search for a replacement with growing calls for the often cash-strapped NFF to hire a local coach, who they can afford, in his place.
Peseiro, a former Real Madrid assistant coach, previously managed Saudi Arabia and Venezuela and clubs including Sporting Lisbon, FC Porto, Panathinaikos, Rapid Bucharest, Al-Hilal, Al-Wahda, Al-Ahly Cairo and Sharjah FC.
