Nigeria Joins BRICS as Partner Country

Nigeria has officially joined the BRICS economic bloc as a partner country, alongside 12 other nations, marking a significant step in deepening its global economic relations.

The announcement was made at the BRICS summit held in Kazan, Russia, from October 22 to 24, 2024, further consolidating Nigeria’s economic ties with emerging markets.

In addition to Nigeria, the countries now recognized as BRICS partner nations include Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam.

While these nations have not attained full membership status, their inclusion represents a pivotal moment for the bloc as it continues to expand its influence.

A statement on the BRICS official X (formerly Twitter) handle on Wednesday confirmed, “BRICS officially adds 13 new nations to the alliance as partner countries (not full members).”

This decision reflects the bloc’s commitment to fostering cooperation and growth among diverse global economies.

Nigeria’s inclusion comes on the heels of a notable surge in foreign capital inflows from BRICS nations, which soared by 189% in the first half of 2024.

The inflows reached $1.27 billion, compared to $438.72 million during the same period in 2023.

This significant economic boost signals the growing economic synergy between Nigeria and BRICS member states.

The Kazan summit, themed “Strengthening Multilateralism for Fair Global Development and Security,” is the sixteenth annual BRICS meeting and comes at a time of increased global interest in multilateral cooperation. Nigeria’s addition to the bloc as a partner country aligns with its strategic ambitions to deepen economic integration and foster trade with key emerging nations.

The BRICS bloc, originally formed by Brazil, Russia, India, and China (BRIC) in 2009, welcomed South Africa as a full member in 2010, rebranding the group to BRICS. Since then, the organisation has emerged as a powerful coalition of developing economies with an emphasis on fostering trade, investment, development, and security.

This year’s summit was attended by new full members Iran, Egypt, Ethiopia, and the United Arab Emirates, who officially joined BRICS in January 2024.

The inclusion of partner countries like Nigeria and the aforementioned 12 nations highlights BRICS’ ongoing efforts to expand its global reach and strengthen economic ties across continents.

The prospect of Nigeria becoming a full member of BRICS has been a topic of discussion for some time. In November 2023, Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, indicated the country’s ambition to join BRICS and the G20 group of nations within two years. He emphasized that Nigeria’s large economy and substantial population made it a suitable candidate for such organizations.

Tuggar’s statement reflected the growing recognition of Nigeria’s importance on the global economic stage and its potential to contribute to multilateral organizations like BRICS. As a partner country, Nigeria is now positioned to further leverage its economic strengths and continue building its international partnerships.

By Chioma Kalu, Arise News

Related story: Video - Nigeria among several nations seeking to join BRICS

Nigeria releases American crypto executive after dropping money laundering case

An American cryptocurrency executive held in Nigeria for the past eight months has been released after authorities there announced they were ending his money laundering trial on health and diplomatic grounds.

Tigran Gambaryan, Binance’s head of financial crime compliance, was freed on a humanitarian basis and was returning to the United States to receive medical attention, White House national security adviser Jake Sullivan said in a statement Thursday announcing the release.

“I am grateful to my Nigerian colleagues and partners for the productive discussions that have resulted in this step and look forward to working closely with them on the many areas of cooperation and collaboration critical to the bilateral partnership between our two countries,” Sullivan said. He said he had spoken with Gambaryan's wife “to share the good news.”

Gambaryan was arrested in February during a business trip to Nigeria alongside Nadeem Anjarwalla, the company’s regional manager in Africa, who fled custody and remains at large.

Nigerian authorities had accused Binance, the world’s largest cryptocurrency exchange, and Gambaryan of using the platform to launder up to $35 million and to manipulate the local naira currency, which they deny.

Nigeria is Africa’s largest crypto economy in terms of trade volume, with many citizens using crypto to hedge their finances against surging inflation and the declining local currency.

But as its users grew and the government struggled to stabilize the currency, officials alleged without providing evidence publicly that the platform was being used to launder money and finance terrorism, forcing it to stop all trading with the local currency on its platform.

On Wednesday, R.U. Adaba, a prosecuting lawyer with Nigeria’s Economic and Financial Crimes Commission, told the Federal High Court in Nigeria’s capital, Abuja, that the government was ending the case after “taking into consideration some critical international and diplomatic reasons."

Binance still faces charges on suspicion of tax evasion and operating without the required license.

Gambaryan’s trial has been shrouded in controversy, including over allegations that he and his colleague were illegally detained and their passports seized. Binance also alleged that Nigerian officials demanded bribes to release him and Anjarwalla.

The Nigerian government denied the bribery allegation and defended the prosecution as following the rule of law.

Gambaryan’s health deteriorated as his court case dragged on. The court in Abuja denied him bail twice after a judge ruled he was a flight risk and that he should remain at the Kuje prison in the capital city.

By Chinedu Asadu, AP

Related story: Nigeria drops money laundering charges against Binance executive

Tinubu sacks five ministers, reassigns ten, appoints seven new ones

President Bola Tinubu has sacked five ministers and appointed seven new ones. The president also reassigned ten ministers to new positions, his office said.

The five sacked ministers are Uju-Ken Ohanenye, the former minister of Women Affairs; Lola Ade-John, the former minister of Tourism; Tahir Mamman, the minister of Education; Abdullahi Gwarzo, minister of state, Housing and Urban Development, and Jamila Ibrahim, minister of Youth Development.

The newly appointed ministers, who would still have to be confirmed by the Senate, are Nentawe Yilwatda, Muhammadu Dingyadi, Bianca Odumegu-Ojukwu, Jumoke Oduwole, Idi Maiha, Yusuf Abdullahi Ata, Suwaiba Ahmad.

The presidency said the dismissal and appointments are part of “eight far-reaching actions to reinvigorate the Administration’s capacity for optimal efficiency pursuant of his commitment to deliver on his promises to Nigerians.”

Read the full statement from the president’s office below.

President Bola Ahmed Tinubu GCFR has approved the immediate implementation of eight far-reaching actions to reinvigorate the Administration’s capacity for optimal efficiency pursuant of his commitment to deliver on his promises to Nigerians.

The eight actions approved by Mr. President include:

1. The renaming of the Ministry of Nigeria Delta Development to Ministry of Regional Development to oversee the activities of all the Regional Development Commissions. The Regional Development Commissions to be under the supervision of the new Ministry are; the Niger Delta Development Commission, the South East Development Commission, the North East Development and the North West Development Commission.

2. The immediate winding up of the Ministry of Sports Development and the transfer of its functions to the National Sports Commission in order to develop a vibrant sports economy;

3. The merger of the Federal Ministry of Tourism and the Federal Ministry of Arts and Culture to become Federal Ministry of Art, Culture, Tourism and the Creative Economy;

4. The re-assignment of ten (10) ministers to new ministerial portfolios;
5. The discharge of five (5) Ministers.
6. The nomination of seven (7) new ministers for onward transmission to Senate for confirmation;
7. The appointment of Shehu Dikko as Chairman of the National Sports Commission;
8. The appointment of Sunday Akin Dare as Special Adviser to the President on Public Communication and Orientation working from the Ministry of Information and National Orientation

The President thanked the outgoing members of the Federal Executive Council for their service to the nation while wishing them the best in their future endeavours. He then charged the newly appointed ministers as well as their reassigned colleagues to see their appointment as a call to serve the nation. He added that all appointees must understand the administration’s eagerness and determination to set Nigeria on the path to irreversible growth and invest the best of their abilities into the actualisation of the government’s priorities.

Premium Times

Nigeria drops money laundering charges against Binance executive

Nigeria's government has withdrawn a money laundering case against Binance executive Tigran Gambaryan to allow him seek medical treatment abroad, the government's lawyer said on Wednesday.

Gambaryan, a U.S. citizen and head of financial crime compliance at Binance, has been in detention in Nigeria since late February and has been charged with laundering more than $35 million. Gambaryan and Binance deny the charges.

The government's lawyer said it would continue the money laundering case against Binance without Gambaryan. Separate tax evasion charges against Binance, the world's largest crypto exchange, remain in place. Binance has also denied those charges. 

Reuters

Related story: Binance exec and former U.S. agent Tigran Gambaryan denied bail by Nigeria

Video - Nigeria tourism stakeholders welcome Chinese infrastructure investment

Nigeria is home to a range of incredible attractions, but many sites remain difficult to access due to poor infrastructure and neglect. China's infrastructure agreements with Nigeria could change this, paving way for a more accessible tourism sector through road, energy, and railway projects.

CGTN