The House of Representatives Committee on Financial Crimes has recommended the arrest of the Chief Executive Officer of Binance Holding Ltd over alleged tax evasion and money laundering in Nigeria.
This came after a motion moved by Rep. Isah Dogonyaro (APC- Jigawa state) at a public hearing in Abuja on Monday, March 4, was adopted.
At the hearing on a petition by the Empowerment Fund for Nigerian Youth Initiative and the Niger Delta Youth Council of Nigeria on several crimes allegedly committed by Binance, Dogonyaro stated that the committee earlier invited the CEO of Binance to appear and respond to questions on terrorism, tax evasion and money laundering against the company but he failed to.
He also said they gave him another chance to appear before the panel on March 4, 2024, but he refused to. Dogonyaro further described this as an insult to the committee and the Nigerian people.
However, the Legal Counsel to Binance, Mr Senator Ihenyen, said that the company had responded in writing to all the allegations levelled against it.
He said they are ready to provide more answers in writing if the need arises in the cause of the hearing. Ihenyen also said the company is concerned over the safety of its officials in Nigeria following the recent arrest of two senior officials of the company.
Reacting to this, the Chairman of the committee, Rep. Ginger Obinna (LP-Abia) said they had taken a position not to entertain legal representation from Binance.
He said the leadership of Binance should be arrested and brought to the committee to answer questions about the grave allegations levelled against it.
Obinna said:
“This committee has resolved to recommend to the house to invoke its constitutional powers by issuing a subpoena and a warrant for Binance executives to be arrested and brought to this committee to answer these questions on terrorism, money laundering and other financial crimes as stated in the petition including evasion of tax.”
