‘We are relieved’ — Binance reacts as Gambaryan leaves Kuje prison

Richard Teng, the chief executive officer of Binance, a cryptocurrency exchange, says the company is relieved that Tigran Gambaryan, its head of financial crime compliance, has been released from prison by the Nigerian government.

In April, the Economic and Financial Crimes Commission (EFCC) arraigned Binance and Gambaryan on allegations of money laundering.

Gambaryan has been in detention since February following the clampdown on Binance over alleged manipulation of the Nigerian currency.

On Wednesday, EFCC told the court the anti-graft agency was dropping its case against Gambaryan due to some reasons, including critical international and diplomatic reasons.

In a post on X on Thursday, Teng praised Gambaryan for his resilience during the eight-month period.

“We are deeply relieved and grateful that Tigran Gambaryan has finally been released after enduring nearly eight months of detention in Nigeria,” Teng said.

“Throughout this difficult period, Tigran has shown immense strength, and we commend his resilience in the face of such severe adversity. We are deeply thankful to everyone who dedicated countless hours to support Tigran’s release.

“Tigran’s health and well-being remain our top priority, and we are thankful he can now receive the medical care and rest he so urgently needs alongside his family.”

In another statement by his family, Yuki, Gambaryan’s wife, appreciated the United States government for its efforts in securing his release.

Yuki said the past eight months have been a living nightmare for her and his family.

“It is a huge relief that this day has finally come. The past eight months have been a living nightmare. I wish it hadn’t taken this long for his release, or that his health had not declined so much, but we can now focus on healing as a family,” she said.

“I want to express my deepest gratitude to the US government for their efforts in securing his release. I also want to thank everyone who helped us throughout this ordeal. There were moments I feared this day would never come, but Tigran’s supporters gave me hope and strength.

“The road ahead for Tigran’s recovery is going to be difficult and I appreciate us being given the time and space to focus on that. Our children cannot wait to see their dad again.”

The family said Gambaryan left Kuje prison on Wednesday night.

Former President Goodluck Jonathan has shared his insights on the experience of losing the 2015 presidential election.

Running under the banner of the Peoples Democratic Party (PDP), Jonathan was defeated by Muhammadu Buhari of the All Progressives Congress (APC), who received 15,424,921 votes compared to his 12,853,162 votes.

The election was significant as it marked the first instance in Nigeria’s history where an incumbent president lost a re-election bid.

Speaking on Friday at the inaugural Raymond Dokpesi Annual Diamond Lecture, Jonathan described it as one of the most challenging moments of his political career.

He revealed that upon hearing the election results, he felt a wave of emotion, as though the entire world had turned against him.

The former president also acknowledged the supportive role played by late Raymond Dokpesi, the then Chairman of Daar Communications, prior to his transition of power to Buhari.

He said, “It is not easy to lose an election as a president. You will think the whole world is against you. But then, Dokpesi invited me before I handed over. I remember what he said to me when I lost the election.

“That communication gave me hope and helped me not necessarily for the transition hour ahead of me but also in my spiritual life as a private citizen. If you read my book, My Transition Hours, I explain it more elaborately.”

The Public Accounts Committee (PAC) of the House of Representatives has disclosed a revenue loss of N32,151,775,466.87, identified through financial leakages within the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), News360 Nigeria reports.

This revelation, covering revenue generated for the Federal Government between 2015 and 2022, has raised concerns over potential lapses in financial accountability.

Committee Chairman Bamidele Salam, during an investigative hearing, highlighted alarming issues, including the direct transfer of N909,392,169.74 to private accounts in Deposit Money Banks, a move that bypassed Treasury Single Account (TSA) guidelines.

Further discrepancies were found between transactions recorded in Remita and NUPRC’s own data.

For instance, there was a N15.4 billion discrepancy in Remita transactions absent in NUPRC records, and an additional N6.3 billion recorded by NUPRC but missing in Remita.

The PAC also noted variances in reported values, with N388 million appearing lower and N909 million higher in Remita.

Unsettled by these discrepancies, the committee ordered NUPRC’s Chief Executive Officer, Engr. Gbenga Komolafe, and other officials to appear for further explanations next Monday.

This ongoing probe underscores the House’s commitment to improving financial transparency and curbing revenue leakages within government agencies.

Lagos, Nigeria – Dr. Obafemi Kadri Hamzat, the Deputy Governor of Lagos State, has sounded the alarm that Lagos faces a significant threat of submergence due to climate change. Speaking at the opening of the Lagos State Strategic Management Meeting, he emphasized the urgent need for swift and decisive action to mitigate the effects of rising sea levels and extreme weather conditions. Dr. Hamzat pointed out that cities like New York are already seeing residents relocate because of similar environmental issues, signaling a clear warning for Lagos.

Dr. Hamzat criticized the current physical planning efforts in Lagos, highlighting the lack of proper land management as a major factor in the state’s vulnerability to climate change. He explained that Lagos’s coastal geography, combined with its dense population, makes the city particularly susceptible to flooding and other climate-related disasters. The Deputy Governor stressed that rising sea levels and extreme heat pose existential threats, not just environmental concerns, and called for immediate attention to climate adaptation measures.

He further urged the state government to incorporate robust climate adaptation strategies into its future development plans. Additionally, Dr. Hamzat stressed the need for judicial cooperation to address land-related challenges, calling on the judiciary to support reforms that ensure the safety and future of Lagos residents.

Echoing these concerns, Lagos State Attorney General and Commissioner for Justice, Mr. Lawal Pedro SAN, highlighted the need for improved efficiency in the justice system. He revealed that over 6,000 cases involving the government were pending as of July 2024, stressing the importance of reducing litigation and focusing on alternative dispute resolution methods to ease the burden on the courts.

Nigeria’s Aliko Dangote regains Africa’s richest title from Johan Rupert

Aliko Dangote, the Nigerian industrial magnate and chairman of the Dangote Group, has regained his title as Africa’s richest man, overtaking South African billionaire Johan Rupert. 

According to the latest Forbes data, Dangote’s wealth currently stands at $11.7 billion, narrowly surpassing Rupert’s net worth, which has declined to $10.8 billion.

This shift marks the restoration of Dangote’s 12-year reign as the continent’s wealthiest individual, a title he briefly lost to Rupert in August 2024.

The Bloomberg Billionaires Index also corroborates this trend, placing Dangote’s fortune at $13.3 billion, marginally ahead of Rupert’s $13.2 billion.

This slight difference, though not as significant as earlier valuations, reaffirms Dangote’s lead. Just two weeks ago, the gap between the two tycoons’ net worth was reported to be approximately $1 billion, with Rupert momentarily holding the top spot. 

Rupert, the founder and chairman of the Swiss luxury goods company Richemont, which owns brands such as Cartier and Montblanc, experienced a decline in his wealth following fluctuations in luxury market demand and currency pressures.

Meanwhile, Dangote’s financial standing has remained relatively stable, allowing him to reclaim his position as Africa’s wealthiest figure.

Dangote’s Ambitious Growth Strategy

Aliko Dangote, renowned for his business acumen, has not rested on his laurels. The Dangote Group, one of Africa’s largest conglomerates with interests spanning cement, sugar, salt, and oil refining, has set its sights on further growth.

In a recent presentation during a media tour of the Dangote Refinery, the billionaire outlined plans to increase the group’s revenues to an ambitious $30 billion by 2025.

Central to this strategy is a significant shift in the group’s foreign exchange (FX) operations.

Dangote aims for the conglomerate to become Africa’s largest provider of foreign exchange, with the goal of reducing dependence on the Central Bank of Nigeria (CBN) for FX sourcing.

This move would not only bolster the group’s resilience but also enhance its competitiveness on the global stage.

Dangote further revealed plans to dramatically reduce the group’s reliance on the Nigerian cement market, which currently accounts for 75% of its business, down to 15%. Additionally, he projected a diversification of revenue sources, with 50% of EBITDA expected to come from foreign markets.

He also emphasized that 90% of the group’s future revenue would be generated in hard currency, underlining its focus on international expansion and export-driven growth.

What to know

• For the Dangote Group, the highly anticipated Dangote Refinery was announced make its first shipment of Premium Motor Spirit (PMS), commonly known as petrol on Tuesday, September 3, marking a critical moment in Nigeria’s energy sector, as the refinery, with a capacity of 650,000 barrels per day, enters commercial production.

• Having successfully completed its testing phase, the refinery is expected to play a key role in reducing Nigeria’s dependence on imported petroleum products.

• The completion and operationalization of the refinery have drawn praise from several high-profile figures, including Nigerian billionaire and oil magnate, Femi Otedola.

• The project is seen as a game changer for both the Dangote Group and Nigeria, potentially transforming the nation’s oil industry and positioning it as a net exporter of refined petroleum products.