Reps committee recommends Binance CEO’s arrest for alleged tax evasion

The House of Representatives Committee on Financial Crimes has recommended the arrest of the Chief Executive Officer of Binance Holding Limited for alleged tax invasion and money laundering in Nigeria.

This followed the adoption of a motion tabled by a lawmaker from Jigawa State, Isah Dogonyaro, at a public hearing on Monday in Abuja.

The hearing was on a petition by two groups – Empowerment Fund for Nigerian Youth Initiative and the Niger Delta Youth Council of Nigeria – on several crimes allegedly committed by Binance.

Binance is an online financial company that operated in the country’s cyberspace of Nigeria for more than six years with about 20 million Nigerians on the platform.

In his presentation, Dogonyaro said the committee had earlier invited the Binance CEO to appear and respond to questions on terrorism, tax invasion, and money laundering against the company but failed to appear.

He said the committee gave the CEO another opportunity to appear on Monday but refused to appear again.

He described the action as an insult to the committee and Nigerians.

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In his response, the counsel to Binance, Mr. Senator Ihenyen said the company had responded in writing to all the allegations.

He said that the company was also ready to provide more answers in the cause of the hearing.

Ihenyen, however, stressed that the company was concerned over the safety its officials in Nigeria following the recent arrest of two senior officials by security agents.

In his ruling, your Chairman of the committee, Ginger Obinna, said the committee had earlier resolved not to entertain legal representation from Binance.

He said that the leadership of Binance should be arrested and brought to the committee to answer questions on the allegations.

“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,” he said.

The chairman thanked the petitioners for unearthing the grievous financial crimes and the exploitation of 20 million young Nigerians in the last six years.

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