Reps: No member approached Binance for bribe, we’ll probe coy

The House of Representatives has again debunked an allegation that some lawmakers demanded $140 million bribe from cryptocurrency platform Binance.

Binance Chief Executive Officer Richard Teng had, on May 7, 2024, said some unidentified Nigerian government officials demanded money in digital currency to resolve the ongoing criminal investigation against the company.

Addressing journalists in Abuja on Tuesday, May 14, the Chairman of the House Committee on Financial Crimes, Ginger Onwusibe (LP-Abia), said no member of the committee approached Bianace for a bribe.

Onwusibe assured of a comprehensive investigation on the activities of Bianace, saying the committee would not be distracted from carrying out the probe by the bribery allegations levied by the cryptocurrency platform.

The lawmaker said: “I want to assure all Nigerians of the integrity, transparency, and competence of the House of Representatives Committee on Financial Crimes which I have the privilege and honour to chair.

Reps member: I didn’t collect $140m bribe from Binance

“We refuse to be diminished or deflated by the shenanigans of Binance and other enemies of Nigeria.

“The committee will continue with its functions and assignments undeterred. We recognise that the blackmail by Binance is merely an attempt to distract and draw attention away from the serious allegations of criminality against it which is now compounded by its role in the security breach of the sovereign Nigeria.

“The committee will continue with its legitimate functions as indicated and will update the relevant authorities, the general public and the media as the need arises.”

Onwusibe said the committee was investigating Binance on alleged tax evasion having operated illegally in Nigeria and generating billions of dollars in profits with zero tax remittance.

He said other allegations included providing a platform for money laundering activities and illegal transfer of funds to foreign shores.

The lawmaker added that Bainance allegedly provided a platform for terrorism financing, enabling terrorists to receive ransoms without a trace, thereby facilitating the purchase of sophisticated arms and weapons.

Onwusibe said the cryptocurrency platform allegedly manipulated the Nigerian forex space which led to a sharp spike in the price of foreign currencies against naira and operated outside the regulations of the Securities and Exchange Commission (SEC).

Onwusibe stressed that the committee would also look into the circumstances surrounding the escape of Binance executive from custody and how he left the country.

The Star