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Nigerian SEC Declares Binance Operations in the Country Illegal

By
Samuel Nwite
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0

The Nigerian Securities and Exchange Commission (SEC) has issued a clear statement declaring that Binance Nigeria is not registered or regulated by the SEC. This pronouncement effectively renders the operations of Binance, the popular global cryptocurrency exchange, within Nigeria illegal.

In an official statement published on its website, the SEC specifically noted that Binance Nigeria Limited, a subsidiary of Binance, has been actively promoting its web and mobile-enabled platforms to the Nigerian public. However, the regulator firmly emphasized that such activities are in direct violation of Nigerian law.

This announcement by the SEC comes in the wake of recent developments involving Binance US, the United States subsidiary of the global exchange. The U.S. SEC has filed a lawsuit against Binance, alleging that the exchange is operating an illegal securities exchange.

The move by the U.S. SEC is believed to have triggered global scrutiny on Binance operations.

Binance is one of many crypto exchanges with a huge consumer base in Nigeria. Although like other exchanges, it is not regulated. This is due to the government’s previous stance on digital assets.

In early 2021, the Central Bank of Nigeria (CBN) declared cryptocurrencies illegal, forbidding regulated financial institutions from engaging in any kind of transaction involving the digital asset. The development forced a shift to Peer-to-Peer (P2P) platforms, which provided the needed alternative to traders.

Major exchanges including Binance also began to offer P2P services.

But in its statement, the SEC strongly cautioned Nigerians to exercise prudence and refrain from engaging with unregistered and unregulated platforms, specifically mentioning Binance Nigeria as one such platform to avoid.

Many of the P2P operators in Nigeria are not registered because of the CBN’s stance on digital assets.

The SEC’s statement

“The attention of the Securities and Exchange Commission (the Commission) has been drawn to the website operated by Binance Nigeria Limited, soliciting the Nigerian public to trade crypto assets on its various web and mobile-enabled platforms.

“Binance Nigeria Limited is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal. Any member of the investing public dealing with the entity is doing so at his/her own risk.

“As the regulator with the statutory mandate of investor protection, the Commission urges Nigerians to be wary of investing in crypto-assets, and crypto-asset-related financial products and services if the service provider/its platform is not registered or regulated by the Commission.

“Nigerian investors are hereby warned that investing in crypto-assets is extremely risky and may result in total loss of their investment.

“By this circular, Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever.

“The Commission shall provide updates on further regulatory actions concerning the activities of Binance Nigeria Limited, and other similar platforms and shall work with other regulators in Nigeria to provide further guidance on this matter.”

This statement by the SEC indicates that the Nigerian government is making a shift from its former stance on cryptocurrency. On Saturday, the Federal Inland Revenue Service (FIRS) published a public notice on the enactment of the Finance Act 2023. The Finance Act provides for a 10% tax on digital assets, including cryptocurrency.

Meanwhile for US, Binance.US has told its customers to withdraw their U.S. dollars, after its payment and banking partners “signaled an intent” to pause dollar fiat channels around June 13.

The news comes in the wake of an Securities and Exchange Commission crackdown on crypto trading giants Binance and Coinbase earlier in the week. Binance.US has said the SEC’s allegations are “unjustified” and that “we will continue to vigorously defend ourselves.” Crypto firms have lobbied U.S. lawmakers — unsuccessfully — to create industry-specific regulations; the Securities and Exchange Commission says existing securities rules apply to cryptocurrencies and crypto exchanges.

Binance and related entities moved about $70 billion through accounts at Silvergate Bank and Signature Bank from 2019 to 2023, according to a filing on Wednesday.

Some crypto exchanges are considering emphasizing their overseas operations — or exiting the U.S. entirely, The New York Times reports. (LinkedIn News)

It is Confirmed – Godwin Emefiele Was Arrested

By
Ndubuisi Ekekwe
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My sincere apologies for deleting the post on the alleged arrest of Nigeria’s suspended governor of the Central Bank. I never really like to break news; I prefer to analyze broken ones. So, when I posted, many commented that it was not true. To avoid spreading non-factual news, I deleted it. But it has turned out that the he was indeed arrested:

“The Department of State Services (DSS) hereby confirms that Mr Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria (CBN), is now in its custody for some investigative reasons,” Peter Afunanya, the spokesperson for the agency, said in a press statement he shared with PREMIUM TIMES.

Yet, early this morning, DSS denied he was arrested. But in the last few hours, they just confirmed they arrested him.  Many things in Nigeria are never straightforward.

So, I am returning my earlier comment: “I am not sure it is the best playbook: arresting the governor of an apex book. If the Nigerian stock exchange operates on data, the market could drop at scale on next trading day. But of course, who cares? That said, we need to modulate, and make sure that we do not criminalize being a bad “student”. I am never a fan of Emefiele but I also will not like him to be staged. He deserves all the due processes as written in the rule books.”

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has been taken into custody by Nigeria’s secret police, the State Security Service (SSS), hours after PresidentBola Tinubu suspended him from office.

“The Department of State Services (DSS) hereby confirms that Mr Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria (CBN), is now in its custody for some investigative reasons,” Peter Afunanya, the spokesperson for the agency, said in a press statement he shared with PREMIUM TIMES.

Mr Afunanya did not provide details of when and how Mr Emefiele was arrested and where he is being kept. However, PREMIUM TIMES learnt the banker was picked up from his home in Lagos and then flown to Abuja guarded by a detachment of operatives. He was then driven to the SSS’ headquarters in the Asokoro District of the nation’s capital when sources said he was being quizzed.

There were speculations Friday night that the SSS arrested Mr Emefiele shortly after he was suspended. But the law enforcement agency tweeted Saturday morning, saying the top banker was not in its custody.

It is unclear why the SSS is holding the embattled official. But the office of the Secretary to the Government of the Federation said Friday that his office, the CBN, was under investigation.

Can Tinubu Lawfully Suspend or Sack Emefiele As Nigeria’s Central Bank Governor?

By
Stanley Alieke
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0

The Governor of the central bank of Nigeria has just been suspended and immediately arrested and detained by the agents of the state security services (SSS). According to rumors making around the corner, the governor was arrested on ten allegations which include the following;

  1. Funding of unknown gunmen, ESN and IPOB,

  2. Mismanagement of Nigeria’s Social Investment program (NIRSAL) and the anchor Borrowers scheme,

  3.  Illegal economic crimes of National security dimension,

  4. Money Laundering,

  5. Unwholesome activities through proxy,

  6. Round Tripping,

  7. Conferment of financial benefits to self and others,

  8. Threat to national security,

  9. criminal conspiracy to divert government resources and

  10. Terrorism funding.

No doubt that Mr Emefiele’s hate and ordeal started with the naira notes redesign policy which coincidentally happened in the heat of political campaigns and this made some agents of the APC allege that it was his ploy to scuttle the campaign and backstage the electoral success of President Tinubu. It took court action to stop him from going on with that policy.

For the sake of legal argument, the issue that this suspension of the governor has posed again as it posed in 2014 when it first happened is whether the President can outrightly and unilaterally sack or suspend the governor of the central bank of Nigeria. According to S. 11(2)(f) of the CBN Act, 2007, the president can only sack the governor of the CBN if the sack was approved by a 2/3 majority of the Senate. This procedure was enshrined as a way of making the governor somehow independent of the Presidency so that he can execute his jobs without the fear of being outrightly or unilaterally sacked by the president anytime he wishes or wills.

Although there is an existing federal High Court judgment which tends to be the current authority on this matter; “whether the president has the power to sack or suspend the governor of the central bank unilaterally without recourse or approval from the senate”; Sanusi Lamido Sanusi v. President of federal republic of Nigeria & Ors.

Recall that this same thing playing out today played out in 2014 when the then governor of the Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi had a fallout with the then president Goodluck Jonathan, the president suspended him and also arrested and seized his International passport.  Sanusi Lamido Sanusi decided to go to court to enforce his rights and also hinging on the provisions of S 11(2(f) of the CBN act stating that the president has no such power to unilaterally remove or suspend him. The court held that although the president cannot remove the CBN Governor unilaterally as provided in S 11 of the CBN act, the president can exercise disciplinary control over the governor which includes suspension.

This matter was never appealed by the then governor hence this is the current rule on the matter; ie, although the president cannot unilaterally remove or sack the CBN governor as provided in s 11 of the CBN act, the president can lawfully exercise some disciplinary action over the governor by suspending him.

Travel Advisory Africa – VisitRwanda!

By
Nnamdi Madichie
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0

This is an exploratory study that seeks to investigate the Rwanda Tourism strategy with a view to inductively highlight trends, developments, roadblocks, and ways forward for tourism and hospitality. The study is based on a qualitative content analysis of documents including peer reviewed journal articles, policy documents and media sources – a view to theorising the pros and cons of strategic tourism for Rwanda and the implications for the sub-region.

Rwanda is making major strides in broadening and deepening its tourism aspirations from a multidimensional lens including sports, hospitality, and gorillas. The study contributes to the scant research in this space considering Rwanda’s aspirations to be a MICE (meetings, incentives, conferences and exhibitions) destination in Africa.

Ignore these News Headlines at your own Peril!

Arranged in no particular order, here goes!

·         Rwanda’s economy, tourism shine in Africa wealth report 2023. The New Times, March 31.

·         Rwanda ranked second safest country for solo female travellers. The New Times, April 4, 2023.

·         Musanze, Rwanda: World’s Greatest Places 2023. TIME Magazine.

·         Kigali remains Africa’s second most preferred city for hosting meetings. The New Times, May 30.

·         Gorilla trekking in Virunga ranked top touristic experience – The New Times

·         Rwanda’s economy, tourism shine in Africa wealth report 2023 – The New Times

Rwanda ranked second safest country for solo female travellers

Rwanda has been ranked as the second safest country for solo female travellers, thanks to its warm friendly hospitality and commitment to women’s inclusion and safety. The ranking was revealed by the British Broadcasting Corporation (BBC) on April 3, after consulting with Georgetown University’s Women’s Peace and Security Index, the World Economic Forum’s Global Gender Gap report, and the Institute for Economics and Peace Global Peace Index.

The BBC also talked to women who have travelled alone to top-ranking countries to understand what made them feel safe, hear their own travel tips, and find out the best things to see and do as a solo adventurer. With more than 60 per cent of its parliament made up of women representatives, Rwanda ranks number one in the world for gender equality in parliament, according to the Women’s Peace and Security Index. It also ranks highly in the index’s perception of community safety and is ranked sixth in the world in the Global Gender Gap index, which measures how equitable a country is in terms of economics, education, healthcare, and political participation.

Rwanda’s economy, tourism shine in Africa wealth report 2023

Rwanda has been recognized for its remarkable achievements in a new report, “Africa Wealth Report 2023,” published on March 29. 

Rwanda also ranked seventh in the report’s list of the next 10 wealthiest African countries, demonstrating its potential for economic growth and development. The country’s focus on sustainable development enabled it to make strides in various sectors, such as technology, finance, and tourism.

For example, the Gorilla trekking safaris in Rwanda’s Virunga Mountains, in Musanze district, was not long ago,

“Included in the list of top vacation destinations for high-net-worth families. This recognition is significant, as it highlights Rwanda‘s potential as a tourist destination, providing a unique experience for high-end visitors seeking to explore Africa’s natural beauty.”

 

Rwanda Tourism Framework

Implications

In terms of its implications, the study seeks to advance, if not kick-start the conversation on tourism in Africa in general and Rwanda in particular with implications for the Tourism Board, the Visit Rwanda organisation and Higher education. It also impacts the march towards achieving the UN sustainable development goals (decent work, industry, innovation and infrastructure, quality education) – SDGs 8, 9, and 4 respectively, by connecting the dots for partnerships enshrined in SDG17.

All of the above align with the theme of a forthcoming African Research Group conference in Kigali themed, “Contemporary developments in the management of organizations in Africa: tapping into indigenous knowledge and developing viable partnerships.”

Table 1: MICE tourism market segments

Type Example Dates (past, present and future)
Association meetings & conventions. 73rd FIFA Congress. 14-16 March 2023, Kigali.
Corporate incentives. Kigali Special Economic Zone. Continuous/ Ongoing.
Corporate meetings. MWC GSMA Kigali 2022. 25-27 October 2022, Kigali Convention Centre, Kigali, Rwanda.
International events. Signing of the African Union AFCTA Agreement. 21 March 2018, Kigali.
Exhibitions. International Trade Exhibition on Agriculture & Equipment, Dairy & Equipment, Poultry & Equipment, Horticulture & Irrigation. March 2023, Kigali Convention Centre, Kigali, Rwanda.
Government meetings. Commonwealth Heads of Government Meeting (CHOGM 2022), 26th Meeting of the Heads of Government of the Commonwealth of Nations. 20-26 June 2022, Kigali, Rwanda.

Why it matters

Overall, there an anticipation of kick-starting the conversation on tourism in Africa in general, and Rwanda in particular, with implications for the Tourism Board, the Visit Rwanda – a department of the Rwanda Development Board. Although the exploratory nature of this article hampers any attempts at generalisation, it is well worth pointing out that such generalisation has never been the ultimate goal of qualitative studies of this kind. Rather it seeks to inductively highlight potential areas for theory development, which may be subjected to deductive theory testing in future studies.

_________________________________________________________________ “Until the lions have their own historians, the history of the hunt will always glorify the hunter” – Achebe (R.I.P.) Read my papers for free: http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=962279

There is no such thing as office of the First Lady

By
Stanley Alieke
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0

Earlier this week, there was news that the wife of President Bola Ahmed Tinubu, Senator Oluremi Tinubu has officially resumed her office at the Aso Rock villa as the First Lady of the federal republic of Nigeria. 

This is a clear case of introducing what was never there and was never part of the constitution into our political system as there is no such position or office as the office of First Lady of the federal republic of Nigeria provided for by the constitution or other legislative enactments.

Every political office in our political system is provided for by the constitution and other enacted legislations so as to avoid confusion and usurpation of power/functions by political jobbers and desperadoes.

It is the president of the federal republic of Nigeria that was sworn in by the Chief Justice of the federation and never the wife or with the wife. First Lady is a ceremonial title and ceremonial position with no real office or clear-cut duties except being the wife of the president, therefore, allocating an office at the presidential wing for the First Lady is an aberration. She is merely the wife of the president and nothing more. 

If the wives of all elected or appointed officeholders decide to wield executive offices or executive political power what will now come of our political space? Your guess is as good as mine.

Nigerian politicians should be careful of the precedents they set because it will definitely come back to hunt them. Allocating an official and executive power to the wife of the president or to the wives of the governors of the state is one of the precedents that if allowed to flourish will lead to chaos and confusion.

I have searched and still searching the constitution and other laws and there is nowhere it is written that “there shall be the office of the First Lady of the federal republic of Nigeria who shall be the wife of the presidents”. No provision as such.

This serves as a reminder for all elected and appointed government officials to tread with caution and stop making a mockery of our constitutions and laws; if this is allowed to continue, we might wake up to see the office of the first son or office of the first daughter of the federation all wielding official and executive powers. 

 

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