The House of Representatives Committee on Financial Crime has said it did not at any time ask for bribes from Binance, a cryptocurrency firm, as alleged by its management, vows to continue investigations into its activities.
The chairman of the Committee, Hon. Ginger Onwusibe, stated this, on Tuesday, at a press briefing, in Abuja, while responding to allegations that the panel solicited bribes from Binance in respect of a petition against the firm, which is being investigated by the parliament.
Onwusibe noted that the Chief Executive Officer (CEO) of Binance, Richard Teng, had in a post on the company’s website allegedly said that some “unknown persons” approached its officials for a bribe after a private meeting with four representatives of the committee.
The lawmaker, who described the allegations as blackmail , said the committee would not be deterred from the discharge of its duties.
The chairman said that no member of the committee nor did any of its staff approach Binance, challenging the cryptocurrency platform to mention names.
“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.
“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 press as the need arises,” he said.
He recalled that in December 2023, the committee received petitions from several Civil Society Organizations(CSOs)/ Non Governmental Organizations ( NGOs) alleging various infractions against Binance.
According to him, following formal communications between the Committee and Binance, 10th January 2024 was agreed upon by the parties as a convenient date for a Public Hearing on the matter.
“Subsequently and before the agreed date, Binance through their Counsel reached out to the Committee to request for a pre-hearing meeting to give them deeper insight into the allegations against them which will assist them in preparing for the Public Hearing.
“The Committee approved the request of the Binance team and scheduled the pre-hearing meeting for the 8th day of January 2024 at the National Assembly Complex.
On the 8th day of January 2024, the Committee was represented by three of its members and its Clerk led by Hon. Peter Akpanke, met with a six-member team representing Binance.
Detailed facts on the allegations against Binance as contained in the aforesaid Petitions, was made available to the Binance team to assist them in preparing for the Public Hearing scheduled for the 10th day of January 2024.
“The meeting was open, transparent and ended on a cordial note. No solicitation or demands of any type were made by representatives of the Committee to Binance at the meeting.”
Onwusibe said that the committee is investigating Binance on alleged tax evasion having operated illegally in Nigeria and generating billions of dollars in profits with zero tax remittance.
The chairman said that other allegations include providing a platform for money laundering activities and illegal transfer of funds to foreign shores.
He said that Binance allegedly provided a platform for terrorism financing, enabling terrorists and enemies of Nigeria to receive ransoms without trace thus facilitating purchase of sophisticated arms and weapons.
The Lawmaker also said that cryptocurrency platform allegedly manipulated the Nigerian Forex space which led to a sharp spike in the price of foreign currencies against the Naira and operated outside the regulations of the Securities and Exchange Commission (SEC).
Onwusibe said that the committee will also look into the circumstances surrounding the escape of Binance executives from lawful custody and how they left the country.
He said that relevant government agencies were also investigating activities of Binance saying that the probe by the committee was by no means a witch-hunt.