Business

Binance Will Face All Due Process On Charges Of Severe Financial Crime – FG

Published

1 year ago

June 7, 2024

Against the backdrop of continuing interest in the ongoing trial of rogue online platform, Binance, and one of its Chief Executives, who illegally trade in cryptocurrency in Nigeria, the Minister of Information and National Orientation, Mohammed Idris, has said due processes are being applied in all stages of the trial by the laws of the Federal Republic of Nigeria.
“At all stages, due process has been followed, and prosecutors are confident of their case, based on the facts and evidence gathered. Binance will have every opportunity to defend itself in court against these severe charges of financial crimes against the Federal Republic of Nigeria. The next hearing is on June 20, 2024,” Idris said.

The Minister explained that Binance, the defendant, has received consular access and all due care, following normal diplomatic protocols and the rule of law, adding that the judge in the case has sufficiently posited that bail was denied because of the flight risk, after a co-accused, now the subject of an Interpol warrant, illegally absconded.

It would be recalled that Binance had a turnover in Nigeria of over US$20 billion in 2023 alone, far above the federal budget for health and education, fueling currency speculation and the cost-of-living crisis. In addition, it is not registered in Nigeria and neither has it ever paid any taxes within the Nigerian jurisdiction, having all the while operated without oversight or any of the normal guard rails to flag criminal activity.

Idris said it is important that Binance is prefaced as an entity whose representatives have been variously imprisoned, fined, sanctioned, and banned in North America, Europe, and Asia, in recent years.

“Changpeng Zhao, the billionaire co-founder and former CEO of Binance is currently serving a four-month prison sentence in the United States after being found guilty of money laundering, while Binance has openly accepted its role in facilitating terrorism, corruption, sanctions busting, and in aiding and abetting paedophile gangs.

“Law enforcement agencies believe Binance operations in Nigeria are part of a broader international pattern. It will be for the courts here, as in other jurisdictions, to hold the company and its executives accountable,” Idris said.

Business

NNPCL: We will conclude review of Port Harcourt Refinery by December – Ojulari

Published

1 day ago

July 11, 2025

Ekwutos Blog

The Group Chief Executive Officer of Nigerian National Petroleum Company, Bayo Ojulari, has said the state-owned oil firm is planning to conclude its review of the Port Harcourt, Warri, and Kaduna refineries before the end of December 2025.

Ojuari disclosed this in an interview with Bloomberg published on Thursday, at the sideline of the a recent seminar for the Organisation of Petroleum Exporting Countries.

He noted that NNPCL would make a decision on selling the refineries after it had concluded its review process.

According to him, some of the technologies brought in to revamp the refineries have not worked as expected due to the old nature of the plants.

“So our refineries, we have made quite a lot of investment in over the last several years and brought in a lot of technologies. We have been challenged that some of those technologies have not worked as expected so far. As you know, refining a very old refinery that has been abandoned for some time becomes a little bit complicated. So we are reviewing all our refineries strategies now. We hope before the end of the year we will conclude the review.

“The review will lead to us doing things differently.

When asked by Bloomberg whether selling the refineries is an option, Ojulari said, “What we are saying is that a sale is not out of the question; all the options are on the table. That decision will be based on the outcome of the review.

Ojulari’s comments come after NNPCL, on May 24, 2025, announced the shutdown of the Port Harcourt refinery for planned maintenance and sustainability assessment.

In November and December last year, the former GCEO of NNPCL, Mele Kyari, announced the successful rehabilitation and commencement of operations at the Port Harcourt and Warri refineries.

Business

NNPCL reduces fuel price

Published

1 day ago

July 11, 2025

Ekwutos Blog

The Nigerian National Petroleum Company Limited, NNPCL, has reduced its premium motor spirit price.

Ekwutosblog correspondent gathered that the NNPCL retail outlets in Abuja on Saturday slashed their petrol pump price to N910 per litre from N945.

This was the case in NNPCL filling stations in Zone 6, Kubwa Expressway, Wuse Zone 4, and other parts of Abuja.

The new petrol price at the state-owned oil firm represents a N30 drop from its earlier N945 per litre price.

The development comes barely four days after Dangote Refinery reduced its petrol ex-depot price to N840 per litre from N880 following a drop in global crude oil prices.

Members of the Independent Petroleum Marketers Association also announced a reduction in the petrol price to between N930 and N940 per litre from N945 and N975 in Abuja and N890 per litre, down from N925 in Lagos State.

Business

Ecobank plans $250m capital raise via private placement

Published

2 days ago

July 11, 2025

Ekwutos Blog

Ecobank Transnational Incorporated

Ecobank Transnational Incorporated announced its plan to raise up to $250m in Additional Tier 1 capital through a private placement of contingent convertible notes.

In a statement filed on the Nigerian Exchange Limited recently, the capital raise was approved by shareholders at the company’s Extraordinary General Meeting held in Lomé, Togo. The private placement offer was launched on July 9 and will run for ten days.

“Following the approval of the shareholders at its Extraordinary General Meeting held on May 28, 2025, in Lomé, Togo, to raise up to $250m in Additional Tier 1 capital qualifying instruments via a private placement of contingent convertible notes, Ecobank Transnational Incorporated announces the launch of the AT1 effective July 9, 2025, for ten days. Renaissance Capital Africa has been appointed as the transaction adviser to ETI.”

The move is an initiative aimed at strengthening Ecobank’s capital adequacy, enhancing financial resilience, and supporting its long-term growth ambitions across its diversified pan-African banking platform.

Additionally, Ecobank’s Company Secretary, Madibinet Cisse, said, “This proposed capital raise represents a critical step in our efforts to fortify the bank’s financial foundation and support sustainable growth across Africa.”

The Ekwutosblog reported that Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has raised an additional $125m through a Eurobond tap, bringing the total size of its 2029 notes to $525m.