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Binance faces charges of alleged non-payment of Value-Added Tax (VAT) and company income tax, failure to submit tax returns and complicity in aiding customers to evade taxes through its platform, the reports said. Alongside the company, two senior executives — U.S. citizen Tigran Gambaryan and British-Kenyan Nadeem Anjarwalla — were both charged and remanded in custody by Nigerian authorities. "We were made aware that Nadeem is no longer in Nigerian custody. Our primary focus remains on the safety of our employees and we are working collaboratively with Nigerian authorities to quickly resolve this issue," a Binance spokesperson told CNBC. watch nowThe families of the two employees declined to comment at this time, but issued statements on March 20, following a hearing at which Nigerian authorities extended their detainment.

Persons: Budrul Chukrut, Tigran Gambaryan, Nadeem Anjarwalla —, Anjarwalla, Nadeem, Anjarwalla's, Elahe Anjarwalla, Tigran, Binance, Yuki, Samuel Alabi Organizations: Getty, Federal Inland Revenue Service, Federal High Court, —, CNBC, British, U.S ., Locals, Abuja, Afp Locations: Nigeria, Abuja, British, Binance, Nigerian, IBADAN, Ibadan

☆ Nigeria battles to halt spiraling currency crisis and rising food insecurity
▼ + stars: | 2024-03-05 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

IBADAN, Nigeria - Feb. 19, 2024: Demonstrators hold placards during a protest against the hike in price and hard living conditions in Ibadan on February 19, 2024. Inflation hit an annual 29.9% in January, driven by soaring food prices that have triggered a cost-of-living crisis in Africa's largest economy. The naira currency, meanwhile, plunged to an all-time low of around 1,600 against the U.S. dollar in late February. "With about 8 percent of Nigerians deemed food insecure, addressing rising food insecurity is the immediate policy priority." IBADAN, Nigeria - Feb. 19, 2024: Demonstrators are seen at a protest against the hike in price and hard living conditions in Ibadan on February 19, 2024.

Persons: Samuel Alabi, Bola Tinubu's, David Omojomolo, Olayemi Cardoso Organizations: Afp, Getty Images, International Monetary Fund, U.S, Bloomberg, Getty, Washington, D.C, IMF, Central Bank of, Capital Economics Locations: IBADAN, Nigeria, Ibadan, Getty Images Nigeria, Africa's, LAGOS, Lagos, Africa

☆ Africa's largest economy is battling a currency crisis and soaring inflation
▼ + stars: | 2024-02-21 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

With annual inflation nearing 30% and a currency in freefall, Nigeria is facing one of its worst economic crises in years, provoking nationwide outrage and protests. The currency is down around 70% since May 2023 when Tinubu took office, inheriting a struggling economy and promising a raft of reforms aimed at steadying the ship. In a bid to fix the beleaguered economy and attract international investment, Tinubu unified Nigeria's multiple exchange rates and enabled market forces to set the exchange rate, sending the currency plunging. In January, the market regulator also changed how it calculates the currency's closing rate, resulting in another de facto devaluation. Years of foreign exchange controls have also generated enormous pent-up demand for U.S. dollars at a time when overseas investment and crude oil exports have declined.

Persons: Bola Tinubu, Tinubu Organizations: U.S, greenback Locations: IBADAN, Nigeria, Ibadan, freefall, Nigerian

Residents in the southwestern state of Oyo’s densely populated Ibadan city heard a loud blast at about 7:45 p.m., causing panic as many fled their homes. By Wednesday morning, security forces cordoned off the area while medical personnel and ambulances were on standby as rescue efforts intensified. Preliminary investigations showed the blast was caused by explosives stored for use in illegal mining operations, Oyo Gov. Seyi Makinde told reporters after visiting the site in the Bodija area of Ibadan. Political Cartoons View All 253 ImagesIt was not immediately clear who stored the explosives, and no arrest has been announced.

Persons: Seyi Makinde, ” Makinde, Saheed Akiode, Makinde, Anthony Adejuwon, ” Adejuwon Organizations: Emergency Management Agency, Associated Press, ”, Urban Alert Locations: ABUJA, Nigeria, Ibadan, Oyo, Bodija, “, trooped

☆ Nigerian radio host brings her native language to sports commentary
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +1 min

IBADAN, Nigeria, Nov 3 (Reuters) - Sports commentator Aderonke Adesola is not the voice most Nigerians expect to hear on the radio. She is 25 years old, a woman and hosts her show in the local language Yoruba instead of English, which dominates most programming in Nigeria. "There is a high level of illiteracy in Nigeria, where some people don't understand what the commentator is saying in English," Adesola told Reuters. "As a Yoruba commentator, my show comes to fill the gap." "Before, when the commentary was in English, only a few listened, but now everyone is interested because it is in a language we understand," said Suru Olayande, a welder.

Persons: Aderonke Adesola, Adesola, Suru Olayande, Seun Sanni, Nellie Peyton, William Mallard Organizations: Reuters, Thomson Locations: IBADAN, Nigeria, Ibadan

☆ Deputy Treasury Secretary to Visit Nigeria to Bolster Economic Ties
▼ + stars: | 2023-09-13 | by ( Alan Rappeport | More About Alan Rappeport | ) www.nytimes.com time to read: +1 min

The Biden administration is dispatching Wally Adeyemo, the deputy Treasury secretary, to Nigeria next week as it seeks to deepen economic ties with Africa and counter China’s influence on the continent. The United States has been trying to make up lost ground in the geopolitical contest with China and Russia to cultivate relations in Africa. The Biden administration believes Nigeria, a democracy that is rich with natural resources, has the potential to be an economic anchor for the United States on the continent. Several Biden administration officials, including Secretary of State Antony J. Blinken, have visited Nigeria during Mr. Biden’s first term. However, Mr. Adeyemo is a unique emissary: He was born in Ibadan, one of Nigeria’s largest cities, and emigrated with his family to California when he was 2 years old.

Persons: Biden, Wally Adeyemo, Bola Tinubu, Antony J, Biden’s, Adeyemo Organizations: United Locations: Nigeria, Africa, United States, China, Russia, Ibadan, California

☆ Deaf Nigerian dancers delight public, challenge expectations
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

[1/2] Members of Deaf Can Dance team pose after their performance at a dance concert in Ibadan, Nigeria August 6, 2023. Public performances by deaf artists are rare in Nigeria, where there is little provision for people with disabilities to access cultural and artistic activities. Otunuyi and others in the group credit James with helping them express rhythm and flow during rigorous training sessions. "Some may think it is just a waste of energy, a waste of time," Otunuyi signed. "We are trying to break the biases, the prejudices against deaf people," he said.

Persons: Seun, Omowunmi Otunuyi, Samuel James, James, Otunuyi, I'm, Seun Sanni, Bhargav Acharya, Estelle Shirbon, Alexandra Hudson Organizations: Deaf, REUTERS, Rights, Pro Foundation, Alexandra Hudson Our, Thomson Locations: Ibadan, Nigeria, Rights IBADAN, Nigerian

☆ Batteries for hire could help Nigerians ditch their generators
▼ + stars: | 2023-03-22 | by ( Ollie Macnaughton | ) edition.cnn.com time to read: +4 min

As a result, many Nigerians rely on petrol and diesel to fuel the generators that power their homes and businesses. Fuel shortages were a key issue in Nigeria’s recent presidential election and have made it increasingly difficult to run generators. His company Reeddi rents out small, lightweight solar-powered batteries called “Reeddi Capsules” that can power devices including TVs, laptops and refrigerators. One Reeddi Capsule can power a TV for around five hours, or a 15-watt fan for 15 hours. Olubanjo says organizations in countries including Uganda, Ghana and South Africa have expressed an interest in the Reeddi Capsule.

Persons: Olugbenga, Reeddi, Prince William’s Earthshot, Prince, Wales, ” Reeddi, Prince William's Earthshot, “, Olubanjo, ”, Joel Jewell, We’re, Anita Otubu, – Organizations: CNN, International Energy Agency, University of Ibadan, University of Toronto, “, Reeddi, Mobile Power, Sustainable Energy, –, UN Locations: Nigeria, Canada, Ogun State, Lagos, Uganda, Ghana, South Africa, Africa, Zambia

☆ 'Unpredictable' election in Africa's largest economy is set to resonate around the world
▼ + stars: | 2023-02-22 | by ( Elliot Smith | ) www.cnbc.com time to read: +8 min

After 24 years of uninterrupted democracy since ending military dictatorship in 1999, Africa's most populous nation and largest economy is conducting its seventh election. Muhammadu Buhari, Nigeria's president, speaks during the U.S.-Africa Business Forum in New York. Leena Koni Hoffmann, associate fellow of the Africa Programme at Chatham House, told CNBC on Monday that the presidential election will be the "most unpredictable" since the transition to civilian rule. Alongside the Covid-19 pandemic and war in Ukraine, Koni Hoffmann noted "missed opportunities" and "self-inflicted crises" under Buhari's regime. Economists panned the decision, which Koni Hoffmann suggested rendered Nigeria and its neighbors more vulnerable to the damage of the pandemic.

Abuja, Nigeria CNN —Nigeria was forced Wednesday to delay plans to replace its banknotes with a redesigned currency after chaotic scenes at ATMs as millions of people struggled to get their hands on the new cash. The new naira notes are, however, “fortified with security features that make them difficult to counterfeit,” President Buhari said last year. Across the country, banks have increasingly become targets of mounting anger over the frustrating search for the new naira notes. Angry Nigerians vandalise Bank premises over frenzy of new naira notes. Nigerians are desperately relying on their banks to distribute new bills after the February 10 deadline to exchange the old currency saw many scrambling to deposit their old notes.

☆ Cloud of colonialism hangs over Queen Elizabeth’s legacy in Africa
▼ + stars: | 2022-09-10 | by ( Stephanie Busari | ) edition.cnn.com time to read: +9 min

Lagos, Nigeria CNN —The death of Queen Elizabeth II has prompted an outpouring of reflection and reaction online. Among the worst atrocities under British rule occurred during the Mau Mau uprising, which started in 1952 – the year Queen Elizabeth took the throne. Queen Elizabeth II on her way to the Kumasi Durbah with Kwame Nkrumah, President of Ghana, during her tour of Ghana, November 1961. Queen Elizabeth II and Prince Philip wave to a crowd of schoolchildren at a rally held at a racecourse in Ibadan, Nigeria, February 15, 1956. Queen Elizabeth II dances with President Kwame Nkrumah of Ghana, during her visit to Accra, Ghana, in 1961.

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