Mr. Olubukola Akinwumi, Deputy Director at the Central Bank of Nigeria (CBN), explained on Friday how Nigerians trading on Binance Holdings Limited’s platform use false names in the transactions.

Olubukola, who is the Economic and Financial Crimes Commission’s 2nd prosecution witness (PW-2) in the ongoing trial of Binance and its executive, Tigran Gambaryan, told Justice Emeka Nwite of the Federal High Court, Abuja while giving his testimony.

The News Agency of Nigeria (NAN) reports that the EFCC has filed a five-count charge against Binance and Gambaryan (1st and 2nd defendants) bordering on money laundering offences.

The anti-graft agency had accused Binance and Gambaryan of money laundering involving $35.4 million.

Besides, the company was under suspicion of alleged terrorism financing.

Led in evidence by EFCC’s lawyer, Ekele Iheanacho, on Friday, Akinwumi, who heads the Payment Policy and Regulation Division in the Payments System Management Department of CBN, said the apex bank did not issue any licence to the cryptocurrency firm to operate in Nigeria.

“In the course of carrying out our operations, we normally monitor development within the SEC (Securities and Exchange Commission); monitoring the activities of payment service providers and the usage of the payment system.

“We observed, in doing that, that Binance provides a trading platform where users trade virtual assets.

“And to consummate their transactions for the purpose of settlement of payments, the users make use of the payment system for the purpose of transferring or making payment to one another.

“These traders normally trade in pseudo names (pseudonyms) that hide their identities and they are not authorised by the CBN,” he said.

The PW-2 described virtual assets as “digital representations of values created by computer systems that can be digitally traded, transferred or used in payments.”

He said they discovered that users of the platform received and made payments or transferred payments to one another using the payment system to consummate transactions on the Binance peer-to-peer (P2P) platform.

“Binance Platform provides a trading place or marketplace for traders and users of virtual assets, otherwise known as cryptocurrency.

“The platform also provides other services like electronic wallets fiat wallet, publishing of exchange rate, etc,” he told the court.

Asked where the activities of Binance are carried out, Akinwumi said its “activities are conducted on its website; binance.com and through its mobile apps (applications).

“They have two variations of Binance Apps; Binance Pro or Binnace Lite.”

Asked what P2P means, the witness said: “P2P means Peer to Peer, and for basic translation, it can also mean person to person.

“What that means is that if a particular user does not want to trade with the platform but rather will like to trade with another user, P2P is a service that brings such two users as described to engage each other in transacting for the purpose of buying or selling virtual asset, cryptocurrency and fiat directly between the two users.

“This is done by quoting rates with offers to sell or buy at the quoted rate.

“The P2P Platform of Binance provides such service to such two users to come to an agreement on such trade.

“Once such understanding for the trade is reached by the two users on Binance platform, the selling party will provide a bank account to which the buying party can send the naira amount or transfer into the account provided by the selling party.

“Once the buying party transferred the amount agreed, he clicks on a particular icon on the Binance platform to communicate the fiat that he has transferred the amount to the selling party.

“The Binance platform will, on the side of the selling party, await confirmation based on which it will release the cryptocurrency or fiat currency traded on the platform.

“So the Binance platform facilitates all the processes or P2P transactions as I have just enumerated, either using a Nigerian bank account already stored by users on the Binance platform or the naira wallet account, provided by the Binance platform.”

Submission of certified true copies of documents made available to SEC by Binance which was equally made available to the investigating team at the office of the National Security Adviser, and pages generated on the firm’s website were tendered in evidence and marked as Exhibits 8 and 9 by the judge.

Taking the witness through Exhibits 8 and 9, Iheanacho asked him to tell the court more about the nature of the transactions.

Akinwumi said Page 2 of Exhibit 8 introduced Binance as the world’s leading crypto exchange with users from over 190 countries.

“They have on the page, the address of the website in full which is Https://www.binance.com.

“Binance has what is called Binance Academy. That is on page 16 of Exhibit 8.

“Some of the videos will be on their YouTube platform which they use in educating those who are interested in the services that they provide,” he said.

The PW-2 said the firm equally has Binance coins and that on its website, it gives the description of the coin as “NGN” (Naira).

“On page 21 of Exhibit 8, it listed the ways to use Binance coin,” he added.

Akinwumi said on Page 9 of Exhibit 9, there is information which reads: “Depositing and withdrawing NGN (Naira) on Binance via cash link; it is swift and simple.”

The witness, however, explained that depositing and withdrawing Naira which “NGN” stands for, is a regulated activity carried out by banks and other financial institutions duly registered by CBN.

He said another piece of information on Exhibit 9 reads: “To help Binance users in Nigeria understand this Fiat Gateway, Binance has been holding various events such as the Binance Cash Link, Live Master Class to educate users on cash link and why it is an excellent method of deposit and withdrawal on the Binance platform.”

“Generally, Exhibit 9 explains to Nigerians on how to deposit Naira on the Nigerians wallet on the Binance platform.”

He said there is a statement on a page which says “Binance does not charge deposit fees,” he said next to the statement, there is another message which says: “For each withdrawal, a flat fee is paid by users to cover the transaction cost of moving the cryptocurrency out of their Binance account.

“So as I explained earlier, Binance maintains accounts and it needs revenue for its services

“On Page 2 of Exhibit 9, under the Fiat Section, it shows the rates that are applied for regular users.”

After concluding his evidence, Justice Nwite adjourned the matter until July 16 for cross-examination of PW-2.

The Director-General of the National Youth Service Corps (NYSC), Brig.- Gen. Yushau Ahmed, has warned corps members to stop posting camp activities on social media.

The D-G said that posting happenings in the camp on social media was a violation of the scheme’s standing rules and policies.

Ahmed, who spoke during a visit to the NYSC Orientation Camp in Ede, Osun, on Friday, advised corps members in camps across the country to maintain good character and discipline during the three-week orientation exercise

He also tasked the corps members to be focused and take advantage of the skills acquisition programme in camp.

According to him, the knowledge and skills acquired would make them self-independent and better individuals after their service year.

” The skill acquisition is targeted towards making you independent in order not to depend on white collar jobs .

” We are in collaboration with stakeholders that will give you grants. Please that this measure seriously,” the D-G said.

Ahmed assured the corps members of their safety and security, adding, “the camp officials will never post you anywhere that is not safe for you. You are important to us .

” Guide yourself against any danger and be vigilant. Also, take precautionary measures by ensuring you stay safe,” he said.

Ahmed further advised them to maintain the best hygiene while in camp in order not to be infected with any disease, especially cholera diseases.

He also urged corps members to be good ambassadors wherever they are posted in the country.

The NYSC state coordinator in Osun, Mr Agbor Obim, thanked the D-G for his visit to the camp and the love he has for the corps members.

• The Federal Government has hinted that it is moving away from asphalt highways to concrete road construction across the country.
• It disclosed that 70 per cent of federal highways are now being designed on concrete to last longer for public use.
• The minister of Works, Senator David Umahi, stated this in Ilorin, Kwara State, where he led federal lawmakers and top government officials on a tour of a plant of KAMSTEEL Integrated Company Ltd in Jimba-Oja, Ifelodun Local Government Area.
• He said: “If you think of all the roads we construct in Nigeria, you will discover that we are moving from asphalt to concrete for over 70 per cent of our roads. In fact, all the roads we are designing now are being designed on concrete.”
• The elated minister, overwhelmed by the many steel products of the KAMSTEEL plant and the employment opportunities it created, directed contractors working on the federal government’s projects to henceforth patronise local manufacturers for construction materials.
• According to him, patronising local manufacturers would help generate jobs and revenue for the government, “would also help in minimizing the insatiable quest for foreign products at the expense of locally made materials and in turn safeguard the nation’s currency.
• “What we have seen here is a kind of what you see in China and India, and we are so impressed with the massive scale clubbed with modern technology used to produce international quality products. It is something of great hope for Nigeria. Because in having road with concrete, we must reinforce technology, and you will see the multiplier effect.
• “It is going to be in line with the agenda, hope, courage and destiny of President Bola Tinubu, which he has brought to us.
• “A lot of our contractors are already using local materials. From what I have seen today, and also the files that my directors revealed, we have no hesitation by directing our contractors, almost all, to promote made in Nigeria construction materials.
• “Some of our asphalt roads don’t last five years. And so with the concrete technology and with every raw material, every ingredient of road pavement sourced locally, a great value for taxpayers money.
• “So, we are going to support local manufacturers and even get our presence. If need be, we will even specify it in our procurement for contractors to source materials locally so that we meet highest quality for our bridges.”
• The group managing director of KAM Holdings Limited, Dr Kamoru Yusuf, who conducted the minister round the factory, said his firm is determined to ensure standards in all its products.
• He said that his major preoccupation was for products coming from asphaltic to meet the international standard, adding that the company’s prime product, Elephant TMT is export grade UKCARES certified product being used for heavy construction activities like high rise buildings, mega bridges, dams, etc.
• “We are determined to make the end users to have value for what they are paying for, and that is our mission in the country. We are very sure that any contractors that use our products, they always have good testimonies to say about us,” Yusuf said.

The Federal Government has urged relevant stakeholders to embrace the carbon tax to help tackle climate change in the country.

Prof. Romanus Ezeokonkwo, Acting Vice Chancellor, University of Nigeria, Nsukka, (UNN), said this on Thursday at a stakeholders’ workshop on “Understanding the Incentives and Obstacles to Effective Carbon Tax Regimes in West African Countries.”

Ezeokonkwo described carbon taxation as a cost charged on the amount of carbon emissions into space.

He said that the Federal Government, through the development that was introduced by the National Council on Climate Change (NCCC), was developing a framework to determine the amount to be charged based on the quantum of emissions.

He said that the Federal Government, through the NCCC, was devising strategies to implement a robust carbon finance (carbon market framework and carbon tax regime) for the country in line with the Climate Change Act.

This, he said, followed the ongoing global dialogue on climate change mitigation, which emphasises the necessity of reducing greenhouse gas emissions through practical policy measures such as carbon taxation.

The Vice-Chancellor called on the stakeholders to ensure that they sensitised the public to buy into the government plan.

“The theme of today’s workshop is timely as the Federal Government, through the NCCC, is devising strategies to implement a robust carbon finance, carbon market framework and carbon tax regime for the country in line with the Climate Change Act.

“The timing of this workshop is crucial given the ongoing global dialogue on climate change mitigation, which emphasises the necessity of reducing greenhouse gas emissions through practical policy measures such as carbon taxation.

“Your role as stakeholders is crucial. While effective carbon pricing is acknowledged as a powerful tool in the global battle against climate change, getting public support for environmental policies remains a significant challenge in Africa.

“This workshop, therefore, seeks your valuable input from pertinent stakeholders in the realms of carbon pricing and fuel subsidy reforms in Nigeria and Ghana,” he said.

In his remarks, the Head, of Economic Regulation, National Petroleum Authority of Ghana, Abass Tasunti, stated that Ghana was also on the verge of ensuring that fossil fuel emissions were drastically reduced.

Tasunti said that the country’s target was mainly the industries that emit large-scale carbon.

He, however, said that so far, the country has not arrived at a fixed rate for it.

“The whole essence of carbon taxation, in my view, is to introduce taxes that move people away from the consumption of fossil fuels.

“Policymakers are looking for a way to impose taxes on petroleum products and use them to provide other alternative fuels.

“If they are done, it will give consumers options because you will agree with me that fossil fuel will not go off immediately.

“These carbon taxation initiatives and cleaner fuel initiatives are supposed to complement the use of fossil fuels,” he said.

The federal government has announced plans to enrol 100,000 nurses by the end of 2024, according to Tunji Alausa, Minister of State for Health and Social Welfare.

Alausa made the announcement in a statement on Thursday, saying that the Federal Government, leveraging existing infrastructure in FMCs across the country, had set a target of enrolling 100,000 nurses by the end of 2024.

“As the Federal Government continues to put in effective measures to achieve universal health coverage in Nigeria even through the provision of accessible, affordable, and qualitative healthcare services, strategic efforts are geared towards increasing and upscaling human resources for health,” Alausa said.

He said this at the signing of a Memorandum of Understanding (MoU) between the Federal Ministry of Health and Social Welfare on behalf of the Federal Government and Plateau State Government on the takeover and upgrade of General Hospital Wase to Federal Medical Centre Wase and National Orthopaedic Hospital Jos held in Abuja

Informing that 65,000 nurses had already been enrolled in nursing schools across the country, Alausa explained that the government had mandated all FMCs in the country to establish nursing schools within their facilities and noted that one would also be cited in FMC Wase.

The Minister stated that the takeover, which was one of many across the different geopolitical zones, was part of the government’s effort to reduce the physical and financial pain of Nigerians through the provision of accessible, qualitative, and affordable healthcare services.

He also disclosed that the government had recently concluded talks with Lagos State on converting the state’s College of Medicine to the University of Health Science.

Further stating that 500 medical students will be admitted at the start of the university’s academic session in September and that other states, Ogun and Kwara, have indicated interest in developing such partnerships.