COVER
Binance Discontinues Services in Nigeria after Clampdown
By Tony Obiechina, Abuja
Binance Nigeria has announced that it will discontinue all its naira services from March 8 following the clampdown on the company by the Federal Government.
The Federal Government had slammed a $10 billion fine on the company over foreign exchange deals, according to a presidential aide, Bayo Onanuga.
Onanuga claimed that Binance is not registered in Nigeria and has no presence in the country.
The company which is the world’s largest crypto platform said it will stop naira deposits after March 5, while withdrawals will end on March 8.
“Any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT,” the exchange said in a statement on Tuesday.
Binance also revealed that it will delist all existing naira spot trading pairs on March 7, adding that the naira will be removed from the list of supported payment options on Binance Pay.
At the last Monetary Policy Meeting of the Central Bank of Nigeria (CBN), the governor, Olayemi Cardoso accused Binance of executing $26bn transaction which he described as “suspicious”.
“In the case of Binance, in the last one year alone, $26bn has passed through Binance Nigeria from sources and users who we cannot adequately identify.
“There is a lot that is going on now as a result of the collaboration between the different agencies which includes the Economic and Financial Crimes Commission, the police and the Office of the National Security Adviser,” Cardoso said.
Last week, two Binance executives were held by the Nigerian authorities over the matter on directives of the National Security Adviser, Nuhu Ribadu.
Meanwhile, economic and financial experts have advised Nigerians on some viable investment options to consider following the Federal Government clampdown on Binance.
The experts identified the different investment options in separate interviews with the News Agency of Nigeria (NAN) on Tuesday.
A former banker, Mr Yomi Babalola said the investment opportunities or options available to Nigerians depend on the risk level and capacity of individuals.
Babalola however, stated that the High-Interest Savings Account (HISA), a form of short-term investment option was very important as it could serve as a reserve for liquidity purposes.
“What it means is that you want to have a certain form of investment that can be easily liquidated to cash, especially in case of emergencies.
“To use a HISA, you can make use of Fintech Savings Apps such as Piggyvest and Cowrywise,” he said.
He also identified real estate as another investment option that could be considered.
“Land always appreciates – this is something realtors do talk about regularly and they are not lying.
“Real estate is a very profitable and solid form of investment you can delve into because as long as humans exist, there will always be a need for land banking.
“But I must be honest with you, unlike HISA and stocks, real estate is really capital intensive,” he said.
The ex-banker also mentioned personal business as another form of investment.
According to him, this is one option not many people look at when they want to invest their money.
“But I can tell you that it’s a great option to have in your asset portfolio especially if you know what you’re doing.
“One of the benefits of investing in your business is that it gives you the option of good and steady cash flow.
“Having an investment that yields consistent cash flow is a great asset to have.
“This is because, depending on the business, it can begin to yield returns almost immediately you begin and it also has huge growth potential,” Babalola said.
By David Torough, Abuja
The Presidency has sought to allay concerns regarding the safety of Compressed Natural Gas-powered vehicles, recently introduced in Nigeria as an alternative to petrol-powered cars.The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, dismissed these fears in a post on X on Thursday while responding to reports on Malaysia’s plan to phase out CNG-powered vehicles by 2025.
The Malaysian government announced plans to phase out CNG vehicles and end the sale of natural gas vehicles by July 2025. According to local media sources, Malaysia’s Minister of Transport, Anthony Loke, made this announcement at a press conference on Monday.He explained that the decision was intended to protect road users and the public from the potential hazards posed by ageing CNG tanks.Loke was quoted as saying, “These NGV tanks have a safe usage lifespan of approximately 15 years, and if they are not replaced, they become unsafe to use and may fail at any time.” From July 1, 2025, CNG-powered vehicles will no longer be registered or allowed to operate in Malaysia.However, Onanuga clarified that Malaysia’s policy was focused on the safety of Liquefied Petroleum Gas (LPG), not CNG.He added that Nigeria chose CNG specifically for its safety and cost-effectiveness, with plans underway to develop domestic tank manufacturing capacity.Onanuga wrote, “Some clarification on Malaysia’s plan to phase out CNG-powered vehicles:“The Malaysian issue relates to the safety of LPG, not CNG. In the original report, Transport Minister Anthony Loke stated, ‘There are also some car owners who have modified their vehicles using liquefied petroleum gas (LPG) cylinders, which are very dangerous.’“NGV covers both CNG and LPG. Nigeria, in its transition, has adopted CNG only, not both, due to valid safety and cost concerns regarding LPG.”Onanuga further noted, “Malaysia’s programme for CNG-powered vehicles struggled, achieving only a 0.2% conversion rate over 15 years. By contrast, nations like India, China, Iran, and Egypt have seen considerable success.”He added that Malaysia faced difficulties in replacing 15-year-old tanks due to limited manufacturing capacity, while Nigeria, in its first year of adopting CNG, is already addressing this.Malaysia introduced CNG for taxis and airport limousines in the late 1990s, while Nigeria began its own CNG initiative in 2024 as an alternative transportation fuel.
By David Torough, Abuja
Zenith Bank Plc has assured its teeming customers of exceptional service delivery and improved customer experience following the successful completion of its Information Technology Infrastructure Upgrade.
The Group Managing Director/Chief Executive of the bank, Dr.
Adaora Umeoji in a statement expressed her immense gratitude to all customers of the bank for their patience and support during its recent IT infrastructure migration to a new and more robust operating system.Umeoji emphasized that the bank was committed to delivering unparalleled service experience, saying “We undertook such an extensive endeavor in other to better position Zenith Bank Plc for improved service delivery to all our valued customers and provide memorable banking experiences at all our touchpoints,” adding that the bank now has one of the best technology infrastructure in the Nigerian banking industry, and is well positioned to ensure customers experience exceptional service delivery going forward.
Zenith Bank has continued to distinguish itself in the Nigerian financial services industry through superior service offering, unique customer experience and sound financial indices.
The bank has remained a clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.
The bank’s track record of excellent performance has continued to earn the brand numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the 15th consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine. The Bank was also awarded the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020 and 2022; and Most Sustainable Bank, Nigeria 2023 and 2024 in the International Banker Banking Awards.
Further recognitions include being recognised as Best Bank in Nigeria for the fourth time in five years, from 2020 to 2022 and in 2024, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria for four consecutive years from 2021 to 2024 in the World Finance Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for three consecutive years, from 2022 to 2024, ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.
The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021; Bank of the Year for 2023 and 2024, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and in 2024 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. The Bank also received the accolades of Best Commercial Bank, Nigeria and Best
Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards, Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.
By David Torough, Abuja
The death of the Chief of Army Staff (COAS), Lt. General Taoreed Lagbaja has thrown the nation into mourning, casting a heavy pall over official functions at the Presidency and the security services.
The Presidency yesterday announced Lagbaja’s death following what many attributed to his protracted battle with cancer.
A statement by presidential spokesman, Bayo Onanuga, said Lagbaja, 56, died on Tuesday night in Lagos, “after a period of illness”
“President Bola Tinubu expresses his heartfelt condolences to the family and the Nigerian Armed Forces during this difficult time.
He wishes Lt. General Lagbaja eternal peace and honours his significant contributions to the nation,” the statement read.According to the statement, Lagbaja, who was appointed Chief of Army Staff on June 19, 2023, demonstrated exceptional leadership and commitment throughout his service.
He had previously served as a platoon commander in the 93 Battalion and the 72 Special Forces Battalion among other sensitive positions.
Incidentally, President Tinubu had, last weekend Wednesday, appointed Major General Olufemi Oluyede as the acting Chief of Army Staff, to stand in for Lagbaja who had been away on medical treatment.
The President had, last Tuesday, gone ahead to decorate Oluyede as Lieutenant General, deepening speculations that Lagbaja was not being expected back anytime soon.
Following the death of the late COAS, the Presidency postponed the weekly Federal Executive Council (FEC) meeting scheduled for yesterday in honour of the fallen COAS.
The President also directed that Nigeria’s national flags be flown at half-mast across the country for seven days.
The Ministry of Defence (MOD) was also caught in the sombre atmosphere. A joint statement mourning the demise of the COAS was issued by Minister of Defence, Mohammed Abubakar; Minister of State for Defence, Bello Matawalle; and the ministry’s Permanent Secretary, Ibrahim Kana.
The MOD expressed shock over the sad news recalling Lagbaja’s contribution to the Army and his dedication to duty.
The statement said, “He exhibited the spirit of camaraderie and cooperation with us in the discharge of our mandate.
“The late Chief of Army Staff contributed in no small measure to the internal security operations across Nigeria and also exhibited a high level of professionalism.
“He will be greatly missed by the family, the military and the nation as he served the nation with commitment and dedication.”
Similarly, there was palpable grief at the Defence Headquarters over the loss with the leadership expressing deep sorrow of the development.
It noted that the COAS, until his death, demonstrated exemplary leadership. He was credited with spearheading the establishment of the Nigerian Army Aviation Wing and also playing critical roles in multiple military operations across the country.
On its part, the Nigeria Police Force announced the cancellation of all non-essential personal and social engagements for two days. The Force also suspended non-urgent commitments in honour of the late COAS.
In a statement by Force spokesman, Olumuyiwa Adejobi, the police authorities described Lagbaja as a highly respected figure, known for his tireless efforts in combating insurgency, armed banditry, and violent extremism.
“His dedication to the Nigerian Army and the nation earned him great admiration. The Inspector-General’s gesture reflects the deep respect and appreciation for General Lagbaja’s remarkable service.
“The Nigeria Police Force extends its heartfelt condolences to Mr President and Commander-in-Chief of the Armed Forces of Nigeria, President Bola Ahmed Tinubu, and General Lagbaja’s family, colleagues, and loved ones during this difficult time. His legacy and commitment to Nigeria’s security will never be forgotten,” the statement said.
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