Reps move to issue arrest warrant against Binance’s CEO

The House of Representatives Committee on Financed Crimes, has resolved to cause the House to issue an arrest warrant against Chief Executive Officer (CEO) of Binance Holding Limited, Richard Teng,  for failing to honour its invitation.

Two of the company’s executives were reportedly arrested by Office of the National Security Adviser (NSA) last week on their arrival in Nigeria. 

At the resumed sitting of the committee on Monday, Chairman of the panel,  Hon. Ginger Onwusibe, turned down the legal represenratives of the company, insisting that its resolution at the last sitting was for the executives to be in personal appearance. 

The committee had received petitions against Binance from the Empowerment for Unemployed Youths Initiatives, and the Niger Delta Youth Council over allegations of money laundering, terrorism financing, tax evasion among others, against Binance Holding Limited. 

Lead lawyer of the company, Senator Enya, who could not say if the arrested executives were in the country to make presentation before the committee,  pleaded for understanding as the arrest had scared the others, and may be difficult for such appearances at the moment. 

“Our client, Binance has made a written response to the issues raised in the petition, and if there are any other issue not sufficiently addressed, we will advice our client to do so”, he said, stressing that the absence was not a sign of disrespect for the committee.

Following the Chairman’s rejection, a member of the committee,  Hon. Isa Dogonyaro, moved a motion that recommendations be made to the larger House to invoke its constitutional powers of issuing a warrant of arrest against the leader of the company, and same was unanimously adopted.

Ruling, Onwusibe said, “we will recommend to the House to invoke its constitutional powers to get the executives arrested over allegations in a petition, bothering on money laundering and others”.