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Reps Committee accuse lawyers of misleading cryptocurrency exchange coy

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The House of Representatives Committee on Financial Crimes yesterday on Wednesday walked out lawyers from Udo Udoma and Belo-Osagie, for misleading a cryptocurrency exchange company in Nigeria suspected to be operating at variance with extant Nigerian laws.

Recall that on the 5th of December, 2023,
Empowerment for Unemployed Youths Initiative, Niger-Delta Youth Council and their partners petitioned Binance Holdings Limited, the operators of Digital Assets Exchange before the House Committee on Financial Crimes alleging a plethora of crimes and infractions against Nigerians and total disregard for extant laws governing cryptocurrencies which has posed a risk to Nigerians especially the youth who are vulnerable to such schemes.

The House Committee on Financial Crimes, swiftly summoned the Managing Director of Binance, Richard Teng in a letter dated 12th December, 2023 and signed by its chairman, Hon. Ginger Onwusibe requesting a hearing on the 18th of December, 2023.

However instead of honouring the invitation, lawyers from Udo Udoma and Belo-Osagie appeared on their behalf.

Speaking at the hearing, the Chairman, House Committee on Financial Crimes, Hon. Ginger Onwusibe described the appearance of lawyers from Udo Udoma and Belo-Osagie Chambers a as despicable and unprofessional stressing that the National Assembly is not a law court.

The chairman therefore walked Udo Udoma and Belo-Osagie out and directed that the company be given another date to appear.

A source at the National Assembly diclosed that, “to say we are disappointed with the infantile, treacherous, demeaning and insensitive treatment meted on the National Assembly by Udo Udoma and Belo-Osagie is an understatement. By conniving with an illegal entity clearly operating at variance with existing laws and risking the Nigerian economy, the firm has shown that its loyalty is not with the country and its laws but to their pocket and selfish desires even if it means disrespecting the legislature. A case unfolding like the P&ID scandal.

By disgracefully walking Udo Udoma and Belo-Osagie out of the hallowed Chambers of the National Assembly and venue of the scheduled meeting by the House Committee on Financial Crimes, the leadership of the National Assembly and indeed that Committee has shown that there is no room for crooks who are not worth their credentials and the trust bestowed on them. Udo Udoma and Belo-Osagie should stop embarrassing itself and allow the needful to be done rather than protect illegality”.

Commenting on the outcome of the committee sitting, the National Coordinator of Empowerment for Unemployed Youth Initiative, Amb. Solomon Adodo, the National Coordinator of the Niger Delta Youth Council, Chief (Engr.) Jator Abido, on behalf of other partners, expressed their deep seated disappointment with the lawyers from Udo Udoma and Belo-Osagie Chambers and wondered why a knowledgeable law firm could have the effrontery to treat the hallowed Chambers of the National Assembly with such disdain capable of bringing shame and ridicule on the House.

The group insisted that Binance Holdings Ltd must explain to the National Assembly and Nigerians the status of their operations in Nigeria by physically appearing before the House Committee on Financial Crimes with the relevant documents requested of them rather than enlisting the services of lawyers who have chosen the unprecedented route to promote gross ineptitude and primitive accumulation without any iota of patriotic commitment to the fatherland.

“Binance Holdings LTD. has a case to answer and they must avail themselves to the nation’s legitimate authority. You cannot be operating in the country and think you can disregard the laws of that country. Those beating the drums of disobedience to foreign firms whose operations threatens national security and economic stability must think twice. We are well within our mandate as civil societies and must continue to act as watchdogs to safeguard the economy and governance structure in the country. Those who are in bed with enemies of the country should know that their time is up”, the statement warned.

The groups equally cautioned Mr. Richard Teng, the Chief Executive Officer (CEO) of Binance Holdings LTD. to desist from acts capable of earning him a warrant of arrest from InterPol and the possible freezing of the assets of Binance, adding that, “crimes such as money laundering, investments and securities fraud, tax evasion and failure to comply with regulatory frameworks are crimes of national security dimension whose punishments are stiff. There will be no hiding place when the law finally catches up with Binance.

The group finally urged unsuspecting Nigerians to distance themselves from Binance.com whose “operation of a virtual asset platform targeting Nigeria (including the country’s cyber space) and onboarding Nigerians, without due registration violates the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022, Securities and Exchange Commission (SEC) and Federal Inland Revenue Service (FIRS) in the country respectively. Nigerians should therefore not fall victim to such fraud or even enable it”.

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‘Ombugadu Is a Brand, Not a Title’ — PDP Chieftain

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By Emmanuel Kuza

A chieftain of the Peoples Democratic Party (PDP) in Nasarawa State, Abuga Ovie, has described the name Ombugadu as a political brand, saying the popularity and wide acceptance of the name have made David Emmanuel Ombugadu a major force in the state’s political landscape.

Ovie, who stated this in an interview on Tuesday, said what started as opposition from some of Ombugadu’s biological brothers and people he described as fathers and uncles who betrayed him for personal political interests had now assumed a wider dimension, with political parties allegedly joining the battle against him.

According to him, the latest development was an attempt to undermine the political value of the Ombugadu name by presenting another person with the same surname, describing it as an indication of how far some political actors were prepared to go to weaken the PDP governorship candidate.

“Ombugadu is a brand, not a title. The people are not fools. They know their own. You cannot simply bring another person bearing the same name and expect the people to forget the political identity that Ombugadu has built over the years,” he said.

He further alleged that a former governor was working to introduce a political associate who had served as Accountant-General of Nasarawa State into the political equation, with the alleged objective of destabilising the PDP and weakening its chances by ensuring that the party fields a less competitive candidate in 2027.

“The plan, as we understand it, is to destabilise the PDP and make sure the party presents a weak candidate, thereby creating an advantage for the former governor’s preferred candidate. But all those efforts have proved abortive because the national leadership of the PDP stood its ground and refused to lose its best bet for the 2027 governorship election,” Ovie said.

The PDP chieftain said the resolve of the national leadership to retain Ombugadu had demonstrated the confidence the party had in his capacity to win the governorship election, despite what he described as attempts by some political actors to frustrate his ambition.

Ovie urged political parties and their leaders to resolve their internal differences instead of concentrating their efforts on Ombugadu, whom he compared to David in the Bible, saying he remained focused despite betrayal and opposition from those close to him.

“Ombugadu is like David in the Bible. Even when his brothers forsook him, he remained focused. Today, despite the people who have betrayed him, he remains focused and has a blueprint that can rescue Nasarawa State,” he said.

He said political parties should concentrate on presenting their programmes and convincing voters about how they intend to address the challenges confronting the state rather than expending their energy on attempts to stop Ombugadu.

“Political parties should fix their problems instead of wasting their strength fighting Ombugadu. Let everybody bring their blueprint before the people and explain what they intend to do for Nasarawa State,” he said.

Ovie maintained that the 2027 election should be about ideas, competence and the future of Nasarawa State, rather than attempts to manipulate political structures or undermine individuals perceived to enjoy strong grassroots support.

He urged the people of the state, particularly the Eggon community, to remain politically vigilant and resist what he described as efforts to make them settle for less, insisting that voters would ultimately determine who enjoys their confidence at the polls.
Reduce repeated references to Ombugadu

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200 widows benefit from empowerment outreach in Plateau

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By Israel Adamu, Jos 

 Two hundred widows from communities across Langtang North Central State Constituency of Plateau State have benefited from an empowerment outreach organised by Gimbiya Gani Nandir Lar under the Jagoran Talakawa movement.

The outreach, held at Pilgani in Langtang North Local Government Area, was aimed at supporting vulnerable women and drawing attention to the challenges faced by widows, particularly those struggling to provide food, pay school fees and meet other basic needs for their families.

The organiser, Nandir Lar, who is the All Progressives Congress, APC, candidate for Langtang North Central State Constituency, said the gesture was motivated by compassion and concern for vulnerable members of the society.

She stressed that the outreach was not a political programme but an expression of love and support for humanity.

Nandir Lar said: “The plight of widows may not always make headlines, but their struggles are real, painful and deserving of our collective attention.

“This is simply an expression of compassion and love for humanity. It is not a political programme.

“Our constituency is home to people with diverse needs, including mothers, widows and young people who are seeking opportunities to improve their lives.”

Former Provost of the Federal College of Education, Pankshin, Amos Chirfat, commended the initiative, saying it had brought smiles to the faces of vulnerable women in the constituency.

Minority Leader of the Langtang North Legislative Council, Dirya Sheni, also commended Nandir Lar for supporting widows and other vulnerable members of the community.

At the end of the outreach, each of the 200 beneficiaries received a 10-kilogramme bag of corn flour, seasoning and N10,000 cash

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SCUML, REDAN Strengthen Collaboration on Anti -Money Laundering Compliance

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By Francis Wilfred 

The Special Control Unit against Money Laundering (SCUML), and the Real Estate Developers Association of Nigeria (REDAN) have expressed commitment to ensure a full compliance with the Anti Money Laundering/Counter Finance on Terrorism/Counter Proliferation Financing, (AML/CFT/CPF) laws within the Nigeria’s real estate sector.

They made the resolve during a stakeholders’ engagement held on Thursday, September 10, 2026

The engagement focused on Mutual Evaluation readiness, risk-based supervision, beneficial ownership transparency, customer due diligence, internal controls and stronger collaboration between SCUML and the real estate sector.

Assistant Commander of the EFCC, ACE 1 Ibinabo Amachree, speaking on behalf of SCUML highlighted the strategic role of real estate operators in protecting the integrity of Nigeria’s financial system, particularly given the sector’s vulnerability to money laundering and other financial crime risks.

Amachree encouraged REDAN members to move beyond registration to ensure that compliance is embedded in their day-to-day operations. He mentioned the areas to include: understanding institutional risks, knowing customers and beneficial owners, identifying politically exposed persons, conducting appropriate sanctions screening, maintaining effective internal controls and meeting applicable reporting obligations

He, therefore, reaffirmed readiness to working closely with REDAN and other stakeholders to improve compliance, build capacity and promote a stronger culture of accountability across the real estate sector

“The message is clear: effective compliance is not just about meeting regulatory requirements; it is about protecting businesses, strengthening the real estate sector and safeguarding the integrity of Nigeria’s financial system”, she said.

In his remarks, the Chairman of REDAN, Lagos state, Mr Tony Kolawole pledged readiness to partner with SCUML in ensuring compliance with AML/CFT/CPF in the real estate sector to uphold financial integrity.

The engagement also provided an opportunity for REDAN members to share practical regulatory and operational challenges affecting the sector, reinforcing the importance of continuous dialogue between regulators and industry stakeholders.

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