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FG Questions Binance Executives on $26B Flow Amid Security Concerns

The Federal Government, through the Office of the National Security Adviser, is set to summon executives from various cryptocurrency platforms in the country for questioning.
This action comes on the heels of the recent detainment and interrogation of two senior executives from Binance by the NSA’s office.
On Wednesday, the Financial Times reported the detention of the Binance executives in Nigeria. Sources revealed that this is part of a broader initiative as more cryptocurrency operators are expected to be invited to explain their operations in the country.
Insiders familiar with the matter confirmed that the National Security Adviser, Nuhu Ribadu, is actively working on implementing recommendations from a report by the Nigerian Financial Intelligence Unit (NFIU). The NFIU report flagged cryptocurrency platforms, citing concerns about their potential role in terrorism financing and other criminal activities, adversely impacting the national currency (Naira) and security.
Cryptocurrency operators are being summoned to address alleged illegalities on their platforms, seen as contributing to corruption in the country. The recent crackdown follows the Federal Government’s decision just over a week ago to block trading on cryptocurrency platforms, instructing telecom companies to restrict access to their websites. Affected platforms included Binance, OctaFx, and Coinbase.
The detained Binance executives, an American and a British-Pakistani arrived in Nigeria following the platform’s ban. A day before news of their detention surfaced, the Governor of the Central Bank of Nigeria, Yemi Cardoso, revealed that an astonishing $26 billion had flowed through Binance Nigeria in the past year from unidentified sources.
“We are concerned that certain practices go on that indicate illicit flows, going through a number of these entities and suspicious flows,” Cardoso told journalists after his first Monetary Policy Committee meeting.
“In the case of Binance, in the last year, $26 billion has passed through Binance Nigeria from sources and users who we cannot adequately identify.”
According to informed sources, the ongoing crackdown is aimed at setting a precedent, discouraging others from utilising cryptocurrency platforms for illicit activities that undermine the integrity of the Nigerian financial system.
A task force, comprising the NSA’s office, the Central Bank of Nigeria, the Nigeria Police Force, the Economic and Financial Crimes Commission, the Nigeria Customs Service, and the NFIU, is actively engaged in apprehending currency speculators and tackling issues that pose threats to the economic stability of the nation.
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Edo Killings: Akpabio Condemns Attack, Demands Justice for Victims

President of the Senate, Godswill Akpabio, has strongly condemned the brutal killing of 16 travellers in Edo State, describing the act as senseless, barbaric, and unacceptable.
Akpabio, in a statement issued by his Special Assistant on Media, Jackson Udom, expressed deep sorrow over the incident and called for swift justice to assuage the pain of the victims’ families.
“I am deeply saddened and disturbed by the gruesome murder of 16 travellers in Edo State. This senseless act of violence is unacceptable and has no place in our society,” he said.
The Senate President urged security agencies to conduct a thorough investigation and bring the perpetrators to book without delay.
“I condemn in very strong terms this heinous crime and urge the relevant authorities to ensure that those responsible are held accountable for their actions. Justice must be served to prevent further occurrences and reassure Nigerians of their safety.”
Akpabio further emphasised the need for unity in the face of violence, calling on Nigerians to resist divisions that could arise from such tragic events.
“As a people, we must work together to promote peace, unity, and understanding. We cannot afford to let such acts of violence divide us or undermine our collective efforts to build a better Nigeria.”
He extended his condolences to the bereaved families, the government, and the people of Edo State, praying for divine comfort in their time of grief.
“My heartfelt condolences go to the families of the victims, the government, and the people of Edo State. May God grant the departed peaceful rest and give their loved ones the fortitude to bear this irreparable loss.”
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Eid-ul-Fitr: Oseni Urges Muslims to Uphold Ramadan Virtues, Calls for National Unity

As Muslims around the world celebrate Eid-ul-Fitr, marking the end of the holy month of Ramadan, the lawmaker representing Ibarapa East/Ido Federal Constituency in the House of Representatives, Engr. Aderemi Oseni has urged the Muslim faithful to uphold the virtues of Ramadan in their daily lives.
According to a statement on Sunday by his media aide, Idowu Ayodele, the lawmaker congratulated the Muslim Ummah on the successful completion of the month-long fasting and encouraged them to reflect on the values of sacrifice, self-discipline, and devotion to God, which Ramadan represents.
He emphasised that Ramadan is not only about fasting but also about fostering compassion, patience, and love for one another—values he described as crucial for national unity and development.
“As we celebrate this year’s Eid-ul-Fitr, I encourage my Muslim brothers and sisters to continue embodying the noble virtues of Ramadan. Let the spirit of sacrifice, empathy, and community service guide our actions beyond this season,” the statement read.
Oseni, who chairs the House Committee on the Federal Roads Maintenance Agency (FERMA), also underscored the importance of national cohesion, urging Nigerians to work together to promote peace and stability. He called on leaders at all levels of government to implement policies that address economic challenges, security concerns, and infrastructural development.
He further reassured his constituents in Ibarapa East/Ido of his commitment to quality representation, pledging to continue advocating for policies that prioritise their welfare and development.
Oseni also appealed to religious leaders to use their platforms to preach unity and patriotism, stating that Nigeria’s progress depends on the collective efforts of its citizens in fostering tolerance and peaceful coexistence.
“Eid is a time of joy, reflection, and gratitude. Let us celebrate responsibly while remembering to extend kindness to the less privileged. May Almighty Allah accept our prayers and grant our nation lasting peace and prosperity,” he added.
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Eid-el-Fitr: Oyo APC Chieftain, Oladiran Alabi, Greets Muslims, Calls for Unity

A chieftain of the All Progressives Congress (APC) in Oyo State and former House of Assembly candidate for Ibadan South-West Constituency I, Hon. Oladiran Alabi, has congratulated Muslims on the occasion of Eid-el-Fitr, urging Nigerians to embrace unity and peaceful coexistence.
In a statement on Sunday, Alabi commended the Muslim faithful for their devotion and sacrifices during the holy month of Ramadan, stressing the need to uphold the values of love, tolerance, and compassion beyond the fasting period.
He said, “The end of Ramadan is a time for reflection, gratitude, and renewed commitment to the principles of Islam. I felicitate with my Muslim brothers and sisters and pray that Almighty Allah accepts their supplications and rewards them abundantly.”
Alabi also emphasised the importance of unity in addressing Nigeria’s socio-political and economic challenges, urging leaders and citizens alike to foster harmony irrespective of religious and ethnic differences.
“Our strength as a nation lies in our unity. It is imperative that we work together to promote peace and development. I call on all Nigerians to prioritise national interest above personal or sectional gains,” he added.
He further urged political leaders to implement policies that would improve the welfare of the people, enhance economic growth, and strengthen security across the country.
The APC stalwart prayed for a peaceful and prosperous Nigeria, wishing the Muslim community a joyous and spiritually fulfilling Eid celebration.
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