The House of Representatives Committee on Financial Crimes has recommended the arrest of the chief executive officer of Binance Holding Ltd over alleged tax evasion and money laundering.
The recommendation followed a motion by Rep. Isah Dogonyaro (APC, Jigawa) at a public hearing on Monday in Abuja.
The hearing was on a petition by the Empowerment Fund for Nigerian Youth Initiative and the Niger Delta Youth Council of Nigeria on several alleged infractions committed by Binance.
Binance, a cryptocurrency platform, has no less than 20 million Nigerians using its services and has been operating in Nigeria for six years.
Moving the motion, Dogonyaro said the committee earlier invited the CEO of Binance to appear and respond to questions on terrorism, tax evasion and money laundering against the company but failed to appear.
He said the committee gave another chance to enable the Binance executive to appear on March 4, 2024, but the executive failed again.
According to Dogonyaro, the refusal to appear is an insult to the committee and the Nigerian people.
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In his response, the legal counsel to Binance, Senator Ihenyen, said the company had responded in writing to all the allegations levelled against it.
He said that the company was also ready to provide more answers in writing if the need arises in the cause of the hearing.
Ihenyen, however, explained that the company was concerned about the safety of its officials in Nigeria following the recent arrest of two of its senior executives.
Chairman of the committee Rep. Ginger Obinna (LP, Abia) said that the committee had taken a position not to entertain legal representation from Binance.
He said the CEO of Binance should be arrested and be brought to the committee to answer questions on the allegations levelled against the company in a petition brought to the committee.
