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Bill to stop Tinubu, Fashola, Ambode from pension scales second reading

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The Lagos State House of Assembly on Monday read for a second time a bill that seeks to repeal the law which grants pension and other emoluments to governors and deputies after leaving office.

Affected by the bill are former Governors Asiwaju Bola Tinubu, Babatunde Fashola, Akinwunmi Ambode and others. Current governor, Babajide Sanwo-Olu will also be affected.

The new bill which was debated on the floor of the House at a sitting presided over by the Speaker, Rt. Hon. (Dr) Mudashiru Obasa, is titled ‘A Bill for a law to repeal the law to provide for the payment of pensions and other fringe benefits to public office holders in Lagos State and for other connected matters’.

The lawmakers argued that it would not be too good to repeal the law in its entirety as there were some important sections and stipulations that should be considered.

Speaking concerning the bill, Hon. Oluyinka Ogundimu (Agege 2), explained that the bill is to ensure the stoppage of pensions to governors and deputies when they leave office adding that this decision was in consideration of the country’s current economic challenges.

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Ogundimu argued that the governors and their deputies and other such political office holders should be made to enjoy some benefits no matter how little.

 

He also argued that the bill should be amended in such a way that it would not throw former political officers to security challenges since if the original law is repealed, it would mean withdrawing all security agents and domestic staff earlier attached to them.

 

On his part, Hon. Gbolahan Yishawu (Eti-Osa 2), noted that the parliament has the power to make and review laws, especially where it includes one like the pension bill that was passed 14 years ago and needs to be looked at again.

He said the objective of the bill as raised by the executive is to ensure that the state begins to look inward in relation to cost of governance.

He added that by virtue of his position as chairman of the committee on economic planning and budget, he has had the opportunity to check the finances of the state and would say Lagos is not very rich, but only has people who effectively manage its resources.

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He also agreed that the security of the lives of such political office holders when they leave office should be considered urging that the bill be committed to a committee.

 

Contributing, Hon. Rotimi Abiru (Shomolu 2), said he supports an amendment to the law instead of a repeal.

 

“For a person who has served as chief executive of a state, I do not think it is nice denying them of their benefits.

 

“I can appreciate that some of them move to other appointments. For these people, there can be a caveat. But for those who serve in that capacity and do not have any other thing to do after office, it may not be something elaborate, but something may be coming to them periodically,” he said.

Hon. Tobun Abiodun (Epe 1) said he does not subscribe to a total repeal of the law because it would give room to corruption in office.

He said provisions should be made available to governors, deputies and possibly speakers after they leave office.

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Other lawmakers who supported amendment to the law include Hon. Jude Idimogu )Oshodi-Isolo 2), Hon. Saad Olumo (Ajeromi-Ifelodun 1) and Hon. Abdulsobur Olawale (Mushin 2).

While rounding off the debate, Speaker Obasa observed the questions and suggestions raised by the lawmakers.

He also supported arguments that repealing the law in totality would expose former governors and deputies to security challenges.

“I don’t think we should trash it in totality,” he said as he committed the bill to the House Committee on Establishment with a two-week mandate for a reported to be submitted.

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UPDATED: Act of blackmail — FG says no official demanded $150m bribe from Binance

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The Federal Government has accused Binance of blackmail after the company alleged officials demanded $150 million in cryptocurrency payments as a bribe to settle the prosecution of its executives in Nigeria.

 

On Tuesday, Richard Teng, Binance’s chief executive officer (CEO), said some unknown persons in Nigeria demanded huge payments in digital currency to make their problems in the country “go away”.

 

Teng’s allegation followed the detention of Nadeem Anjarwalla, Binance’s regional manager for Africa, and Tigran Gambaryan, the company’s head of financial crime compliance, in Nigeria, on February 28.

 

The two executives were detained as part of a probe bordering on Binance’s illegal operations in Nigeria and foreign exchange rate manipulations.

 

While criminal charges have been against Binance and Gambaryan, Anjarwalla fled detention on March 22.

However, Anjarwalla was reportedly arrested by the Police Service in April and the International Criminal Police Organisation (Interpol) is working towards extraditing him to Nigeria.

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In a statement by Rabiu Ibrahim, special assistant to the minister of information and national orientation, the government said the allegation by Binance is an attempt by the cryptocurrency exchange to launder its impaired image as an organisation that does not play by the rules and laws guiding business conduct in sovereign nations.

 

“In a blog post that has now been published by many international media organisations, in an apparent well-coordinated public relations effort, Binance Chief Executive Officer Richard Teng made false allegations of bribery against unidentified Nigerian government officials who he claimed demanded $150m in cryptocurrency payments to resolve the ongoing criminal investigation against the company,” the ministry said.

 

“This claim by Binance CEO lacks any iota of substance. It is nothing but a diversionary tactic and an attempted act of blackmail by a company desperate to obfuscate the grievous criminal charges it is facing in Nigeria.

 

“The facts of this matter remain that Binance is being investigated in Nigeria for allowing its platform to be used for money laundering, terrorism financing, and foreign exchange manipulation through illegal trading.

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“While this lawful investigation was going on, an executive of Binance, who was in court-sanctioned protective custody, escaped from Nigeria, and he is now a fugitive from the law. Working with the security agencies in Nigeria, Interpol is currently executing an international arrest warrant on the said fugitive.”

 

BRIBERY ALLEGATION PART OF ORCHESTRATED INTERNATIONAL CAMPAIGN

The ministry said the bribery allegation is part of an orchestrated international campaign by Binance to undermine the Nigerian government.

 

The ministry said Binance is facing criminal prosecution in many countries including the United States.

 

“Just a week ago, the founder and former CEO of Binance, Changpeng Zhao, was sentenced to prison in the United States, after pleading guilty to charges very similar to what Binance is being investigated for in Nigeria. In addition, Zhao agreed to pay a fine of $50 million, while Binance is liable for $4.3 billion in fines and forfeitures to the US Government,” the government said.

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“We would like to remind Binance that it will not clear its name in Nigeria by resorting to fictional claims and mudslinging media campaigns. The only way to resolve its issues will be by submitting itself to unobstructed investigation and judicial due process.”

 

The ministry said the Nigerian government will continue to act within its laws and international norms and will not succumb to any form of blackmail from any entity, local or foreign.

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‘Act of blackmail’ — FG denies officials demanded $150m bribe from Binance

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The Federal Government has accused Binance of blackmail after the company alleged officials demanded $150 million in cryptocurrency payments as bribe to settle the prosecution of its executives in Nigeria. 

On Tuesday, Richard Teng, Binance’s chief executive officer (CEO), said some unknown persons in Nigeria demanded huge payments in digital currency to make their problems in the country “go away”.

 

More to follow…

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Peter Obi condemns cybersecurity levy, says FG more interested in milking dying economy

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Peter Obi, presidential candidate of the Labour Party (LP) in the 2023 elections, says the federal government is more interested in milking a dying economy through the introduction of the cybersecurity levy.

 

In a post on his X account on Wednesday, Obi said the policies implemented by the government not only drive the citizens into poverty but also diminish the country’s competitiveness in the economic environment.

 

According to Obi, it is unreasonable to expect the struggling citizens of Nigeria to individually finance all government activities.

“The introduction of yet another tax, in the form of Cybersecurity Levy, on Nigerians who are already suffering severe economic distress is further proof that the government is more interested in milking a dying economy instead of nurturing it to recovery and growth,” Obi said.

 

“The imposition of a Cybersecurity Levy on bank transactions is particularly sad given that the tax is on the trading capital of businesses and not on their profit hence will further erode whatever is left of their remaining capital, after the impact of the Naira devaluation and high inflation rate.

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“It is inconceivable to expect the suffering citizens of Nigeria to separately fund all activities of the government. Policies such as this not only impoverish the citizens but make the country’s economic environment less competitive.

 

“At a time when the government should be reducing taxes to curb inflation, the government is instead introducing new taxes. And when did the office of the NSA become a revenue collecting centre?

 

“And why should that purely national security office receive returns on a specific tax as stated in the new cybersecurity law?

 

On May 6, the Central Bank of Nigeria (CBN) directed banks and other financial institutions to implement a 0.5 percent cybersecurity levy on electronic transfers.

 

CBN said the policy would take effect in two weeks and charges would be described as ‘Cybersecurity Levy’.

 

The apex bank said the charges would be remitted to the national cyber security fund, which would be administered by the office of the national security adviser (ONSA).

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