The House of Representatives Committee on Financial Crimes has decided to suggest that the House use its powers to subpoena and jail Binance executives.
This followed the failure of the company’s executives to appear in an investigation hearing held by the Committee on Monday, March 4.
Hon Ginger Obinna Onwusibe, Chairman of the Committee, announced that the company’s management would come before them to answer questions on a petition involving terrorism financing, money laundering, tax evasion, and other financial crimes.
Onwusibe grumbled at the legal assistance provided by the firm for the hearing.
He stated that at the most recent session, it was decided that the officials would attend alone.
Senator Ihenyen, the lawyer for Binance, stated that executives of the firm, which is not based in the country, were concerned for a variety of reasons, including the recent arrest of two of their executives, who are still in detention.
Hon Obinna said: “Binance is not here. We have taken a position on it in our last sitting that we are not going to entertain legal representation from Binance and that position stands.
“Based on the fact that Binance is not here, we need to make a recommendation to the House of Representatives for the House to invoke its powers of subpoena to issue a warrant for the leadership of Binance to be arrested and be brought to this Committee to answer questions of the grave allegations levelled against them in the petitions brought to us by the Empowerment for Unemployed Youths and Niger Delta youths Council.
“This Committee has resolved to recommend to the House to invoke its constitutional powers by issuing a subpoena and a warrant for Binance executives to be arrested and brought to this committee to answer these questions regarding relationship financing of terrorism, money laundering, and other financial crimes as stated in the petition including evasion of tax.
“We thank the petitioners for unearthing these grievous financial crimes going on in this country for more than six years now. Binance has been operating in the financial space of this country for more than six years and they have not less than 20 million Nigerians that they are exploiting.”