Nigeria Denies Binance CEO’s Claims of $150M Bribe Demand; Criticizes Attempt to Discredit Government

Nigerian authorities have rejected allegations from Binance CEO Richard Teng that certain lawmakers demanded a bribe of $150 million from representatives of the cryptocurrency exchange earlier this year. They characterized Teng’s claims as a “diversionary tactic” and an “act of blackmail,” intended to discredit Nigeria’s criminal charges against the crypto exchange.

FEDERAL MINISTRY OF INFORMATION AND NATIONAL ORIENTATION

PRESS STATEMENT

BINANCE FALSE CLAIM ON BRIBERY DIVERSIONARY

The Federal Government of Nigeria is aware of attempts by Binance to launder its impaired image as an organisation that does not play by the rules and laws… pic.twitter.com/qKqHaZf7Uw

— Mohammed Idris, FNIPR (@HMMohammedIdris) May 8, 2024

The strong reaction from Nigerian authorities came just hours after Teng’s detailed statement suggested that members of Nigeria’s House Committee on Financial Crimes (HCFC) had demanded a substantial bribe in exchange for dropping charges against Binance. Those reportedly present from the HCFC when the alleged bribe demand was made include Peter Akpanke, Philip Agbese, and Peter Aniekwe.

However, in response to Teng’s detailed statement, Rabiu Ibrahim, a special assistant to the Nigerian Information Minister, criticized what he described as the Binance CEO’s attempt to undermine his country’s legal system. Ibrahim also labelled Binance’s actions a desperate move aimed at ultimately concealing its criminal activities.

“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,” the Minister’s special assistant said.

According to Ibrahim, Teng’s claim of bribery is part of a coordinated international campaign by Binance to discredit the Nigerian government. Instead of attempting to clear its name through the media, Ibrahim encouraged Binance to submit to an unimpeded investigation and judicial due process.

In concluding his statement, the special assistant to the Nigerian Information Minister said that the government of Bola Tinubu will not yield to threats or blackmail from any entity, whether domestic or foreign.

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