The escape of Binance executive and other security matters

The escape of Nadeem Anjanwalla, one of the two detained executives of Binance Holdings Ltd, from the DSS custody in Abuja is the most embarrassing security breach of the Tinubu administration and it’s a clear pointer to the porosity of our fight against terrorism and financial crimes. Elsewhere, such lapses would automatically lead to the sack of the security chief, arrest of the guards and their supervisors and the resignation of the supervising minister.

The company is facing serious criminal charges including nonpayment of VAT, company income tax and complicity in aiding its customers to evade taxes through its platform; failure to register with FIRS for tax purposes and unwillingness to collect and remit various categories of taxes to the federal government, thus contravening Section 40 of the FIRS Act of 2007.

Meantime, the government has revealed that over $21.6 billion was traded by Nigerians whose identities were concealed by Binance. The government also believes that some dubious persons were using Binance for money laundering, terrorist financing, currency speculation and market manipulation, distorting the Nigerian economy and weakening the Naira against other currencies.

I am not puzzled. Rich people can wangle their way out of any tight situation, especially in a nation of corrupt officials. For a man who was detained in a comfortable setting in a guest house and allowed use of telephones, it is no brainer that he was able arrange for his Kenyan passport to be sent to him, and with that he fled Nigeria. It is also likely that Anjawarlla had also compromised our security guards with huge financial inducements.

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