The Nigerian government traced Binance executive Nadeem Arjarwala to Kenya, who is accused of tampering with the Nigerian Naira. Nigeria cooperates with Interpol and Kenyan authorities on extradition.
Nadeem Arjarwala, a senior Binance executive, escaped from custody in Nigeria, and Nigerian authorities were able to locate him in Kenya. Arjarwala is accused of participating in operations that caused major disruptions in the Nigerian Naira exchange rate market.
Arjarwala was exposed after his arrival in Kenya and the Nigerian government moved quickly to arrange his extradition so he could face the charges against him. To expedite the extradition process, the Nigeria Police Force, the Kenyan Police Service, the International Criminal Police Organization (INTERPOL), and the Economic and Financial Crimes Commission (EFCC) are cooperating.
The Nigerian government’s cooperation with foreign law enforcement agencies, as well as the governments of the United States, the United Kingdom, and Kenya, is indicative of their determination to return Arjarwala to Nigeria. EFCC Chairman, Ola Olukoyede, said the agency is collaborating closely with these organizations to guarantee the smooth extradition of Arjarwala.
Arjarwala’s prison escape in Nigeria has highlighted concerns about security protocols. The soldiers tasked with tracking Arjarwala have been detained by the Nigerian government, which is also conducting extensive inquiries into the situation. Ongoing investigations are being conducted by special investigators from various security and intelligence organizations including the National Intelligence Agency, Department of State Services, Police, EFCC and the Army.
Arjarwala and Binance Holdings Ltd. are accused of tax evasion, currency speculation and money laundering, with a total of an estimated $35.4 million at stake. The Office of the National Security Adviser has handed over management of the case to the Nigerian government, and Arjarwala’s partner Tigran Gambarian is being held by the EFCC.
Arjarwala, Binance and Gambarian will all be charged in absentia, according to sources with direct knowledge of the case. Additionally, Binance Holdings Limited, Arjarwala and Gambarian have been charged by the Nigerian government for failure to register with the Federal Inland Revenue Service and pay applicable taxes.
The Nigerian government’s campaign against individuals accused of terrorism financing and money laundering involves the extradition process as a key measure. The government’s commitment to fighting financial crimes and protecting the integrity of Nigeria’s financial system is shown by its cooperation with foreign law enforcement authorities and its willingness to return Arjarwala to his home country.
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