Business
$26bn Funnelled Through Binance from Unknown Source, Says CBN Gov
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has disclosed that more than $26bn was channelled through a cryptocurrency platform, Binance, in the last four years.
Cardoso disclosed this on Tuesday at a press briefing after the 293rd meeting of the Monetary Policy Committee in Abuja.
The Binance exchange is a leading cryptocurrency exchange founded in 2017.
It features a strong focus on altcoin trading.
Binance offers crypto-to-crypto trading in more than 350 cryptocurrencies and virtual tokens, including bitcoin, ether, litecoin, dogecoin, and its own coin, BNB.
While answering questions from journalists on the recent restriction on Binance and other cryptocurrency platforms, the CBN boss said, “In the last four years, more than $26 billion have been funnelled through Binance without trace.”
He added that the CBN is moving to a very aggressive regulatory environment.
“Tolerance for people who will not abide by the regulations that are coming out is zero.
“People will have to comply with our regulations or face the consequences for not doing so,” he said.
The Naira began to appreciate against the USD amid the restrictions on Binance and other crypto platforms in Nigeria’s cyberspace.
The Monetary Policy Committee of the Central Bank of Nigeria may raise the Monetary Policy Rate, otherwise known as the benchmark interest rate at the end of the meeting on Tuesday, according to finance and economic analysts.
The MPC began its two-day meeting on Monday, a few days after the National Assembly screened and okay new members of the MPC.
MPC meeting this week became the first meeting since the new CBN Governor, Olayemi Cardoso, assumed the leadership of the apex bank.
There had been concerns over the failure of the MPC to meet. With rising inflation and the naira experiencing volatility against the United States dollar, there are reports the MPC may raise the benchmark interest rate.
Access Bank Plc has responded to the reports making the rounds on social media concerning a former contact agent, who was alleged to have violated the privacy of some women in the organisation.
In a statement the management made available to the National Association of Online Security News Publishers (NAOSNP), the bank said the matter has been handed over to the appropriate authorities for investigation while cautioning the general public to rely on updates communicated through their channels only.
The statement reads in full:
Our attention has been drawn to reports circulating on social media regarding an alleged offence involving a former Contact Centre Agent.
The matter has been handed over to the appropriate authorities, who are conducting an investigation.
We are fully cooperating with them in this process.
At Access Bank, we uphold a zero-tolerance policy towards harassment and any form of privacy violation.
We are also actively engaging with the affected employees to provide all necessary support.
The safety, dignity, and well-being of our employees and customers remain our highest priority.
We appreciate the concern and support of the public and our stakeholders.
For accurate information, we encourage everyone to rely only on updates communicated through our official channels.
MANAGEMENT
Moruf Oseni, managing director/CEO, Wema Bank, says the lender is committed to continued service and value delivery to Nigerians beyond its 80th anniversary.
Wema Bank, one of Nigeria’s oldest indigenous institutions, is set to mark 80th anniversary on May 2, 2025.
Founded on May 2nd, 1945, as Agbonmagbe Bank Limited by Late Matthew Adekoya Okupe, and two others, the bank was established to bridge the gap in access to financial services for indigenous Nigerians during the colonial era.
Over the years, Wema Bank has built a legacy of impact, empowering Nigerians with quality financial services tailored to their needs and supporting the Fintech industry to innovate to remain valuable to customers and stakeholders.
Oseni, speaking on the journey of the bank so far, expressed commitment to continued delivery of optimum value to stakeholders beyond the anniversary.
According to him, Wema Bank’s founding principle of empowerment and its creed to “be with you all the way” speak to resilience, timelessness, and perpetuity.
“At Wema Bank, we have our creed, which is to be with you all the way. Anything that has the creed to be with you all the way simply means it is something that is built to last. Wema Bank rose against all odds in colonial Nigeria to cater to indigenous Nigerians and succeeded.
“Today, we are not just Nigeria’s oldest indigenous bank but also Nigeria’s leading innovative bank, a testament to how committed we are to reinventing and adapting to provide value. On this, we will never relent,” Oseni noted.
The Nigerian National Petroleum Company (NNPC) Limited has reduced its premium motor spirit price in Abuja.
Some motorists in Abuja confirmed the new fuel price adjustment at some NNPC retail outlets.
Reports quoted Abdullahi Hashim, a resident of Kubwa, Abuja, to have said: “I observed the drop in the fuel price to N935 per litre on Saturday morning. It is a welcome development.”
“I think I first saw this new price adjustment in Town, Wuse Zone 4 area, on Friday. NNPC filling station at Kubwa Expressway is just reflecting it,” Bukola Adewole also said.
The development comes after Dangote Refinery announced in its ex-depot petrol price to N835 per litre from N865.
The 650,000 barrels per day refinery had announced that its partners, such as MRS and AP filling stations, are expected to sell petrol between N890 and N920 per litre, depending on the location.
Meanwhile, MRS filling stations in Abuja have not been dispensing petrol since Wednesday, April 16, 2025, when Dangote Refinery announced a slash in ex-depot petrol price.
