The federal government has described the claim by Binance Chief Executive Officer, Richard Teng that unidentified government officials demanded $150m in cryptocurrency payments to resolve the ongoing criminal investigation against the company as diversionary.
The Minister of Information and National Orientation, Mohammed Idris said a blog post that has now been published by many international media organisations was an apparent well-coordinated public relations effort.
Idris in a statement issued Wednesday by his Special Assistant, Rabiu Ibrahim maintained that the claim by Binance CEO lacks any iota of substance.
The minister stressed that It was nothing but a diversionary tactic and an attempted act of blackmail by a company desperate to obfuscate the grievous criminal charges it is facing in Nigeria.
Idris stressed that the phantom bribe claim was part of an orchestrated international campaign by the company that is facing criminal prosecution in many countries including the United States, to undermine the Nigerian government.
He said: “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 guiding business conduct in sovereign nations.
“In a blog post that has now been published by many international media organisations, in an apparent well-coordinated public relations effort, Binance Chief Executive Officer Richard Teng made false allegations of bribery against unidentified Nigerian government officials who he claimed demanded $150m in cryptocurrency payments to resolve the ongoing criminal investigation against the company.”
Idris explained that Binance was being investigated in Nigeria for allowing its platform to be used for money laundering, terrorism financing, and foreign exchange manipulation through illegal trading.
He said while this lawful investigation was going on, an executive of Binance, who was in court-sanctioned protective custody, escaped from Nigeria, and he is now a fugitive from the law.
Idris added: “Working with the security agencies in Nigeria, Interpol is currently executing an international arrest warrant on the said fugitive.
“Just a week ago, the founder and former CEO of Binance, Changpeng Zhao, was sentenced to prison in the United States, after pleading guilty to charges very similar to what Binance is being investigated for in Nigeria. In addition, Zhao agreed to pay a fine of $50 million, while Binance is liable for $4.3 billion in fines and forfeitures to the US Government.
“We would like to remind Binance that it will not clear its name in Nigeria by resorting to fictional claims and mudslinging media campaigns. The only way to resolve its issues will be by submitting itself to unobstructed investigation and judicial due process.”
The minister said Nigeria would continue to act within its laws and international norms and would not succumb to any form of blackmail from any entity, local or foreign.