Tinubu’s govt solicited $150M bribe to make ‘illegal’ Nigeria charges disappear - Binance CEO

President Bola Tinubu’s government has been accused of demanding a $150 million bribe from the global cryptocurrency giant Binance.

Binance executive Richard Teng revealed this on Tuesday, May 7, 2024. Teng claims that officials of the ruling government made the demand from the company in order to end the recent fraud charges moments after a meeting with Nigerian lawmakers.

He stated that he was not aware if the lawmakers were informed of the bribe being solicited from the company.

Mr Teng and other Binance executives reiterate that the allegations levelled against them are unsubstantiated and illegal as they vow not to be strong-armed into making any illegal payment.

On Tuesday, May 7, Mr Teng wrote in a post on the Binance website; “A significant payment in cryptocurrency to be paid in secret within 48 hours to make these issues go away.

“The message from the Nigerian government is clear. We must detain an innocent, mid-level employee and a former U.S. federal agent, and place him in a dangerous prison in order to control Binance.”

A publication by Peoples Gazette states that when a spokesperson for the Nigerian national security agency did not immediately return a request seeking comments.

Also, a spokesperson for the Nigerian parliament, which has launched a committee to probe the charges against Binance, declined comments on Tuesday morning.

A spokesperson for Binance did not immediately return a request seeking clarification about the identities of those involved in soliciting the alleged bribes.

Recall that Binance and Nigeria have been in a fierce legal battle after Tigran Gambaryan, an official with the crypto giant, was arrested in February 2024.

The National Security Adviser Nuhu Ribadu accused the company of being responsible for the depreciation of the naira among other economic sabotage claims.

Binance refutes all allegations. However, an official detained alongside Mr Gambaryan escaped custody.

Mr Gambaryan is facing charges before a federal court in Abuja, as his wife and children continue to appeal to U.S. authorities to help free the American citizen.