DOLLAR SPECULATION: FG RUBBISHES BINANCE CEO'S BRIBERY ALLEGATION. (PHOTO).

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 Dollar speculation: FG rubbishes Binance CEO’s bribery allegation The Federal Government on Tuesday vowed to pursue the criminal case against the crypto platform, Binance, and its officials, to a logical end. Speaking against the backdrop of a bribery allegation made by the Binance Chief Executive Officer, Richard Teng, in a blog post published by the New York Times, top officials of the President Bola Tinubu administration described as false and unfounded the accusation that some individuals demanded $150m bribe in cryptocurrency to settle the criminal charge against the firm. The NYT on Tuesday reported that on a trip to Nigeria in January, Tigran Gambaryan, a compliance officer with the exchange, received an unsettling message: The company had 48 hours to make a payment of roughly $150m in crypto. Gambaryan, a former United States law enforcement agent, understood the message as a request for a bribe from someone in the Nigerian government. The incident allegedly occurred before Ga
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FG TO REVIEW MOVEMENT OF EXPLOSIVES. (PHOTO).

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 FG To review movement of explosives


Federal Government has called on manufacturers of mine explosives to address alleged leakages from their factories by tightening the security and logistics of its operations.


The Minister of Solid Minerals Development, Dr. Oladele Alake stated this at an emergency meeting with the manufacturers in his office in Abuja.


He said there had been an outcry against easy access of unauthorized persons to explosives and indiscriminate storage across the country.


To this end, the minister said government would commence the review of the system for tracking the movement of explosives from the manufacturers to end-users and urged them to search within and fish out workers who may be responsible for illicit sales or manufacturing of explosives.


Chief Executive Officer of Intrachem Limited and chairman of Association of Commercial Explosives Dealers, Biodun Abu explained that the manufacturers had complied with the regulations of the government in terms of security surveillance of their operations by deploying Close Circuit Television in factories and coding the explosives for easy tracking .


Abu said manufacturers and their clients obtain approvals for escorts to transport their goods to the end-users but are unable to verify incidences of possible leakages when it gets to the clients.


The Director, Mines Inspectorate Department in the Ministry of Solid Minerals, Imam Ganiyu said explosives manufactured in Nigeria are slurry and need detonators to explode.


He said Nigeria banned the use of dynamite for mining operations since 2007.


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