Business

Judge’s absence stalls ruling on Binance executive’s bail plea

Published

2 years ago

October 9, 2024

395 Views

The bail ruling application filed by Tigran Gambaryan, an executive of Binance Holdings Limited, was stalled at the federal high court in Abuja on Wednesday due to the absence of the judge.

Although the ruling was reserved to be delivered today, the court did not sit as judges are said to be attending a seminar at the National Judicial Institute in Abuja.

The ruling has been adjourned to Friday.

In April, the Economic and Financial Crimes Commission (EFCC) arraigned Binance, a cryptocurrency firm, and Gambaryan, on allegations of money laundering.

On May 17, the court refused Gambaryan’s first bail request.

The Binance executive later collapsed in court due to “ill-health”.

Gambaryan’s legal team and his family have raised the alarm that he could die in the Kuje prison if his health continues to deteriorate.

His wife, Yuki, said Gambaryan’s health was getting worse, adding that he needed “highly specialised and risky surgery” to treat the herniated disc in his back.

Gambaryan’s health had led Nwite to issue an arrest warrant against Abraham Ehizojie, a medical doctor at the health facility in Kuje correctional centre, over his failure to produce the executive’s medical report.

On September 2, the EFCC objected to the health claims made by the Binance executive after Iheanacho filed a counter affidavit to the bail application.

Mordi had informed the court of another bail application — which was filed on August 28 — seeking his client’s release on medical grounds.

However, the prosecution filed a counter affidavit opposing the bail application.

Ekele Iheanacho, EFCC counsel, said he has perused the defendant’s medical records and his health challenge “is not as serious” as it has been portrayed.

Business

Naira Exchange Rates Wednesday, August 12

Published

18 hours ago

August 12, 2026

OCHEFA

14 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1,422 Sell ₦1,428

GREAT BRITISH POUND (GBP) Buy ₦1,885 Sell: ₦1,910

EURO (EUR) Buy ₦1,590 Sell ₦1,610

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

Commercial Bank Exchange Rates

Fidelity Bank

Currency Sell

USD / NGN ₦1370.00

GBP / NGN ₦1869.7

8EUR / NGN ₦1604.54

Sterling Bank

Currency Buy Sell

USD / NGN ₦1350.00 ₦1370.00

GBP / NGN ₦1803.95 ₦1871.77

EUR / NGN ₦1537.93 ₦1601.81

ZAR / NGN ₦82.28 ₦86.99

Official CBN Exchange Rates

US DOLLAR (USD) ₦1,364.90

GREAT BRITISH POUND (GBP) ₦1,842.61

EURO (EUR) ₦1,575..50

SWISS FRANC (CHF) ₦1,684.02

JAPANESE YEN (JPN) ₦8.57

CHINESE YUAN (CNY) ₦202.34

WEST AFRICAN CFA (XOF) ₦2. 40

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,858.53SAUDI RIYAL (SAR) ₦363..60

SOUTH AFRICAN RAND (ZAR) ₦84.31

Business

Naira Exchange Rates Tuesday, August 11

Published

2 days ago

August 11, 2026

OCHEFA

38 Views

BLACK MARKET RATES

US Dollar (USD) Buy ₦1,423 Sell ₦1,428

Great British Pound (GBP) Buy ₦1,890 Sell: ₦1,910

EURO (EUR) Buy ₦1,600 Sell ₦1,620

Canadian Dollar (CAD) Buy ₦1,020 Sell ₦1,080

South African Rand (ZAR) Buy ₦75 Sell ₦90

UAE Dirham Buy ₦350 Sell ₦370

Chinese Yuan Buy ₦190 Sell ₦205

Ghana Cedi (GHS) Buy ₦95 Sell ₦110

West African CFA Buy ₦2, 300 Sell ₦2, 400

Central African CFA Buy ₦2,150 Sell 2,250

Australian Dollar Buy ₦800 Sell ₦900

Commercial Bank Exchange Rates

Fidelity Bank

Currency Sell

USD / NGN ₦1370.00

GBP / NGN ₦1869.78

EUR / NGN ₦1604.54

Sterling Bank

Currency Buy Sell

USD / NGN₦1350.00 ₦1370.00

GBP / NGN ₦1800.68 ₦1868.46

EUR / NGN ₦1539.16 ₦1603.07

ZAR / NGN ₦82.44 ₦87.16

Official CBN Exchange Rates

US Dollar (USD) ₦1,360. 14

Great British Pound (GBP) ₦1,838.50

EURO (EUR) ₦1,571. 10

Swiss Franc (CHF) ₦1,680.85

Japanese Yen (JPN) ₦8.56

Chinese Yuan (CNY) ₦201.61

West African CFA (XOF) ₦2. 40

West African Union Account (WAUA) ₦1,864.27

Saudi Riyal (SAR) ₦362.22

South African Rand (ZAR) ₦84.07

Business

NAICOM Revokes Nigeria Reinsurance’s Licence, Freezes Operations Over Capital Shortfall

Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.

Published

6 days ago

August 6, 2026

OCHEFA

64 Views

The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory Minimum Capital Requirement (MCR) and appointed Senior Advocate of Nigeria, Dr. Muiz Banire, SAN, as Receiver/Provisional Liquidator to wind up the company’s affairs.

The appointment took effect on August 3, 2026, following the cancellation of the company’s certificate of registration by the insurance regulator.

In a public notice dated August 4, 2026, Banire said NAICOM appointed him, in exercise of its statutory powers, to oversee the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002).

In the notice, the company’s licence was revoked after it failed to comply with the prescribed Minimum Capital Requirement applicable to its category of licence within the stipulated compliance period, in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other extant laws, regulations and guidelines.

Banire said his appointment authorises him to immediately trace, recover, secure and take possession of the company’s assets, collate and settle its liabilities in line with the NIIRA 2025, liaise with NAICOM on matters relating to the liquidation, and submit periodic reports to the Commission.

Source: ThisDay