Business
Judge’s absence stalls ruling on Binance executive’s bail plea
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
We didn’t shutdown Tummy Tummy noodles factory – NAFDAC
In a statement released on Wednesday, the Director-General of NAFDAC, Prof. Mojisola Adeyeye, clarified that the viral recording was not only misleading but also a recycled falsehood.
The National Agency for Food and Drug Administration and Control (NAFDAC) has issued a formal disclaimer concerning an audio recording circulating on social media.
The audio recording falsely claims the agency shut down the Tummy Tummy noodles manufacturing facility in Anambra State.
In a statement released on Wednesday, the Director-General of NAFDAC, Prof. Mojisola Adeyeye, clarified that the viral recording was not only misleading but also a recycled falsehood.
According to her, the same audio first appeared in Oct. 2023 and was thoroughly investigated at the time.
“The claims made in the recording are entirely false.
“The Tummy Tummy noodles facility in Anambra State was not sealed,” she stated.
Business
Illicit Financial Flows Draining National Resources – Adedeji
He emphasized the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.
•Chairman of FIRS, Zacch Adedeji
On July 22, 2025, the Executive Chairman of FIRS, Zacch Adedeji, delivered the welcome address at the National Conference on Illicit Financial Flows in Abuja.
He emphasizied the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.
He cited the recent tax reforms as a major step forward and highlighted the following as key points in his welcome address:
* Illicit Financial Flows through tax evasion, profit shifting and money laundering are draining national resources and threatening fiscal stability.
- The recent signing of four tax reform bills marks a critical step toward transparency, system overhaul, and stronger institutions.
- FIRS is responding with a multi-dimensional strategy: promoting voluntary compliance, embracing digital intelligence and enhancing enforcement under the Proceeds of Crime Act.
- * A need for unified, data-driven, and globally coordinated action to close fiscal gaps and protect Nigeria’s economic future.
Business
Just in: CBN Retains July Interest Rate at 27.5% , Says 8 banks meet recapitalisation target
The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.
The Central Bank of Nigeria (CBN) has maintained the July Monetary Policy Rate (MPR) of 27.5 percent with all policy parameters.
The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.
Mr Cardoso explained that the asymmetric corridor was retained at +500/-100 basis points around the MPR, leaving the Cash Reserve Ratio at 50 per cent for Deposit Money Banks and a general Liquidity Ratio of 30 percent.
He said that the decision to maintain the current MPR was premised on the need to continue to ensure the ongoing inflation reduction while vigorously ensuring declining prices.
The CBN boss revealed that as of July 18, the nation’s foreign reserve stood at 40.1 billion, which could provide import cover of nine and a half months.
He also disclosed that eight banks had achieved the new recapitalisation requirements.
The governor said the monetary and fiscal authorities would continue to work together to reduce the nation’s inflation rate to a single digit.
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