FG clash with Binance, Tinubu dusts off Oronsaye report, voodoo in Olympics: Weekly news roundup

This report brings you this week’s biggest news stories from around the country.

Nigeria has increased its crackdown on cryptocurrency platforms in the country, leading to reported disruptions for several users. The Binance platform was specifically targeted in this crackdown following accusations by the Central Bank governor of being used for illegal transactions.

Renowned Nobel laureate, Wole Soyinka, graced PUNCH Newspaper’s 50th anniversary. Did the efforts by the Nigerian Labour Congress to shut down the country through protests fail to achieve the desired outcome?

President Bola Tinubu dusted off the Oronsaye report and called for immediate implementation. Here are highlights from the week’s biggest news stories, from February 25 to March 2, 2023.

Soyinka calls for decentralisation
Nobel laureate, Prof Wole Soyinka, criticised previous national conferences in Nigeria, describing them as deceitful attempts to pacify citizens rather than genuine solutions for national challenges.

Speaking at a public lecture to celebrate PUNCH Nigeria Limited’s 50th anniversary, Soyinka urged leaders to prioritise decentralisation for effective national development, stating that it is essential for maximising productivity and self-sufficiency.

“When the word restructuring is booted around, we often have the challenge, what do you mean by restructuring?

“Well, I don’t even like the word restructuring, I prefer the expressions like reconfiguration, decentralisation. And those who lead us they recognise the necessity of it; they recognise the importance and almost the inevitability of decentralisation until they get in power,” he said

Soyinka emphasised decentralisation’s importance in enhancing food production and addressing hunger.

“Palliatives remain crude, short-term, stop-gap measures only.

“As a veteran of food security working conferences from Uganda to India, from Paris to Sochi, I insist that for a nation to be food self-sufficient, and sustainably, decentralisation is the key, not collectivisation,” he said.

He stated that decentralisation is not just a slogan but a necessary step towards addressing the nation’s incomplete mission of nation-building.

The one-day protest
The Nigeria Labour Congress and affiliated unions initiated a national protest on Tuesday, addressing concerns about the high cost of living, inflation, insecurity, and general hardship in the country.

Protesters, led by NLC President, Joe Ajaero, marched to the National Assembly and presented a letter of demands to President Bola Tinubu through the lawmakers.

However, following the first day of protests, the NLC announced the suspension of the nationwide demonstration slated for Wednesday.

In a communiqué issued after the National Executive Council meeting, the NLC expressed confidence that the government had received their message effectively.

Despite the decision to suspend the protest, Ajaero revealed at a subsequent press briefing on Wednesday that the congress faced intimidation and threats, compelling them to halt the demonstration.

He said, “We were threatened with all manners of consequences that would be meted on us if we went ahead.

“We were, however, not perturbed, as lifting the heavy yoke of suffering upon Nigerian workers and masses left us with no option than to press on,” Ajaero revealed.

Ajaero highlighted the NLC’s commitment to alleviating the hardships faced by Nigerian workers and the general public, despite the obstacles.

Additionally, he disclosed he has evidence of the “importation of agents” mobilised to disrupt the peaceful demonstration through violence during Tuesday’s protest

FG versus Binance
The Federal Government is intensifying its scrutiny of Binance, a cryptocurrency exchange company, amid concerns about its impact on Nigeria’s economy.

According to reports, the government is considering demanding over $10bn from Binance as a penalty for its alleged involvement in illegal transactions in the country.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, revealed in an interview with the BBC that discussions on compensation and fines are ongoing, highlighting the potentially significant losses Nigeria has suffered while Binance profited.

This move comes amidst efforts to stabilise the value of the naira, as Binance users allegedly manipulated dollar-naira rates, leading to a sharp decline in the currency’s value.

Onanuga also stated that Binance is not registered in Nigeria and has no physical presence in the country.

The Office of the National Security Adviser confirmed that Nigerian authorities are investigating Binance’s operations.

This development follows reports of Binance executives being detained by the Nigerian government and the platform’s suspension of naira-denominated transactions.

It also comes after Binance’s settlement of $4.3bn in criminal money laundering charges with the U.S. Department of Justice.