Binance Must Approach Its Nigeria’s Case Differently; Disparaging Nigeria Is An Own Goal

“As our employees were leaving the venue, they were approached by unknown persons who suggested to them to make a payment in settlement of the allegations.’ – Richard Teng, Bianance CEO, on its fight with the Nigerian government.

Richard is making a big mistake, running Nigeria to the ground is a poor strategy. You should stop digging and find a smarter way to help your employees. Your predecessor is going to jail in the US for largely the same reason Nigeria is prosecuting your colleagues. So, Nigeria does have points.

Visit Nigeria, negotiate, pay a $10 million settlement, and Nigeria will move on. That is what Europe does: fines are options. But going on Reuters and TVs to appear like a victim is not a good strategy. Nigeria’s case is clear: there could have been a problem with your KYC. If you do think so, you propose a settlement.

But where you want to educate Nigerian lawyers in their land, you will lose. Nigeria has limited records of prosecuting executives this way, but Nigeria wants to be respected. Your staff did not show respect and that could have been the reason this is going this way. You can still change the trajectory: apologize, offer/accept fines for settlement, agree for operations to be supervised for 12 months, and watch them return to their families.

But going to the media with innuendos is an own goal! This is not New York; this is Naija where men want to be treated with respect over digits in bank accounts. Do not annoy those men…and women.

In the end, this case will be settled. The CEO has to do that as soon as possible and get his men back to their families.

“As our employees were leaving the venue, they were approached by unknown persons who suggested to them to make a payment in settlement of the allegations.' – Richard Teng, Bianance CEO, on its fight with the Nigerian government.

Richard is making a big mistake, running Nigeria… pic.twitter.com/9sV0dB9HHF

— Ndubuisi Ekekwe (@ndekekwe) May 7, 2024

Binance says the Detention of Executives sets a ‘dangerous precedent’, Alleges Nigerian officials Demanded a Payment to Kill the Case

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