₦airaland Forum

Naija

He don reach USA, e don Dey make noise.

He wan use USA again and them use am under GEJ destabilize the country.

Okay o

Blazetrailer:
Lol....Spot on. I have been saying this here for more than 2 years. The "floating" of Naira was a miscalculation disguised as reforms. Someone or some people gave the government a wrong advise, and Tinubu, being a someone who does not camly review things, in his quest for personal glory, just like for many things he knew nothing about but took as his personal achievements, rushed to devalue the currency. They did not expect it to get this terrible. A pointer to that is when both the Minister of Finance was boasting that Naira would not ecred 700/800 if it was "floated"....it is been 1700 for nearly 2 years. They dismd not think it deeply. They miscalculated.

I knew all the narratives that came after about people manipulating the exchange rates or saboteurs destroying nairal value were manufactured by the givernment to cover thier ineptitude.

As well, all the stories about Buharis govt using $2billion to defend the Naira monthly as a justification ti "float" naira were nothing but hogwash to hide away their cluelessness after the initial blunder. I dont believe anything this govt says.

More truth will come out after this government is booted out

You don't know that this govt does not rate their supporters at all

They told them that Buhari was borrowing $20bn every year to subsidise fuel and the fools believed it!

LegendHero:
They ban it in their country. You have the right over what Binance does within your territory whether online or offline.

If Nigeria customers use Binance, then we can question Binance and request for data on matters of national security. If they fail to respond, we can use the court to ban their activities from our county and they must comply’!

@the bold, did Nigeria ban Binance operation in USA? Why are you asking primary 2 level question?

I'm just pointing out to you what jurisdiction means. Binance is not domiciled in Nigeria. It is domiciled in the US just like Fb. If the US bans Fb today, you will not have access to it from Nigeria because their servers and other resources are homed in the US.
China banned FB from accessing their internet jurisdiction just like Buhari banned Twitter
It does not mean China or Nigeria have jurisdictional rights over them such as regulating their activities or operations
I hope you can see the difference and relate it to your claim of having rights to data request

LegendHero:
Nigeria have the right to demand user data and that is not Binance business what Nigeria chose to do.

Trump currently is using DOGE to get data from all agencies and using it to expose opposition democrats.

Will Binance deny Trump access if he need American data to nab democrats?

If we have intel that opposition are purposely committing economic terrorism through Binance, we have the right to ask for data.

And have right to also ask for 150m$ bribe

temitope27:
The werey na clout chaser

Shut up kid

Very typical of our government.

LegendHero:
Nigeria have the right to demand user data and that is not Binance business what Nigeria chose to do.

Trump currently is using DOGE to get data from all agencies and using it to expose opposition democrats.

Will Binance deny Trump access if he need American data to nab democrats?

If we have intel that opposition are purposely committing economic terrorism through Binance, we have the right to ask for data.

Spoken like a true ignoramus. Well done

LegendHero:
Which jurisdiction? You have right over any private or foreign agencies transacting business with your citizen.

Stop saying nonsense. That is why China can ban Facebook when Facebook is located in USA.

If you ask Binance through the court to provide the data and they oppose the court, you can ban them and you’re not breaking any law. It is our country and we are sovereign!

DOGE have access to query private tech firms because most government agencies in USA recruit private consulting companies for their day to day activities. Even DOD have lot of their system outsourced to Big 4 consulting firms and if you audit them, the private firm need to answer to that too.

Stop talking nonsense ogbeni. There are times to just shut up. This is one time. Why not address the bribe issue?

Ojuntana:
I'm just pointing out to you what jurisdiction means. Binance is not domiciled in Nigeria. It is domiciled in the US just like Fb. If the US bans Fb today, you will not have access to it from Nigeria because their servers and other resources are homed in the US.
China banned FB from accessing their internet jurisdiction just like Buhari banned Twitter
It does not mean China or Nigeria have jurisdictional rights over them such as regulating their activities or operations
I hope you can see the difference and relate it to your claim of having rights to data request

Keep schooling the mofo.

Mitsurugi:
Stop talking nonsense ogbeni. There are times to just shut up. This is one time. Why not address the bribe issue?

When I see the proof of the bribe, I will respond.

HIGHESTPOPORI:
And have right to also ask for 150m$ bribe

Then focus on the people asking for the bribe and let the guy show his proof to nail them.

My own is that we have the right to ask for the data even if it’s to be used to jail opposition members if we have the intelligence that they are committing economic terrorism.

LegendHero:
When I see the proof of the bribe, I will respond.

Oh sure.

Bro...I marvel at how people just believe anything coming fron the government sources without even putting their brains to work by doing a small veracity or reasonability check.

They came out to say subsidy had to go because Nigeria was using 97% of earnings to service debt snd it was because Buhari birrowed too much( was shocked that some supposed learned people carried on with this lies). But nobody has asked what percentage of earnings is now being used to service debt now that Tinubu has borrowed far more in 2 years than Buhari borrowed in 8 years. Nobody has thought it necessary to see that Tinubus government was bandying lies up and down to hide their ineptitude.

Truth will surely come out when he is booted out in 2027.

Ojuntana:
You don't know that this govt does not rate their supporters at all

They told them that Buhari was borrowing $20bn every year to subsidise fuel and the fools believed it!

Ojuntana:
I'm just pointing out to you what jurisdiction means. Binance is not domiciled in Nigeria. It is domiciled in the US just like Fb. If the US bans Fb today, you will not have access to it from Nigeria because their servers and other resources are homed in the US.
China banned FB from accessing their internet jurisdiction just like Buhari banned Twitter
It does not mean China or Nigeria have jurisdictional rights over them such as regulating their activities or operations
I hope you can see the difference and relate it to your claim of having rights to data request

You are saying nonsense. You don’t know anything about jurisdiction.

Nigeria has jurisdiction over Binance the moment Binance start transacting business with us.

—They are subject to SEC and CBN regulations because they deal in finance. Just like any financial firm.

— Anti-Money Laundering (AML) and Tax Laws

— Effect doctrine. You transact with our citizen and your action is causing economic sabotage. We can claim jurisdiction to try you.

Lastly, the effect of all this is that we can Ban Binance by law from transacting with Nigerian citizen, impose sanctions and fine, and then we can arrest their representative on our soil. If they fail to respond to query, we can use international agency like Interpol to nab them.

Go to your lawyer again and ask what is called jurisdiction in this instance.

LegendHero:
They ban it in their country. You have the right over what Binance does within your territory whether online or offline.

If Nigeria customers use Binance, then we can question Binance and request for data on matters of national security. If they fail to respond, we can use the court to ban their activities from our county and they must comply’!

@the bold, did Nigeria ban Binance operation in USA? Why are you asking primary 2 level question?

Such a kid.

GOFRONT:
$150m ......


This breeze blowing in Tornado........Be blowing fowl yansh open wa wa wa wa wa

😅🤣

LegendHero:
You are saying nonsense. You don’t know anything about jurisdiction.

Nigeria has jurisdiction over Binance the moment Binance start transacting business with us.

—They are subject to SEC and CBN regulations because they deal in finance. Just like any financial firm.

— Anti-Money Laundering (AML) and Tax Laws

— Effect doctrine. You transact with our citizen and your action is causing economic sabotage. We can claim jurisdiction to try you.

Lastly, the effect of all this is that we can Ban Binance by law from transacting with Nigerian citizen, impose sanctions and fine, and then we can arrest their representative on our soil. If they fail to respond to query, we can use international agency like Interpol to nab them.

Go to your lawyer again and ask what is called jurisdiction in this instance.

Binance does not operate under Nigerian laws. Stop writing rubbish.

So why have we not taxed Binance? How much did Binance pay as tax to Nigeria last year? Can you give the figure? What is Binance's Nigeria shareholding and corporate structure?

All you need to know if you are making sense is to compare the Twitter saga with Binance. After Nigeria banned twitter, did Twitter open an office in Nigeria or start paying tax? Were Nigerians not accessing twitter using VPNs?

Nigeria can ban binance from transacting within the Nigerian space and not from transacting with Nigerian citizens. Nigerians still have millions of dollars on Binance till today despite all the fracas that happened.

Binance cannot be subject to SEC and CBN regulations when they are not a registered entity in Nigeria

Go and read up on what is called jurisdiction. Jurisdiction starts from having physical presence and legal existence. You are so offpoint
So has Nigeria received any data from Binance since then?

What Ribadu and co did was a shakedown and not law enforcement. Go and read what Gambaryan wrote on his page. That's why Kenya refused to extradite Najeem to Nigeria

Every sane person knows that. After their failed charade, the naira never improved even after banning crypto.

Gambaryan off mic jare....everyone knows the truth...only imp0tent imbec1les refuse to know or deliberately deny in foolishness.

InfoGuru118:
https://news360ng.com/how-tinubus-govt-demanded-binance-users-date-to-targeting-opposition-ex-binance-executive/

Lol...I hope no one is reading what this ignoramus is writing and accepting it as knowledge.

First off, according to International data privacy conventions, countries only have jurisdiction on data where the servers from which the information being requested are domiclied in such a country or terminated in such a country. For instance, if I operate a business in Guyana and my servers are resident there but I have customers who use my services in Nigeria but such services are accessed using a private medium(e.g. VPN) that is not domiciled in Nigeria, the Nigerian government has no right to request for any private information of my customers, even if they are residents of Nigeria. That has been established. That is why most countries request for an onsite server for most internet based entities. The moment dude stated "online and offline", I knew he was a complete ignoramus at that point, with no idea of what he was writing about.

The Binance guys were right, they knew International law more than the buffons parading as security/intelligence operatives on Nigeria, including the NSA. So long as their servers were not domiciled in Nigeria, they have no obligation to hand any info to Nigeria's govt.

On China, I know China has restricted (not banned) the use of Face book/Twitter/Whatsapp and a host of other American/Western apps in China but you could still access them via VPNs so long as they are VPNs with servers in China(i used this). The reason for the restriction was because China asked that the servers of those companies be domiciled in China and access for data made available to the Chinese government but they refused.

LegendHero:
They ban it in their country. You have the right over what Binance does within your territory whether online or offline.

If Nigeria customers use Binance, then we can question Binance and request for data on matters of national security. If they fail to respond, we can use the court to ban their activities from our county and they must comply’!

@the bold, did Nigeria ban Binance operation in USA? Why are you asking primary 2 level question?

Ojuntana:
Binance does not operate under Nigerian laws. Stop writing rubbish.

@the bolded, why did Binance CEO respond by removing account based on our law enforcement under the AML if we don’t have jurisdiction?

They operate under our law on our land. Any CBN and SEC requirement must be adhered to by them.

That is exactly why we can ban them from transacting on our space.

I do not read the rest of your jargons coz it’s useless if you can’t even understand basic international governance.

LegendHero:
Nigeria have the right to demand user data and that is not Binance business what Nigeria chose to do.

Trump currently is using DOGE to get data from all agencies and using it to expose opposition democrats.

Will Binance deny Trump access if he need American data to nab democrats?

If we have intel that opposition are purposely committing economic terrorism through Binance, we have the right to ask for data.

Can you expatiate on the bolded

Lol....the guy called LegendHero is an illiterate pretending to have any knowledge. The funny
thing is some people on Nairaland are hailing him, thereby giving him false impression of being knowledgeable.

Ojuntana:
Binance does not operate under Nigerian laws. Stop writing rubbish.

So why have we not taxed Binance? How much did Binance pay as tax to Nigeria last year? Can you give the figure? What is Binance's Nigeria shareholding and corporate structure?

All you need to know if you are making sense is to compare the Twitter saga with Binance. After Nigeria banned twitter, did Twitter open an office in Nigeria or start paying tax? Were Nigerians not accessing twitter using VPNs?

Nigeria can ban binance from transacting within the Nigerian space and not from transacting with Nigerian citizens. Nigerians still have millions of dollars on Binance till today despite all the fracas that happened.

Binance cannot be subject to SEC and CBN regulations when they are not a registered entity in Nigeria

Go and read up on what is called jurisdiction. Jurisdiction starts from having physical presence and legal existence. You are so offpoint
So has Nigeria received any data from Binance since then?

What Ribadu and co did was a shakedown and not law enforcement. Go and read what Gambaryan wrote on his page. That's why Kenya refused to extradite Najeem to Nigeria

Lol...dont let him know yet. Let him continue to dance naked.


DOGE is a US government set-up under its jurisdiction. BINANCE is a private entity.

jaephoenix:
Can you expatiate on the bolded

LegendHero:
@the bolded, why did Binance CEO respond by removing account based on our law enforcement under the AML if we don’t have jurisdiction?

They operate under our law on our land. Any CBN and SEC requirement must be adhered to by them.

That is exactly why we can ban them from transacting on our space.

I do not read the rest of your jargons coz it’s useless if you can’t even understand basic international governance.

The fact that you don't even know what Nigeria's anti-money laundering laws say already gives you away as an ignoramus. AML is a crime and the penalty is not banning of accounts or blocking the accounts

You are simply mixing things up. Money laundering as a crime in Nigeria has penalty of 3-7years imprisonment. Removal of accounts is not a penalty for money laundering in Nigeria.

Of course there can be cooperation. Twitter started banning some users in Nigeria after it agreed to cooperate with Nigerian govt on some issues

That does not mean they are bound by Nigerian laws. According to Nigerian laws, if a bank or any financial institution aids and abets money laundering, the executives of the banks and the banks are liable to conviction and fine or imprisonment.

So if Binance was bound by our laws according to the screenshot you released, the Binance executives should be in jail right now or at least on the road to jail for aiding and abetting while Binance should be fined and not just some banning that can be truncated using VPN

Another Nigerian laws expects financial institutions to report personal transactions exceeding 10m to NFIU. I'm sure you know how many Nigerians with the volume of dollars in their binance accounts have made such transactions. How many have Binance reported to NFIU


And your screenshot even says international law enforcement which means it might not necessarily be Nigerian law enforcement

Legendhero has been found out to be a capital IGNORAMUS on this thread...

Helineus was found out to be an illiterate on one thread

Casuaobserver was found out to be a poorly educated and ignorant fellow on one thred

EmperorCaesar was found out to be a buffoon on one thread

One by one they will inadvertently expose their ignorance and buffoonery for all to notice.

JAWBONE:
Ribadu, Tinubu and APC will surely get their reward

And surely they will

Blazetrailer:
Lol....the guy called LegendHero is an illiterate pretending to have any knowledge. The funny
thing is some people on Nairaland are hailing him, thereby giving him false impression of being knowledgeable.

Lol

Mr Gambaryan might be right that legislooters demanded such an amount from him, if his business wasn't a monkey business why would they test him by demanding such an amount from him. While corruption is still high in Nigeria, our legislators are not that corrupt any longer. This is not 2001- 2003 or that era.

Crytocurrency is a real shit business, with no regulatory authorities, companies like Binance are just charging people anyhow. every transaction is charged, their charges are rather too high. You are speculating on a fund that does not exist. Unless it evolves to something useful, it will die a natural death in the course of time. Yes, people like Mr Gambaryan are the real criminals because they promote a business that does not exist, like Madoffs of this world.

Your observation @Blazetrailer is apt and factual.

However, something happened after the Dollar Exchange rate (FX rate) plummeted
down " Government realized that they could make more Naira revenues" and has maintained the dollar ($) - Naira (N) exchange rate high to enable Government declare revenue windfalls.

The TUC President Mr. Festus Osifo noted the same cosmetic revenues windfall and stated in his Channels TV interview that ;

1, Most of the taxes in the Oil & Gas Sector is earned in Dollars e.g Petroleum tax, Royalties and levies.

2, At an exchange rate (N1,500 - $1) in 2024 moving from (N780 - $1) Pre PBAT Administration accruable revenues to Government would double x2.

An example is Petroleum tax at $500,000 @ N780 rate =N390,000,000 [/b]Revenue before devaluation.

Then same Petroleum tax [b]$ 500,000 @ N1500 =N750,000,000 Revenue after devaluation. Creating a humongous revenue windfall in Naira value.

3, FAAC allocation in Naira has improved mainly based on collections and devaluation. Devaluation affects the price of products and services which raw materials, additives or implements are imported.

Customs Import Duties rates were moved from FX rate of N750 - $1 to N1,400 -1 in 2024 as such accounting for the humongous revenues declared by our Customs.

Recall that during the Presidential Media Chat PBAT declared that he didn't receive any revenue from for Oct., & Nov.,2024 and Government was able meet it's obligations of FAAC without NNPC based on the humongous taxes, duties and levies the FIRS & Customs were able to generate.

4, With the current positioning of our Economy, if the FX rate drops geometrically against the naira e.g from N1,500 to like N800, FAAC will reduce significantly and Governors will protest as salary obligations would be affected.

5, With an Foreign reserve of over $38B, The CBN can comfortably defend the Naira to N600 -1. However if it's done it becomes counter productive.

It's just cosmetic revenue windfall, the TUC knows this,NLC knows it and the Revenue Generating Agencies know this too.

Blazetrailer:
Lol....Spot on. I have been saying this here for more than 2 years. The "floating" of Naira was a miscalculation disguised as reforms. Someone or some people gave the government a wrong advise, and Tinubu, being a someone who does not camly review things, in his quest for personal glory, just like for many things he knew nothing about but took as his personal achievements, rushed to devalue the currency. They did not expect it to get this terrible. A pointer to that is when both the Minister of Finance was boasting that Naira would not ecred 700/800 if it was "floated"....it is been 1700 for nearly 2 years. They dismd not think it deeply. They miscalculated.

I knew all the narratives that came after about people manipulating the exchange rates or saboteurs destroying nairal value were manufactured by the givernment to cover thier ineptitude.

As well, all the stories about Buharis govt using $2billion to defend the Naira monthly as a justification ti "float" naira were nothing but hogwash to hide away their cluelessness after the initial blunder. I dont believe anything this govt says.

More truth will come out after this government is booted out