SBM Intelligence, a risk consultancy firm, has claimed that the alleged bribery request made by Binance’s CEO Richard Teng against government officials in Nigeria could jeopardise investor interest in the country.
According to SBM Intelligence, the circumstances leading to the detention of Binance officials in Nigeria have also been a negative signal to foreign investors in its analysis of recent events in the country and the potential impact on the economy, according to Nairametrics.
Although the Nigerian government has denied this allegation, SBM believes that it is necessary to thoroughly investigate and prosecute any official found culpable.
“Accusations of bribery involving high-profile government officials like those in the Tinubu Administration can further damage the country’s reputation and that of the administration itself.
“Such allegations can undermine investors’ trust in the government’s integrity and ability to conduct fair and transparent business dealings.
“When government officials are perceived as corrupt or willing to engage in unethical behaviour, it can deter foreign investment, undermine the rule of law, and hinder efforts to combat poverty and inequality,” the consulting firm said.
SBM Intelligence noted that the Government of Nigeria has shown its opposition to anything related to cryptocurrencies, it’s however in contrast to the view of the citizens.
“The truth is Nigeria has a love-hate relationship with cryptocurrencies. individual citizens love them because of the investment and transaction opportunities they present, but the government and their agencies hate them because they take away the power of control,” it said.
The company pointed out that two Binance executives had been detained by the Nigerian Government for over two months, although one managed to escape.
SBM Intelligence observed that President Bola Tinubu has been traveling to various countries since he took office to convince investors. However, it stated that it would be difficult for a country to attract investors by detaining foreign business investors.
“No matter the allegations against Binance, it is essential to remember that the story of one foreign Business will serve as a cautionary tale to others. if Nigeria is tagged as a country where company officials can be solicited for bribes and then detained indefinitely, convincing investors to invest will become exceedingly challenging, ” it added.
The consulting firm further noted that the current narrative of the arrest of Binance’s executives is a red flag to the Nigerian government, and it would be best if the Bola Tinubu administration worked together as a team in to resolve this matter swiftly fairly, and diplomatically.
Recall the CEO of Binance Richard Tenge, had on Tuesday, May 7, accused some unknown government officials of demanding bribes from its executives Tangar Gambaryan and Nadeem Anjarwalla with crypto before their detention on February 28th, 2024.
