Kaixo,
Victoria from Techpoint here,
Here's what I've got for you today:
- Binance exec sues EFCC over unfair detention
- Uganda detains nine officials over $16.87 million central bank hack
- Tanzanian billionaire launches meme coin $TANZANIA
Binance exec sues EFCC over unfair detention
A Federal High Court in Abuja has set March 20, 2025, to hear a compensation case filed by Binance executive Tigran Gambaryan against Nigeria’s National Security Adviser (NSA) and the Economic and Financial Crimes Commission (EFCC). He claims he was unfairly detained in Nigeria and wants compensation for the hardship he faced.
Back in early 2024, the Nigerian government accused Binance of messing with foreign exchange rates and cracked down on crypto platforms. Gambaryan and another Binance exec, Nadeem Anjarwalla, flew in for a meeting with officials in February, but things took a turn when both were detained. Anjarwalla later managed to escape, but Gambaryan remained stuck in custody.
Gambaryan’s lawyers argue that he was just an employee, not a decision-maker at Binance, and that Nigerian authorities were holding him as a bargaining chip. Meanwhile, the EFCC and the Federal Inland Revenue Service (FIRS) charged Binance and its executives with tax evasion, money laundering, and forex violations.
After months in detention, Gambaryan’s health reportedly worsened, and in October 2024, a judge dropped the money laundering charges against him. The EFCC even admitted his condition had become so bad that he struggled to walk without help. Despite this, the case against Binance is still ongoing.
Now, Gambaryan is taking legal action against the Nigerian authorities, claiming his detention was unlawful and demanding compensation for the stress it caused him and his family. His legal team says he was held illegally both before and after a court order expired.
The NSA and EFCC are pushing back, saying they acted within the law and asking for more time to submit additional evidence. The judge agreed to give all sides time to finalize their filings, setting the next court session for March 20, 2025.
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Uganda detains nine officials over $16.87 million central bank hack
Uganda’s police have arrested nine officials from the Ministry of Finance over allegations that they hacked into the central bank’s electronic system and stole a whopping USh 62 billion ($16.87 million).
Both the police and the finance ministry confirmed the arrests, and it looks like this is one of the biggest financial fraud cases Uganda has seen in a while.
This whole drama started back in November 2024 when State Minister for Finance, Henry Musasizi, admitted that reports about the central bank being hacked and money vanishing were true. At the time, the details were still sketchy, but now, things are unfolding fast.
Among those arrested is a top official from the ministry’s Treasury department, along with several officers from the accountant general’s office. The finance ministry confirmed on X (formerly Twitter) that these officials had been summoned and detained by the Criminal Investigations Department to help wrap up the probe. However, they didn’t drop any names.
But don’t worry — police spokesperson Kituuma Rusoke did the honours. Speaking on NTV, he revealed that nine people had been taken in and even listed their names, including that of the senior Treasury official. The accused, however, haven’t made any public statements yet, and for now, they’re unreachable.
According to reports from the state-owned New Vision newspaper, the hackers, calling themselves "Waste," somehow managed to break into the Bank of Uganda’s IT system and illegally transfer funds. The big question now is — how did they pull this off under the watch of the country’s financial gatekeepers?
With $16.87 million missing, you can bet this case isn’t going away anytime soon. Investigations are ongoing, and more details will likely emerge. One thing’s for sure — this scandal is shaking things up in Uganda’s financial sector.
Tanzanian billionaire launches meme coin $TANZANIA
Tanzanian billionaire Mohammed Dewji has just launched Tanzania Coin ($TANZANIA), a new cryptocurrency aiming to put Tanzania on the map for crypto adoption in East Africa, per Daily News. He’s assuring everyone that it’s 100% legit — no scams, no hacks, just a bold step into the future of digital finance.
He’s taking cues from other countries that have successfully integrated crypto into their economies and hopes Tanzanians will embrace this innovation. Excited about the launch, he said, “The future of digital finance starts here!”
Dewji, or “Mo” as he’s popularly known, is the CEO of MeTL Group, a massive conglomerate involved in manufacturing, agriculture, and finance. He’s also big on philanthropy and pushing innovative ideas that boost Tanzania’s economy. Now, he’s betting on crypto to drive even more growth.
Here’s the thing — Tanzania still doesn’t have clear rules around crypto. Cryptocurrencies aren’t recognised as legal tender, and the government’s been pretty cautious about them.
In 2021, they set up a task force to look into blockchain, but there haven’t been any official policies yet. So, while this could be a big opportunity, it’s also risky. Without solid regulations, investors and users might be unsure about the safety and legality of it all.
We’ve seen this play out before. In January 2025, Donald Trump launched a meme coin, $TRUMP, which blew up to a $14.5 billion market cap before crashing. While those behind it made millions, many small traders lost big. It also raised questions about ethics and transparency, especially for someone with political influence.
For Tanzania, Dewji’s crypto move could be a game-changer, but the lack of regulation makes things uncertain. If the government sets up clear policies, it could help the country lead in digital finance. Until then, $TANZANIA is a bold but risky bet, and only time will tell how it plays out.
In case you missed them
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Have a fantastic Thursday!
