I Regard Okowa, My Running Mate, As President In-Waiting – Atiku

June 17, 2022

Presidential Candidate of the Peoples Democratic Party (PDP), Alhaji Atiku Abubakar has said that he had been making it clear all along that whoever was going to be his running mate ahead of next year’s election should have the quality of succeeding him as President at a drop of hat.

He said that during his wide consultations with stakeholders, he had continued to make it clear that “my running mate would have the potential to succeed me at a moment’s notice, that is, a President-in-waiting.
“In other words, the person must have the qualities to be President. The person must have an appreciation of the deep rot which our country has been put into by the rudderless APC government; understands the great suffering that most of our people are going through and the urgency of relieving them of that suffering; understands the critical importance of economic growth and development to provide our young people with jobs, hope, and a pathway to wealth.”
Full text of Atiku’s speech on the choice of the current Delta State Governor, Ifeanyi Okowa as his running mate for the 2023 Presidential election, is reproduced here:

Let me begin by, once more, commending our great Party for organizing and concluding, arguably, the best and rancour-free Convention, which produced me as our flag-bearer for the next year’s Presidential Election.
Once more, I commend my fellow aspirants in that contest. I thank them for their sportsmanship. They put up spirited fights because they cared for our country. I have personally gone around to thank them and to seek their cooperation for the struggle ahead.
Party unity is critical not only for us to prosecute a winning campaign but also to provide good governance that our country seriously deserves and our people earnestly yearn for. The task of winning the coming elections will be a tough one and we must not take anything for granted.
With the convention behind us, we have arrived at the stage for me to pick a Running Mate because this is a joint ticket. I am very happy to announce today that I have reached a decision on that.
In arriving at the decision, I held wide consultations with various stakeholders in our party including our Governors, National Working Committee, Board of Trustees, and other leaders to seek their inputs and their wisdom.
In these consultations, I made clear that my running mate would have the potential to succeed me at a moment’s notice, that is, a President-in-waiting.
In other words, the person must have the qualities to be President. The person must have an appreciation of the deep rot which our country has been put into by the rudderless APC government; understands the great suffering that most of our people are going through and the urgency of relieving them of that suffering; understands the critical importance of economic growth and development to provide our young people with jobs, hope, and a pathway to wealth.
The person must appreciate the critical importance of education in the development of modern societies so we can prepare our young people to be able to compete in the increasingly competitive and globalized world.
My running mate must understand that without security, development will be very difficult because local and foreign investors who have been scared away already, would not return to invest in our economy. Thus, my running mate will be a person who will stand by me as I confront the frightening level of insecurity in our land.
As you know, the APC government went to sleep as huge swathes of our country’s territory fell into the deadly hands of gangs of criminals, including those masquerading as freedom fighters or pastoralists, while our farmers and genuine pastoralists are unable to go about their businesses. The costs in precious human lives and properties have been enormous. My running mate must also not only symbolize the imperative of reuniting our country but also be able to work with me to achieve that objective. This is because a united Nigeria is a potentially stronger, more prosperous, and more secure country able to lead Africa and give hope to the Black race.
In addition, my Running Mate has to be someone who is not afraid to speak his mind and give honest advice, and be by my side as I work very hard to reverse the destructive impact of the past seven years of the APC government.
In the United States of America from where we borrowed key aspects of our current Presidential system, a running mate is used to balance the ticket, complement the candidate and, after victory, assist the President with governance. Sometimes a candidate is chosen who generates a buzz and adds huge excitement to the campaign.
But today in Nigeria, we face huge challenges which leave us little room for drama. We have to win the elections and get to work immediately. My running mate has to be ready to start working with me, from day one, in addressing our country’s challenges. Nigerians will not accept anything less. That is why I promised the Governors of our party that my running mate will come from among them. Our current challenges call for a government that is highly focused and disciplined.
I have sought for the support, guidance, and counsel of the PDP in selecting a befitting Running Mate who meets all or most of the qualities enumerated above. The wisemen and sages of the Party, put together by our NWC, have gone fishing and brought home an enviable group of awesome politicians that surpasses these qualities. Every one of the recommended persons is a fit and proper individual to hold this office. While this makes me marvel at the bundle of talents that abound in our Party, it also compounded my task of choosing a single person from among them.
Let me therefore pay tribute to my Party and, most especially, to all those that made the shortlist that must now be narrowed down to a single person. They are all dedicated party-men suitable for this task. I wish all the recommended persons could be announced today as my Running Mates. Unfortunately, only one MUST be chosen.
It is a difficult decision that I am called upon to take. But, as someone hoping to lead a complex country such as ours, tough and difficult decisions would remain a part of my everyday life.
Let me, therefore, start this momentous journey with a crucial decision about who, among the eminently qualified shortlist, would be my Running Mate.
Accordingly, let me state that the person I have chosen as my Running Mate possesses all those identified qualities. He personifies not only the seriousness the current moment represents for our country but also the future that our young people yearn for and deserve. He is a serving State Governor who has demonstrated, in his State and through his conduct, that governance is about service to the people.
I know that he will not only add excitement to our already energized ticket and campaign, but will also help to bring focus, discipline and stability to our government, come 2023. I am pleased, therefore, to announce here my choice of Running Mate who will help to lead us to victory next year not only in the Presidential election but also in the governorship and legislative elections. And he will be by my side as I work hard every day to provide our people with security, revive our economy, improve education and unite our country. He has both Legislative and Executive experiences. Please join me in welcoming to the ticket the next Vice President of the Federal Republic of Nigeria, His Excellency Governor Dr. Ifeanyi Arthur Okowa.
You know him to be a fighter; you know him to care about winning; you know him to care about good governance; and you know him to care about our people. Now, my dear friends, let’s do the disciplined hard work necessary to win this election. Let’s go. Thank you very much.

I Wanted Person, Like Gov Okowa, That Can Stand By Me To Govern – Atiku

Editorial staff

June 16, 2022

The Presidential Candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, has said that he decided to choose Delta State Governor, Ifeanyi Okowa, as his running mate because he is sure that he will stand by him in all conditions to rule Nigeria if he is elected next years.

Atiku, who spoke today, June 16 as he unveiled Governor Okowa as his running mate ahead of 2023 election, said that all along, he was searching for a running mate, and that he made sure that the person “must be a person who will stand by me as I confront the frightening level of insecurity in our land.”

He described Governor Okowa, who is spending his second term as governor of Delta State, as someone who is unassuming.

According to Atiku, he chose Okowa against two other persons who the PDP presented to him: Governors of Rivers and Akwa Ibom states, because he believed that he (Okowa) understood the great suffering that Nigerians are going through and the urgency of relieving them of that suffering, understood the critical importance of economic growth and development to provide young Nigerians with jobs, hope and a pathway to good living.

He acknowledged that Okowa has been widely credited to have invested heavily in the education sector, saying: “the person must appreciate the critical importance of education in the development of modern societies so we can prepare our young people to be able to compete in the increasingly competitive and globalized world.”

Atiku said that his running mate “must understand that without security, development will be very difficult because local and foreign investors who have been scared (away) already will not return to invest in our economy.

“Let me say that the person I have chosen as my running mate possesses those identified qualities, he personifies not only the seriousness the current moment represents for our country, but also the future that our young people yearn for and also deserve.

“He is a serving governor, who has demonstrated that governance is about service to the people. I know that he will not only add excitement to our already energized campaign, but will also help to bring focus, discipline and stability to our government come 2023.

“He will be by my side as I work hard everyday to provide our people with security, revive our economy, improve education and unite our country. He has both legislative and executive experience.”

Peter Obi Cannot Win Election To Be President Of Nigeria Because He’s Stingy – Mbaka

Editorial staff

June 16, 2022

Priest and founder of Adoration Ministry of the Enugu Catholic Archdiocese, Rev. Fr. Ejike Mbaka, has made it clear that former Governor of Anambra State, Peter Obi is too stingy to win election to become the President of Nigeria as the presidential candidate of the Labour Party (LP).

Father Mbaka’s preaching which was released by the BBC Igbo, implied that Peter Obi has been busy spreading poverty while stashing billions of his money in foreign land.

He warned those supporting Obi to stop wasting their money as the man is not prepared to be president going by his pretentious life style.

He lamented that Obi is not concerned about the plight of the people around him, declaring that he’s under a curse and only an apology can undo the curse.

“A stingy man, that cannot give people his money, with this hunger ravaging the land, and you are saying he is the one you want. Do you want to die of hunger? Are you people insane? Where is the Holy Spirit?

“It is now that Atiku is seriously contesting for President; now that he is contesting without Peter Obi; it is now that he is serious? We want somebody that is serious. Unless Peter comes here to kneel, if he becomes President, he will close down this ministry. What we are doing is spiritual.”

Mbaka who once delivered scathing attacks on Obi in the run up to the 2019 presidential election, when Obi was Atiku’s running mate, further declared, “Listen, a good old man is better than a young wicked man; Peter Obi is going nowhere as far as God lives. If Igbos want a representative, it is not someone like Peter Obi.

“I should not have talked but I saw my video going around everywhere as if Fr. Mbaka wholeheartedly came out and apologized. No, I didn’t apologize wholeheartedly, it was out of duress. I had to obey my Bishop, in obedience I had to, it is not of my volition. I did it because I am a Catholic Priest, my Bishop said, do it, my own is ‘Yes my Lord’.

“I did not say he is a bad man; I said he is a stingy man. A hungry man wants someone that is generous; the man has so much money, but he is ‘I, me, myself’. But that money will not be useful to him. I am very happy now that I have spoken out. That apology is a poisonous curse against Peter Obi,” he added.

Warning Obi, he said, “If he is wise, he should have come here after that apology to say he is sorry but he waited. Anybody supporting him is wasting his money, he is going nowhere.

“He is my friend. When he was chased out of Government House, he knew the role I played to bring him back, but how did he pay me back? Night meetings we attended to bring him back, ask him, ask Eselu Uga, ask Archbishop Anikwenwa, they know where and how we did it and he was brought back,” he pointed out.

He challenged people to, “Ask Peter since then what he used to reward Adoration. If you like Peter Obi, tell him to come and ask for forgiveness. Let him come and redo what he did. There is an altar of God he blasphemed; he defiled an altar of God, the Holy Spirit.

“I called Atiku after that apology, he was in Dubai, I told him that there is a revelation on your presidential election; that you are going to be the President of Nigeria on one condition, that Peter Obi is not going to be your running mate. Peter Obi has incurred a curse to himself, which means that he is carrying a curse; if you want to be President, change him.

“Atiku responded that I cannot, Peter must be my running mate, we must win. You saw what happened. Atiku is still alive. That is why I said it is now that Atiku is preparing to be President.

“Just like Jonathan, I called him, God has shown that you are going to win this election but on one condition; Jega should be changed. If you change Jega you will win Buhari, but if you don’t, Buhari will win you. Goodluck told me, ‘Fr. I will not remove Jega, we will still win’. He held on to Jega and failed.”

The latest attack which video is making the rounds will bring back fresh memory of the pre-2019 presidential election episode, when Obi refused to make donations to the Adoration Ministry despite repeated entreaties and pleas from Mbaka, forcing the fearless yet controversial priest to declare his endorsement for Buhari/Osinabjo ticket.

He later declared Atiku/Obi will be defeated, which put him into troubled waters with the Catholic authority.

Obi is in far away Egypt in a trip he said he embarked on to understudy Egyptian electricity sector.

But he has come under heavy criticisms for it with emerging news that he lied about the purpose of the trip to score cheap political game.

Emergence Of Gov Okowa As PDP Presidential Running Mate Good For Igbos – Delta SSG

Editorial staff

June 16, 2022

Secretary to Delta State Government (SSG), Patrick Ukah has said that the emergence of Governor Ifeanyi Okowa as the running mate of Atiku Abubakar in the opposition Peoples Democratic Party (PDP) ahead of next year’s election is good for Igbo-speaking Nigerians from the Southeast region.

Patrick Ukah, who spoke during an Arise TV interview today, June 16, said that it would be a win for the Southeast if Okowa eventually emerges as Vice President because he (Okowa) hails from the Igbo-speaking part of Delta.

According to him, Gov Okowa will be a very strong representation of the Southeast in Atiku’s presidency in the event that they win the February 25 presidential election.

“I don’t want to believe that is going to be an issue. Before I came into government, I was the Secretary-General of Oganihu-Anioma, the professional arm of the Igbo-speaking Deltans.

“Senator Ifeanyi Okowa’s father was a front-liner in the Anioma movement and Anioma is the Igbo-speaking part of Delta State and that is where Okowa is from.

“So, if anybody makes a statement and now said that Okowa is not part of them, that would be very injurious body polity because I believe that we are all one. If Okowa is from one part that makes up Delta State and the Igbo-speaking part that is Anioma, which is an Igbo-speaking part of Nigeria, an average Igbo man should be happy to see Okowa Vice Presidency and I believe that that is not going to be an issue because over the years.

“Even when we operated with people like Ogbonnaya Onu and the others, we have always argued that this language of Bendel-Igbo and Anambra-Igbo would not be good for us because we are looking for the number and we represent that number across the Niger.

“The majority of those who live in the capital territory are all from across the Niger and we have lived as brothers and sisters and we all mingle, they build houses here and we stay together.”

Atiku haad, earlier today, June 16, announced Okowa as his running mate at the PDP headquarters in Abuja.

In his speech, the PDP presidential candidate said that making a choice among the three potential running mates, shortlisted by the party’s leadership was a tough decision for him.

The PDP was reported to have earlier shortlisted Rivers State Governor, Nyesom Wike; Akwa Ibom State Governor, Emmanuel Udom, and Governor Okowa of Delta State for screening as Atiku’s running mate.

Atiku said: “It is a difficult decision that I was called upon to take. But, as someone hoping to lead a complex country such as ours, tough and difficult decisions would remain a part of my everyday life.

“Let me, therefore, start this momentous journey with a crucial decision about who, among the eminently qualified shortlist, would be my running mate.

“Accordingly, let me state that the person I have chosen as my running mate possesses all those identified qualities.

“He personifies not only the seriousness the current moment represents for our country but also the future that our young people yearn for and deserve.

“He is a serving state governor who has demonstrated, in his state and through his conduct, that governance is about service to the people.”

Nigeria’s Minister Says In Canada: Nigeria Has 44 Minerals In Commercial Quantity

Editorial staff

June 16, 2022

The Nigeria’s Minister of Mines and Steel Development, Olamilekan Adegbite, has said that Nigeria is blessed with 44 different types of minerals in commercial quantity in over 500 locations in the 36 states and the Federal Capital Territory (FCT).

Speaking during the Nigerian Day at the 2022 Prospectors and Developers Association of Canada (PDAC), International Convention, Trade Show and Investors Exchange in Toronto, Canada, the minister said that these minerals broadly cut across the various mineral spectrums, adding that these deposits are in five categories, according to their uses.

He said that they include baryte, kaolin, gypsum, feldspar, limestone, energy minerals such as coal, bitumen, lignite, uranium. Others are: metallic ore minerals, such as gold, cassiterite, columbite, iron ore, lead-zinc, copper; construction minerals such as granite, laterite and sand Under precious stones are: sapphire, tourmaline, emerald, topaz, amethyst, garnet among others.

“This clearly demonstrates the wide mineral spectrum we are endowed with, which offers limitless opportunities along the value chain, for job creation, revenue growth and among others. Nigeria provides one of the highest rates of return because its minerals are closer to the surface.”

He said that the first phase of mineral exploration project which was the National Integrated Mineral Exploration Programme (NIMEP), designed to rapidly generate bankable geoscientific data had been completed. He said the aim of the project was to de-risk the sector and attract high caliber investments, adding that target minerals under the first phase include gold, lead-zinc, iron ore, battery minerals, among others.

“The contractors have executed and completed the exploration works on Gold, Platinum Group of Elements (PGEs), Lead-Zinc, Iron Ore and Barites; results on Greenfields and Brownfields are on process to be declared for investment opportunities.” He said that the Federal Government of Nigeria had in its relentless commitment towards the sector provided support by putting up a strong policy and regulatory structure to attract development.

“That robust structure, line by line, is possibly our strongest argument today, for seeking to attract investment into Nigeria. Nigeria has been part of this event for several years because of our determination to see exponential growth of the mining sector’s contribution to our GDP more than it has done in the past forty years. We are here to collaborate and network with global leaders, professionals, investors, Chief Executives of junior, mid-tier and major mining companies.”

The minister said that the Federal Government had also commenced the process of retrieving Nigeria’s colonial geological data from the United Kingdom.

“We are engaging the British Geological Survey (BGS) to build a national electronic geo-data archiving management system to be called the Nigerian Geo-Data Center at the Nigerian Geological Survey Agency (NGSA). This will provide easy access to geoscience data for prospective investors on potential areas to target for exploration and mining within and outside Nigeria.

“Currently, there is an ongoing review of the Nigerian Minerals and Mining Act 2007. The aimed of the review is to bring legislation into conformity with global best practices, limiting the role of government to that of regulation and creating space for the private sector to maintain a more expansive presence in the sector.”
The minister’s speech is titled: ”The Mechanisms of Transparency and Commitment in Mining Governance as Tool for Attracting Foreign Direct Investment to Nigeria’’

Source: NAN.

Prof. Gambari Engages US Under Secretary In Aso Rock

Greenbarge Reporters

June 16, 2022

Professor Ibrahim Gambari, Chief of Staff to President Muhammadu Buhari meets with the United States Under Secretary of State for Political Affairs, Ms Victoria Nuland at the Aso Rock Presidential villa, Abuja, today, June 16.

Prof. Gambari, Ms Victoria; United States Ambassador to Nigeria, Ms Mary Beth Leonard; Deputy Assistant Secretary, West Africa and Regional Peace and Security, Mr. Michael Gonzales and others at the meeting.

President Buhari Loses Family Religious Teacher, Imam Sani

Editorial staff

June 15, 2022

Spiritual and religious leader of the family of President Muhammadu Buhari, Imam Sani Liman Rigassa is dead.

He died in Kaduna today, June 15.

Reacting swiftly to the demise of his family religious leader, President Buhari dispatched a powerful delegate to Kaduna to commiserate with the family.

The delegation, which was led by the Comptroller General of the Nigeria Customs Service and a long-time associate, retired Colonel Hamid Ali, included Senior Special Assistant to the President, Sarki Abba; Senior Special Assistant on media and publicity, Garba Shehu and the District Head of Dumurkul as well as the President’s nephew, Musa Haro Daura.

The deceased, who resided in the compound of President Buhari in Kaduna, also served as the religious instructor to his children.

Buhari described the deceased as “a natural versatile teacher,” who was fully integrated as a member of his family.

“He was an exceptional teacher and a kind soul,” President Buhari said, adding “we will greatly miss him, but Allah knows best.”

The President advised the family of the deceased to console themselves with the fact that the late Imam led a life worthy of emulation.

Malam Hussaini, who spoke on behalf of the family, thanked President Buhari for his generosity towards the late Imam and his family and prayed to Allah to give the administration a glorious end.

4 State House Operatives Emerge Outstanding Staff Of The Year

Greenbarge Reporters

June 15, 2022

Four operatives in the State House, otherwise known as Presidential Villa, described as exceptional workers, have been chosen as the best staff of the year.

They are Mohammed Khansila Ramalan, Deputy Director, Human Resource Management; Halima Shehu Kurra, Assistant Director, Accounts; John Okwori, Assistant Chief Executive Officer, Accounts and Tanimu Loddo, Head Steward.

A statement today by the Director of Information in the Presidency, Abiodun Oladunjoye, said that the choice of the best staff came as part of activities marking the 2022 Civil Service week celebration.

The recipients, according to Oladunjoye, were chosen based on, among others, unusual patriotic commitment to the civil service; length of service; productivity; integrity in service delivery; efficiency in service delivery; commitment and dedication to schedule duty and responsibility; personal impact; adherence to core values; as well creativity and innovation.

He quoted the Permanent Secretary in the State House, Tijjani Umar commending the recipients as the outstanding Staff, who, through innovation, patriotic commitment to the civil service and exemplary conduct in their various departments, have contributed to effective service delivery in the seat of government.

The Permanent Secretary announced that one of the recipients will be nominated for the national award, organized by the Office of the Head of Service of the Federation, to culminate in the activities marking the 2022 Civil Service week.

Tijjani Umar congratulated the recipients, even as he reminded civil servants of their vital role in nation building.

According to him, the service expects the best and loyalty from them at all times.

Despite Desperation To Rope Me-In On OPL 245 Saga, Foreign Courts Continue To Exonerate Me – Adoke

Greenbarge Reporters

June 15, 2022

Former Attorney General of the Federation and Minister of Justice, Mohammed Adoke has expressed happiness that foreign courts have continued to exonerate him from wrong doing attributed to by the Nigerian government over the OPL 245 transaction between Nigeria and JP Morgan Chase Bank.

Adoke reacted to the ruling of a United Kingdom commercial Court which concluded that there is no evidence of fraud in the OPL 245 transaction between Nigeria and JP Morgan Chase Bank.

The Commercial Court of England and Wales, yesterday, June 14, 2022 ruled on the matter in Case No CL-2017-000730 as contained in its 137-paged judgement.

An Italian court in 2021 also dismissed all corruption charges in the OPL 245 deal, discharging and acquitting all the defendants.

The US Department of Justice (DoJ) investigated the OPL 245 deal and brought it to a close in October 2019 without any charges.

In April 2020, the US Securities and Exchange Commission (SEC) said it could not prove any allegations of fraud or corruption and decided to close the investigation into the transaction.

An excited Adoke said that although he was not expecting a contrary judgment knowing well that he did no wrong while serving Nigeria, the ruling by foreign courts would now put to rest, baseless allegations levelled against him on the OPL 245 deal.

“I served Nigeria with all honesty and every sense of duty and patriotism, it is very gratifying that foreign courts have declared over and over again that there were no fraudulent or corrupt practices involved in the OPL 245 Settlement Resolution.”

The former minister lameneted that although, he was not a party in the suit, the Federal Government through the office of the Attorney General of the Federation, caused all manner of false depositions to be made against him to paint the transaction with the tar of corruption, in an attempt to justify the spurious criminal proceedings instituted against him in Nigeria.

“I am particularly pleased with the outcome of the suit because if it were to be Nigerian courts, I would have been accused of buying justice by my traducers, who are hell-bent on tarnishing my name and destroying me for political reasons.”

Adoke recalled that OPL 245 was awarded to Malabu Oil & Gas Ltd in 1998 by the military government of Gen Sani Abacha.

Adoke explained that the contract was revoked by the administration of President Olusegun Obasanjo in 2001, following which Malabu Oil & Gas Ltd went to court to challenge the action.

“In 2006, the administration of President Obasanjo opted for an Out-of-Court Settlement and returned OPL 245 to Malabu 100 per cent. This was the state of affairs when I was appointed Attorney-General and Minister of Justice by President Goodluck Jonathan in 2010.

“President Jonathan asked me, as the Chief Law Officer of the Federation, to give him legal advice on the validity and enforceability of the Out-of-Court Settlement entered by the Obasanjo Administration. After reviewing all the documents related to the oil block, I advised him that the Settlement Agreement dated 30th November 2006 had already been reduced into a subsisting Consent Judgment of the Federal High Court, Abuja.

“My involvement in the entire OPL 245 saga was carrying out the lawful directives/approvals of President Goodluck Ebele Jonathan, GCFR, to the effect that the Settlement Agreement was implemented.

“However, when President Muhammadu Buhari assumed office in 2015, some influential figures in his government deceived him into believing that Nigeria could get back the $1.1 billion that Shell/ENI paid to Malabu for OPL 245.

“But, as I have constantly reiterated, every action taken by me concerning the resolution of the controversies around OPL 245 and the eventual transfer of the oil block from Malabu Oil & Gas Ltd to Shell and ENI was done with the requisite Presidential Directives/Approvals and the best intentions for Nigeria.”

Collapse Of Stablecoin: Crypto Investor Sues Binance U.S. Exchange

Greenbarge Reporters

June 15, 2022

A U.S. investor, Jeffrey Lockhart has sued Binance U.S. and its CEO over allegation that the cryptocurrency exchange falsely marketed Terra USD as a safe asset ahead of the so-called stablecoin’s collapse in value last month.

Stablecoins are digital tokens pegged to the value of traditional assets, such as the U.S. dollar, and are popular as safe havens in times of turmoil in crypto markets.

But Terra USD’s value plunged last month, breaking its 1:1 dollar peg and contributing to a tumble in other crypto assets like Bitcoin.

In the lawsuit against Binance and Chief Executive Brian Shroder, Utah resident, Jeffrey Lockhart said Binance falsely advertised Terra USD as “safe” and backed by fiat currency, when in fact, it was an unregistered security.

Lockhart said Binance’s failure to register with the U.S. government as a securities exchange limits disclosure about assets traded on the platform, harming investors.

“Binance and other exchanges were critical enablers of this devastating failure to comply with the securities laws,” said Tibor Nagy of law firm Dontzin Nagy & Fleissig, which represents Lockhart.

“Crypto exchanges made massive profits by flouting securities laws and causing real harm to real people.”

A Binance spokesperson said the exchange is registered with the Financial Crimes Enforcement Network (FinCEN) – a unit of the U.S. Treasury Department – and complies with all applicable regulations.

“These assertions are without merit and we will defend ourselves vigorously,” the spokesperson said in a statement, adding that the exchange will delist Terra USD, a decision made before the lawsuit was filed. Lockhart is seeking to have himself and other investors who bought Terra on Binance registered as a class.

In a separate lawsuit in 2020, investors accused Binance of selling unregistered tokens and failing to register as an exchange or broker-dealer.

A federal judge in Manhattan dismissed that case in March, stating that the investors had waited until too long after their losses to sue and that U.S. securities law did not apply because Binance was not a domestic exchange. The investors are appealing.

Lockhart’s lawsuit, by contrast, targets Binance’s U.S. unit and comes just weeks after Terra USD’s collapse.

His suit comes after a bipartisan group of U.S. Senators last week proposed legislation to have the Commodity Futures Trading Commission (CFTC), not the Securities and Exchange Commission (SEC), play the primary role in regulating crypto.

The CFTC is generally seen as friendlier toward cryptocurrencies, as the SEC has found crypto assets should be seen as securities.Cryptocurrencies continued their slide on Monday, with Bitcoin touching an 18-month low and No. 2 token ether tumbling as much as 18 percent.

1...512513514...2,507 Page 513 of 2,507