Amidst allegations of bribery made by Binance's CEO, Richard Teng, against Nigerian government officials, the government has swiftly refuted the claims, labeling them as baseless and part of a diversionary tactic.

In an official statement released by Rabiu Ibrahim, the Special Assistant to the Minister of Information and National Orientation, the Nigerian government dismissed the allegations, stating they lack any substance and are merely an attempt by Binance to divert attention from the criminal charges it faces in the country.

Ibrahim characterized Binance's accusations as a "diversionary tactic and an attempted act of blackmail," emphasizing that the company is under investigation for alleged involvement in money laundering, terrorism financing, and illegal trading activities.

Earlier, Binance's CEO, Richard Teng, had alleged that Nigerian government officials demanded a $150 million bribe in cryptocurrency to halt investigations into the company's activities and release detained executives. Teng's blog post called for the release of two Binance executives and criticized the Nigerian government's actions.

However, Ibrahim reiterated that the Nigerian government remains committed to its investigations and will not be swayed by Binance's claims. He emphasized the importance of following due process and urged Binance to cooperate fully with the investigations.

"We would like to remind Binance that it will not clear its name in Nigeria by resorting to fictional claims and mudslinging media campaigns. The only way to resolve its issues will be by submitting itself to unobstructed investigation and judicial due process," Ibrahim stated.

The Nigerian government affirmed its stance to act within its laws and international norms, refusing to succumb to any form of blackmail from any entity, local or foreign.

As the situation unfolds, the allegations and counterclaims underscore the complexities and challenges facing Binance and its operations in Nigeria, as well as broader issues surrounding regulatory compliance and government oversight in the crypto industry.