Breaking

PICTORIAL 🇳🇬🚨: National Drug Law Enforcement Agency alerts parents over suspicious sachets circulating in Lagos following a major ₦5.8 billion drug bust, raising fresh concerns about child safety and illicit distribution methods. “I knew you’d crack that joke,” 😂 — Toyin Abraham reacts as Bovi Ugboma reenacts her viral moment with Funke Akindele at AMVCA 2026, fueling post-event buzz. BREAKING 🇳🇬🗳️: Adewole Adebayo emerges as presidential candidate of the Social Democratic Party for the 2027 general election, setting the stage for a fresh contest. Yorubaland Rejoices As Obafemi Hamzat Clears Final Hurdle, Set to Become Next Governor of Lagos BREAKING 🇳🇬⚡: Lagos State approves 14 electricity licences covering off grid generation, embedded power, independent distribution, metering services and interconnected mini grid operations across the state. “This is Aso Òfì, clearly Yoruba cultural wear, not Western wear” BREAKING 🇳🇬🗳️: Atiku Abubakar pays N90 million ADC nomination fee, confirming his 2027 presidential bid under ADC. BREAKING 🇳🇬⚡: Gunmen stormed the Transmission Company of Nigeria’s Offa 132kV substation in Kwara State, holding workers hostage at gunpoint and forcing operators to shut down critical electricity feeders. TCN said the attackers invaded the control room around 12:45am on Thursday, tampered with control equipment, and ordered a total shutdown of the facility before power was later restored gradually. The company has now declared force majeure on the substation following the attack. BREAKING 🇳🇬⚡: Gunmen stormed the Transmission Company of Nigeria’s Offa 132kV substation in Kwara State, holding workers hostage at gunpoint and forcing operators to shut down critical electricity feeders. TCN said the attackers invaded the control room around 12:45am on Thursday, tampered with control equipment, and ordered a total shutdown of the facility before power was later restored gradually. The company has now declared force majeure on the substation following the attack.

BUSINESS

Binance Founder, Changpeng Zhao Jailed in US, Becoming Richest Prisoner

May 1, 2024 • 2 min read

1st May, 2024

The founder of Binance, Changpeng Zhao, has been sentenced to four months in prison becoming the world’s richest prisoner with a personal fortune estimated at $43 billion.

Changpeng “CZ” Zhao was sentenced by a Seattle court on Tuesday after pleading guilty to violations of United States anti-money laundering and sanctions laws last year.

A US judge handed down the 4-month sentence despite prosecutors pushing for a 3-year term, as the court took into account the “positive nature of Mr Zhao’s past behaviour.

His prison sentence marked a stunning downfall for the former boss of the world’s largest cryptocurrency exchange.

Facing his trial, the prosecutors said Zhao allowed fraudulent activities to happen because it was the “best way to attract users, build his company, and line his pockets”.

The US Government said, “Zhao bet that he would not get caught and that if he did, the consequences would not be as serious as the crime.”

In response, Zhao’s lawyers argued he should not be sent to prison and stressed he was sorry for the harm caused by Binance.

The company was earlier this year ordered to pay $4.3 billion after an investigation found it had helped users bypass sanctions.

During his defence, Zhao apologised for his “mistakes” and said the company had been cooperating with the government’s investigations.

He said that once freed, he planned to develop education technology for underprivileged children.

The ruling comes weeks after Sam Bankman-Fried, Mr Zhao’s rival and former chief executive of collapsed cryptocurrency exchange FTX, was sentenced to 25 years for a multibillion-dollar fraud.