SBM Intelligence emphasized that detaining foreign business officials could make it challenging for the country to attract investors.
SBM Intelligence, an Africa-focused risk consultancy firm, has warned that Binance CEO Richard Teng’s bribery allegations against Nigerian government officials could impede the country’s foreign investment efforts.
In its assessment of recent events and their economic implications, which was shared with media publications, SBM Intelligence noted that the circumstances surrounding the detention of Binance officials in Nigeria send a discouraging message to foreign investors, potentially undermining confidence in the country’s investment landscape.
On Tuesday, May 7, Cointelegraph reported that Teng alleged that some unknown persons sought a cryptocurrency bribe from its executives, Tigran Gambaryan and Nadeem Anjarwalla, before their detention on Feb. 28, 2024.
