Welcome to this week’s 234Digest: Monday Edition—a roundup of essential updates on Nigeria’s economy, business environment, and cultural milestones. Published twice weekly on Wednesdays and Sundays (with a slight delay this week), I aim to bring you the stories shaping Nigeria.

In today’s edition, we explore the court-ordered forfeiture of assets linked to former Central Bank Governor Godwin Emefiele, the Netherlands’ plan to repatriate 113 Benin Bronzes, and UNESCO’s support for Nigeria’s creative industries. We also highlight the Central Bank’s decision to hold interest rates steady—a move that reflects Nigeria’s cautious approach to economic recovery—and a Photo of the Day that captures the evolving cityscape on Abuja’s outskirts. In our Catch Up segment, we take a closer look at Nigeria’s $81.5 billion lawsuit against Binance and its implications for the country’s digital economy.

It’s nearing 9:30pm as I hit send on this newsletter. Let’s dive in.

—Samuel Okocha, Editor & Curator, 234Digest

Word for word

Today’s brief

Court orders forfeiture of Emefiele’s assets

A Nigerian court has ordered the forfeiture of $4.7 million, ₦831 million ($553,000), and several properties linked to Godwin Emefiele, the former Central Bank Governor. The court in Lagos ruled that these were "proceeds of unlawful activity," following a motion filed by the Economic and Financial Crimes Commission (EFCC).

Emefiele, who was removed from office in June 2023, faces multiple charges of fraud and corruption. Earlier this month, another court voided the 2017 sale of Keystone Bank Ltd., alleging links to Emefiele. He denies all charges but remains under investigation as President Bola Tinubu's administration probes irregularities during his tenure.

Netherlands to return 113 Benin Bronzes to Nigeria

The Netherlands will return 113 Benin Bronzes looted during the British punitive expedition of 1897 to Nigeria's National Commission for Museums and Monuments. This marks the largest repatriation of Benin artifacts directly linked to that expedition.

“This restitution contributes to redressing a historical injustice,” Eppo Bruins, Dutch Minister of Education, Culture and Science, said in a government press statement. Nigerian officials hailed the move as a milestone in global efforts to return looted cultural heritage.

UNESCO strengthens Nigeria’s creative industries

UNESCO has launched a joint initiative with the European Union to support Nigeria’s cultural and creative industries (CCIs) in the digital era. The programme aims to enhance institutional capacity, develop policies for CCIs, and foster youth employment opportunities through digital creativity.

At the launch event in Abuja, officials outlined an eight-point strategy for integrating creative industries into Nigeria's broader economic framework. This initiative aligns with global efforts to position culture as a driver of sustainable development.

CBN holds interest rates steady amid inflation stability

The Central Bank of Nigeria (CBN) left its benchmark interest rate unchanged at 27.5% during Thursday’s monetary policy meeting. This decision follows six consecutive hikes last year aimed at curbing inflation and stabilizing the naira.

The CBN cited improved foreign exchange market stability and a gradual decline in inflation as reasons for maintaining rates. Analysts note that this marks a shift toward a more cautious monetary policy stance as Nigeria balances growth with price stability.

Catch Up: Nigeria takes aim at Binance

Nigeria has launched an $81.5bn lawsuit against Binance, the world’s largest cryptocurrency exchange. The case seeks $79.5 billion in damages for alleged economic harm and $2 billion in unpaid taxes for 2022 and 2023. It is part of a broader effort to regulate Nigeria’s fast-growing cryptocurrency market and bring digital asset transactions under the tax net.

What’s the issue?

The lawsuit raises three key concerns:

• Economic harm: Officials argue that Binance’s peer-to-peer (P2P) trading platform has contributed to the naira’s devaluation by enabling unofficial transactions. The Central Bank of Nigeria blames such platforms for destabilising the currency.

• Tax evasion: Binance is accused of failing to register with Nigeria’s Federal Inland Revenue Service, thereby avoiding tax obligations.

• Regulatory precedent: The case could set a global benchmark for regulating cryptocurrency exchanges, as Nigeria attempts to balance innovation with oversight.

A government response

The Federal Inland Revenue Service is spearheading the legal action, while the Securities and Exchange Commission is drafting rules to tax crypto transactions on centralised exchanges. A bill formalising these measures is expected to pass by March 2025.

A chance for reform

Though contentious, the lawsuit could yield benefits:

• Stronger oversight: A legal victory may lead to clearer rules for crypto firms operating in Nigeria.

• New revenues: Taxing digital assets could diversify government income, reducing reliance on oil exports.

• Consumer protection: Formal regulation might reduce fraud and boost investor confidence.

Nigeria’s bold move against Binance reflects its determination to rein in a volatile sector while reaping its economic benefits. The outcome will be closely watched worldwide.

Quote of the day: "The greatest glory in living lies not in never failing, but in rising every time we fail." — Nelson Mandela

Photo of the day

And that’s a wrap. Until Wednesday when the next dispatch arrives, have great week as we keep tabs on Nigeria’s evolving story.