FG Seeks Court Order for Binance to Pay $79 Billion Economic Loss Fine, $2 Billion in Taxes
The Nigerian government has filed a lawsuit in the Federal High Court in Abuja against Binance Holdings Limited, demanding the payment of $79.5 billion for economic losses and $2 billion for uncollected taxes from 2022-2023. The Federal Inland Revenue Service (FIRS) and the Economic and Financial Crimes Commission (EFCC) have accused Binance of tax evasion, money laundering, and violations related to foreign exchange.
The case highlights that Binance did not register with the FIRS for tax purposes, leading to claims of non-compliance with Nigerian tax laws. The lawsuit includes penalties and interest rates aligned with the Central Bank of Nigeria’s lending rates for the delayed tax payments.
Binance, along with its executives Tigran Gambaryan and Nadeem Anjarwalla, are accused of conducting business secretly in Nigeria despite having a substantial economic presence. Violations include breaches of the Companies Income Tax Act, the FIRS Establishment Act, among others.
An affidavit by Jimada Mohammed Yusuf from the National Security Adviser’s office, who collaborated with FIRS and other agencies, revealed that Binance had operated in Nigeria for over six years without proper registration. This was reportedly confirmed by Gambaryan and Anjarwalla in a meeting with the Securities and Exchange Commission. Furthermore, Binance disclosed having nearly 400,000 Nigerian users, with a trading volume of $21.6 billion and a net revenue of $35.4 million for the 2023 calendar year according to documents presented in court.
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