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Nigerian Govt slams Binance with fresh $81.5bn lawsuit

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The Federal Government has asked an Abuja Federal High Court to compel cryptocurrency platform, Binance, to pay N79.51 billion and N231 million, which is equivalent to $81.5 billion, as penalty for alleged economic losses caused by its operations in Nigeria.

The plaintiff, the Federal Inland Revenue Service, in a charge seen by DAILY POST on Wednesday, marked FHC/ABJ/CS/1444/2024, is also seeking payment of $2.001 billion in income taxes for 2022 and 2023.

In the lawsuit, Binance and two of its executives, Tigran Gambaryan and Nadeem Anjarwalla, are accused of contravening Nigerian laws, including failing to register with the country’s tax agency, FIRS, for tax compliance and allegedly causing economic losses to the country during the review period.

Ekwutosblog reports this lawsuit makes it the third lawsuit currently before the trial court against Binance.

The FIRS and the Economic and Financial Crimes Commission had charged the company with tax evasion, money laundering, and foreign exchange violations before Justice Emeka Nwite of the Federal High Court in Abuja.

The monetary claims in the lawsuit include a 10 percent penalty for non-payment of taxes for 2022 and 2023, a 26.75 percent interest rate (the prevailing Central Bank of Nigeria lending rate) per annum from January 1, 2023, and January 1, 2024, respectively, among other penalties.

 

In the latest lawsuit, FIRS alleged that Binance concealed its business activities in Nigeria, despite having a significant economic presence in the country.

The Federal Government also accused Binance of breaching Nigeria’s Companies Income Tax Act, the Federal Inland Revenue Service (Establishment) Act 2007, the CBN Regulatory Framework for Mobile Money Services, and the CIT Significant Economic Presence (SEP) Order.

The SEP Order, signed by former Finance Minister Zainab Ahmed and gazetted in May 2020, defines significant economic presence as foreign companies deriving at least N25 million annually from digital services in Nigeria.

An affidavit deposed to by Jimada Yusuf, a member of the Special Investigation Team from the Office of the National Security Adviser, revealed that Binance had been operating in Nigeria for over six years without registration.

Yusuf stated that during a 2024 meeting with the Securities and Exchange Commission, Binance executives (Anjarwalla and Gambaryan) admitted to having 386,256 active Nigerian users on its platform, with a trading volume of $21.6 billion and net revenue of $35.4 million for 2023.

Accordingly, the affidavit also accused Binance of operating without required licences and permits, non-compliance with the Money Laundering Act, offering unauthorised financial services, and providing currency speculation services.

The NSA said that Binance unlawfully listed and traded the Nigerian Naira on its platform, even after claiming it had delisted the currency following investigations.

The affidavit also alleges that Binance refused to provide detailed business records spanning six years, despite a Federal High Court order mandating disclosure to FIRS via the EFCC.

The FIRS, represented by lead counsel Kanu Agabi, SAN, was present in court on February 11, 2025, when the suit was called upon for a hearing before Justice Inyang Ekwo; however, Binance’s legal team was absent.

Agabi informed the court that attempts to serve Binance directly had been unsuccessful, and he had filed a motion for substituted service on them.

Justice Ekwo granted the motion and directed that substituted service be carried out within seven days. The case was adjourned to March 3, 2025.

FIRS is seeking the following reliefs in the suit: “A declaration that Binance is liable to pay annual corporate income tax for having a significant economic presence in Nigeria.

“A declaration that Binance and its executives must file income tax returns for 2022 and 2023. An order compelling Binance to pay $2.001 billion in taxes for 2022 and 2023.

“Penalties, including 10 percent annual interest and a 26.75 percent CBN lending rate, until the taxes are fully paid. Compensation of $79.51 billion and N231 million for economic losses.”

The fresh lawsuit came days after Gambaryan, in a statement through his X account, accused Nigerian NSA Nuhu Ribaduand lawmakers in the House of Representatives of bribery and corruption.

However, the Nigerian government described Gambaryan’s allegations as misinformation and defamatory.

Recall that in October 2024, the Nigerian government dropped money laundering charges filed against an executive of Binance Holdings Limited, Tigran Gambaryan.

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Aisha Achimugu: Bank MD, compliance chief linked to alleged $12m laundering

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The first prosecution witness (PW1) in the trial of SunTrust Bank Managing Director, Halima Buba, and Chief Compliance Officer, Innocent Mbagwu, on Thursday, July 17, 2025, detailed before Justice Emeka Nwite of the Federal High Court, Abuja, how multi-million-dollar cash transactions were routed through him for transfers.

The Economic and Financial Crimes Commission (EFCC) is prosecuting both bank executives on a six-count charge bordering on money laundering to the tune of $12 million.

Led in evidence by prosecuting counsel, Ekele Iheanacho, SAN, the witness, a bureau de change operator, described multiple foreign exchange transactions involving the first defendant, Aisha Achimugu, and himself.

“Sometime in March 2025, I received a call from Aisha Achimugu that she had some forex transactions at SunTrust Bank branches in Abuja and Lagos. I called the first defendant, and she confirmed her knowledge of the transactions,” he testified.

On March 13, 2025, the witness said a staff of Achimugu, Iliya, visited SunTrust Bank Abuja for a $1 million cash swap, to be paid into Ocean Gate Energy Oil and Gas’ Zenith Bank account. The witness confirmed the transaction with the first defendant before arranging for the collection of the cash through intermediaries.

The witness further narrated, “Aisha told me she needed dollar inflows into her Ocean Gate Energy account to purchase an oil block. I got to know her in 2021 through the first defendant, and we met at SunTrust Bank.”

He added that the first defendant communicated transaction confirmations through WhatsApp, including screenshots of chats with the second defendant when he initially denied knowledge of the transactions.

According to the witness, “On March 13, 2025, Muktar Miko received a $2 million cash payment from the second defendant. Another $2 million was received on March 14, while on March 20, an additional $2 million was collected for cash swap transactions, all confirmed with the first defendant.”

On March 24, 2025, another $2 million was collected, with subsequent dollar inflows transferred in tranches into Ocean Gate Energy Oil and Gas’ Zenith Bank account after the swaps were completed.

The witness also testified that aside from the oil block purchase, Aisha Achimugu conducted further Naira-to-dollar exchange transactions, which he regularly confirmed with the first defendant, with Naira credited to local accounts and dollar equivalents transferred to Ocean Gate Energy.

The matter continues as the EFCC seeks to establish its case in the ongoing multi-million-dollar money laundering trial.

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My Encounter With Aboki Selling Dollars that May Help You

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Sometime last month…

 

I withdrew $500 because I needed to pay for something that day and was in a rush.

Because of how urgent it was, I couldn’t use my regular aboki, had to look for one around the bank I used.

 

After plenty back and forth, we agreed on 1600 as the rate.

 

Forgetting that this wasn’t the aboki I already had a relationship with, I handed him the dollars while he was still collecting my account details.

 

Not even a few minutes later, the aboki looked up and said, “Ah! Na $500? I think say na $5000.”

 

$5k how?

 

Next thing, he said he wasn’t buying again unless I’d agree to sell for 1570.

 

Knowing I wouldn’t meet up with where I needed the money that day again,

 

I decided to just kuku take my money back (big mistake), go to my usual aboki whose place was far from where I was, and then handle what I needed the money for the next day.

 

When I got there, my regular aboki, who I’d already spoken to on the phone, saw me and immediately transferred 800k to me in exchange for the $500.

 

I got the alert, handed him the dollars, only for him to shout… that the money was fake.

 

What happened?

 

The first aboki had switched the bills.

 

Why didn’t I go back to the first aboki?

 

Even if the distance isn’t far, will he ever accept that he was the one who switched the money?

 

I just accepted my loss and picked my lesson, which is…

 

Never hand over your dollars to an aboki until you’ve received the alert.

 

Please learn from my mistake.

 

Written by Gift Nkechi Imasuen

 

Me: sharing this so you understand that people don’t think like you do. So you don’t lose your hard-earned money

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Anambra Industrialist Plans South-East’s Biggest Food Processing Factory.

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Anambra-born billionaire industrialist and renowned entrepreneur, Dr. Ikenna Ifejiofor, has announced strategic plans to establish what he described as the largest food processing factory in the entire South-East region of Nigeria.

Dr. Ifejiofor, who is the Founder and Chief Executive Officer of Ike God Foods Industries Limited, made this known during an exclusive chat with journalists, where he unfolded his company’s expansion drive and his unrelenting vision to not only boost the Nigerian economy but also position Anambra State as the industrial hub of the South-East.

“Our goal is to make quality food products at affordable prices for everyone, and we’re committed to achieving this through the use of the latest technology and the best professionals in the industry,”

Ike God Foods Industries Limited is the proud producer of the popular Jolly-Jolly Noodles, a brand that has grown to become a household name in Nigeria’s instant noodles market. He also disclosed that plans are underway to incorporate other products into the company’s growing catalogue, including peanut-based snacks, flour, and other value-added food items. The company, headquartered in Anambra State just ventured into bread production

The plan to venture into other productions , he noted, will significantly increase their production capacity and create more job opportunities for the teeming unemployed youths in Anambra and beyond.

 

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