Business
Nigerian Govt slams Binance with fresh $81.5bn lawsuit
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.
Business
NNPC Slashes Petrol Price
The Nigerian National Petroleum Company Limited (NNPC) has reduced petrol prices at its retail stations in Lagos, Abuja, and other states by at least N20 per litre.
Current pump prices now range between N895 and N965.
In Lagos, the price dropped from N910 to N890 per litre, while in Abuja, it moved down from N940 to N920 per litre.
Other stations, including Ardova, MRS, and First Royal, are now selling petrol at N890 per litre.
Across the country, new pump prices for major states are as follows: Abuja N920, Lagos N890, Abia N912, Adamawa N940, Akwa Ibom N910, Anambra N905, Bauchi N915, Bayelsa N900, Benue N935, Borno N945, Cross River N910, Delta N900, Ebonyi N928, Edo N910, Enugu N912, Gombe N965, Imo N928, Kaduna N935, Kano N935, Kwara N905, Nassarawa N935, Niger N955, Ogun N905, Ondo N905, Osun N895, Oyo N905, Plateau N900, Rivers N895, Sokoto N935, Taraba N950, Yobe N950, and Zamfara N945.
Depot prices have also been adjusted following the arrival of fresh petrol shipments.
In Lagos, depots such as Wosbab, Chipet, Integrated, and Bovas now sell at N836 per litre, with Aiteo charging N835. Port Harcourt depots including Masters, Liquid Bulk, and Bulk Strategic reduced rates to N853, while Warri depots adjusted prices between N846 and N848.
Calabar depots also lowered costs, with rates ranging from N846 to N849 per litre.
The reduction comes after Dangote Refinery lowered its gantry price to N840 per litre.
Diesel prices also fell, dropping from N950 to N910 per litre.
Business
Egbu Community That Powers South East Battles Months Of Darkness
Egbu community in Owerri North Local Government Area of Imo State has endured months of crippling electricity outages, even as it hosts a Transmission Company of Nigeria (TCN) facility supplying and distributing power to the entire South-East.
Residents describe the situation as cruelly ironic: while electricity flows from their town to cities across five states, Egbu itself receives barely two hours of power daily.
The blackout has intensified amid a standoff between the Imo State government and the Enugu Electricity Distribution Company (EEDC) over the proposed Orashi Electricity Distribution Company.
Governor Hope Uzodimma announced at the recent Imo Economic Summit that Orashi Electricity Distribution Company would commence operations in December, promising improved supply and stability across the state.

Before this announcement, the Imo State government accused EEDC of deliberately shutting down power in retaliation for the creation of the new distribution company. Commissioner for Information and Strategy, Declan Emelumba, insisted the state’s intervention aims solely to improve electricity delivery and protect residents.
EEDC, through its Head of Communications, Emeka Eze, denied the claim, asserting the company has no intention to disrupt supply. It also noted that agents of the state government had previously interfered with its Egbu transmission facility, disrupting operations.
Caught in the crossfire, Egbu remains the worst affected, with prolonged blackouts crippling businesses and daily life. Residents say the 11KV Egbu feeder, which supplies electricity locally, has been in poor condition for years, severely limiting power availability.
Augustine Njoku, a youth leader in Mpana area, said, “That 11KV feeder has been bad for years. EEDC refuses to fix it, and that is why we are in darkness.”
Small businesses are struggling. Uche Onwuka, who runs a football viewing centre at Ishiuzor village, said unreliable power has driven away customers. “I spend everything on petrol; there’s no profit left,” he lamented.
Restaurant owner, Ms Augusta Igwe added, “Running my generator eats up all my profit. How could two hours of electricity supply improve my business. This is unacceptable. I can no longer cope.”
Am Electronics trader, Gibson Amuneke said he was forced to close his shop: “There is no business without electricity.. This is very insensitive. When you go to other parts of the State, there is reasonable power supply but here in Egbu, which hosts the Transmission. station, we hardly get supply”
Residents also complain of high estimated electricity bills despite scant supply, describing it as unfair for a community that hosts a major national power installation.
Efforts to reach EEDC officials about the 11KV feeder and residents’ claims went unanswered. With Orashi Electricity Distribution Company set to begin operations in December and the EEDC-Imo standoff unresolved, Egbu residents remain trapped in darkness, questioning how a community that powers the South-East can be left in such neglect.
Business
Boris Johnson Says He Feels “Perfectly Safe” in Nigeria, Praises Imo State’s Progress
Former British Prime Minister Boris Johnson has expressed confidence in Nigeria’s security, saying he feels perfectly safe during his visit to the country. His remarks come amid ongoing reports of insecurity in various parts of Nigeria, making his statement a notable endorsement of the nation’s stability in certain regions.
Johnson made the declaration on Thursday, December 4, 2025, while addressing participants at the Imo State Economic Summit 2025 in Owerri, the state capital. He acknowledged having read travel advisories and news reports highlighting security concerns prior to his trip but said his experience has been reassuring.
He said he feels perfectly safe in the country and emphasized that the summit environment and local hospitality contributed to his sense of security. He also asked the audience if they felt safe, receiving an enthusiastic affirmation.
During his visit, Johnson commended Governor Hope Uzodimma and the Imo State Government for their development initiatives, particularly efforts to provide 24-hour electricity. He highlighted the potential of Nigeria as a hub for innovation and economic growth, noting the opportunities presented by emerging technologies such as artificial intelligence.
While his statements have been welcomed by some as a boost to international confidence in Nigeria, analysts caution that the former prime minister’s experience reflects only a controlled and secure environment within Imo State. Several parts of the country continue to face challenges, including banditry, communal conflicts, and kidnappings.
Nonetheless, Johnson’s visit and remarks are significant, sending a positive message to investors and global observers about Nigeria’s potential for stability and progress. They also underscore the contrast between localized experiences of safety and broader security challenges across the country.
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