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The federal government has filed new lawsuits against cryptocurrency platforms.
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FG seeks $81.5 billion in fines for alleged economic losses
The federal government has filed a new lawsuit against the cryptocurrency platform that seeks $81.5 billion in fines over alleged economic losses caused by its operations in Nigeria.
The lawsuit was filed by the Federal Inland Revenue Agency (FIR), the Federal High Court of Abuja, and also seeks to pay $200.1 billion in income taxes for 2022 and 2023.
FIRS accused Binance and its executives Tigran Gambaryan and Nadeem Anjarwalla of violating Nigerian laws, including failure to register with the country’s tax agency for tax compliance registration.
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FIRS prays: “A annual corporate income tax that declares mean has a large economic presence in Nigeria is responsible.” The agency also seeks “an declaration obligation and its executives must file income tax returns in 2022 and 2023.”
Binance has been operating in Nigeria for more than six years and has not registered, according to an affidavit for the removal of Jimada Yusuf, a member of the Special Investigation Team of the Office of the National Security Adviser.
Yusuf said that at a meeting with the SEC in 2024, used car executives admitted to having 386,256 active Nigerian users on their platform, with transaction volume of $21.6 billion and net revenue of 2023 Year.
Also read: Binance Nigeria Limited A Scam Entity – CEO
FIRS claims that despite having a large economic presence in the country, Binance has masked its business activities in Nigeria.
The agency also accused binance of violating Nigeria’s Corporate Income Tax Act, the Federal Inland Revenue Agency Act 2007 and the CIT Massive Economic Existence (SEP) order.
The lawsuit is the third lawsuit filed by the FIRS and the Economic and Financial Crime Commission (EFCC). The case was adjourned until March 3, 2025.
Binance executives insist that $150 million bribery charges are facts
Binance executive Tigran Gambaryan once again insists that his allegation of a $150 million bribe against three Nigerian lawmakers is a fact.
On Friday, Gambaryan appointed members of House Philip Agbese, Ginger Onwusibe and Peter Akpanke as involved members.
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