Alleged Tax Evasion: Binance seeks out-of-court settlement with Nigerian govt

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Binance Holdings Limited on Tuesday sought an amicable resolution of the ongoing tax evasion case filed against it by the Nigerian government.

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The company’s counsel, Sunday Agaji, announced the development before Federal High Court Judge Emeka Nwite in Abuja.

The prosecution lawyer, Moses Ideho, a Deputy Director in the Legal Department of the Nigeria Revenue Service (formerly the Federal Inland Revenue Service – FIRS), also confirmed the move.

When the matter was called, Mr Ideho told the court that although the trial was scheduled to continue, the defence lawyer informed him in the morning that Binance had approached the service to explore an out-of-court settlement.

Responding, Mr Agaji corroborated Ideho’s statement.

“My lord, parties are actual exploring settlement. That is essentially where we are,” he said.

After listening to the lawyers, the judge adjourned the matter until 12 May for report of settlement.

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The News Agency of Nigeria (NAN) reports that the 4th prosecution witness testified at the previous hearing.

On 12 July 2024, the prosecution re-arraigned Binance Holdings Limited on four counts of tax evasion.

Binance’s Nigerian representative, Ayodele Omotilewa, was in the dock to enter a plea on behalf of the company.

He pleaded not guilty to the four counts.

The re-arraignment came after the Nigerian government agreed to free Tigran Gambaryan, one of the cryptocurrency firm’s executives and US citizen who was originally a co-defendant in the trial.

ALSO READ: Binance executive Tigran Gambaryan’s healthcare journey in Nigeria: What the records show

Before the trial began, another executive of the company, Nadeem Anjarwalla, escaped from custody in Abuja.

In a ruling on 14 June 2024, the court discharged and struck out the names of Messrs Gambaryan and Anjarwalla from the charges after the prosecution filed an amended case listing Binance as the sole defendant.

The decision followed high-level diplomacy between the Nigerian and US governments.

The amended charge was dated June 13, 2024, but filed June 14, 2024.

NAN reports that the Economic and Financial Crimes Commission (EFCC) is also prosecuting the cryptocurrency company on money laundering charges before the same judge.

The anti-graft agency charged Binance with money laundering involving an alleged $35.4 million.

Besides, Binance is also facing another civil suit before Federal High Court Judge Mohammed Umar in Abuja.

In the case, the then-FIRS is demanding about $79.5 billion over economic losses allegedly caused by the company’s operations in Nigeria.

(NAN)