Tax Evasion: Court Gives FG, Binance More Time to Pursue Out-of-Court Settlement
The Federal High Court in Abuja on Tuesday adjourned the alleged tax evasion case filed by the Federal Government against Binance Holdings Ltd until July 9 for a report on settlement discussions.
Justice Emeka Nwite adjourned the matter after Binance’s lawyer, Chief Chukwuka Ikwuazom, SAN, and counsel to the Federal Government, Omotola Fatogun, informed the court that both parties were still engaged in discussions aimed at resolving the case out of court.
The cryptocurrency company had, on March 24, sought an amicable resolution of the matter.
Another counsel for Binance, Sunday Adaji, told the court that discussions between the parties were ongoing.
Moses Ideho, a Deputy Director in the Legal Department of the Federal Inland Revenue Service (now the Nigeria Revenue Service), confirmed the development on behalf of the Federal Government.
Binance Holdings Limited was re-arraigned on July 12, 2024, on a four-count charge bordering on alleged tax evasion.
The Nigerian representative of Binance, Ayodele Omotilewa, who was docked before the court, entered a plea on behalf of the company before Justice Nwite.
He pleaded not guilty to all four counts.
The re-arraignment followed the discharge of the cryptocurrency firm’s executive, Tigran Gambaryan, and his fleeing colleague, Nadeem Anjarwalla, from the alleged offences.
Justice Nwite, in a ruling delivered on June 14, 2024, discharged and struck out the names of Gambaryan and Anjarwalla from the charge after Ideho filed an amended charge listing Binance as the sole defendant.
The amended charge was dated June 13, 2024, and filed on June 14, 2024.
The Economic and Financial Crimes Commission (EFCC) is also prosecuting the cryptocurrency company before the same judge on allegations bordering on money laundering.
The anti-graft agency accused Binance of laundering about 35.4 million dollars.
In addition, Binance is facing another civil suit before Justice Mohammed Umar, in which the FIRS is demanding about 79.5 billion dollars over alleged economic losses caused by the company’s operations in Nigeria.
