The Federal Government of Nigeria has filed a new lawsuit against Binance Holdings Limited, seeking a total compensation of $81 billion over alleged economic losses and tax evasion.
The suit, filed at the Federal High Court (FHC/ABJ/CS/1444/2024) by the Federal Inland Revenue Service (FIRS), demands:
- $79 billion for economic losses,
- $2 billion in income tax arrears, and
- ₦231 million for damages allegedly caused by Binance’s operations in Nigeria.
The FIRS accuses Binance and two of its executives, Tigran Gambaryan and Nadeem Anjarwalla, of failing to register the company’s cryptocurrency operations with Nigerian tax authorities, leading to financial losses for the country.
Meanwhile, the Economic and Financial Crimes Commission (EFCC) had also been prosecuting Gambaryan and Anjarwalla on a five-count charge, including money laundering, tax evasion, and foreign exchange violations. However, diplomatic agreements between Nigeria and the U.S. led to the discontinuation of Gambaryan’s trial due to health concerns.
According to Nairametrics, the FIRS claims Binance’s alleged tax liabilities include:
- A 10% penalty for non-payment of income tax for 2022 and 2023,
- A 26.75% interest rate per annum, based on the prevailing CBN lending rate, from January 1, 2023, to January 1, 2024, among other charges.
The case adds to growing global scrutiny of Binance’s operations, as Nigerian authorities continue efforts to regulate cryptocurrency trading within the country.
