The Nigerian government, through the Federal Inland Revenue Service (FIRS), is seeking a court order to compel Binance Holdings Limited to pay $79.5 billion for economic losses and $2 billion in unpaid income tax for 2022 and 2023. The lawsuit, also demands a 10% penalty for non-payment of income tax and a 26.75% interest rate, aligning with the Central Bank of Nigeria (CBN) lending rate.
Binance, along with executives Tigran Gambaryan and Nadeem Anjarwalla, faces accusations of violating Nigerian laws by not registering with the FIRS and causing economic losses. The government claims Binance operated secretly despite having a “significant economic presence” in Nigeria.
Jimada Mohammed Yusuf, from the Office of the National Security Adviser, stated Binance admitted to having 386,256 active Nigerian users with a $21.6 billion trading volume in 2023. The government alleges Binance offered unauthorized financial services, failed to comply with money laundering laws, and provided currency speculation services.
The FIRS is seeking declarations that Binance is liable for corporate income tax, must file income tax returns for 2022 and 2023, and is bound by FIRS’s income tax assessment. They are also seeking orders compelling Binance to pay outstanding income taxes, penalties, interest, and compensation for economic losses. Justice Inyang Ekwo of the Federal High Court in Abuja has adjourned the case to March 3, 2025, after granting a motion for substituted service
