Binance seeks out-of-court settlement in Nigeria tax evasion case - Businessday NG
Binance is pursuing an out-of-court settlement with the Nigerian government regarding tax evasion charges, leading to an adjournment of the trial.Summary
Binance Holdings Limited is attempting to resolve tax evasion charges brought by the Nigerian Federal Government through an out-of-court settlement. The company’s counsel, Sunday Agaji, informed the Federal High Court in Abuja that discussions with the Nigeria Revenue Service are ongoing. The government’s counsel, Moses Ideho, confirmed this development. Justice Emeka Nwite adjourned the case to May 12th to review the progress of the settlement talks.
The case originated from a four-count charge of tax evasion, with Binance’s representative, Ayodele Omotilewa, having pleaded not guilty on behalf of the company. Previously, two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, were discharged from the case after the charge was amended to solely name Binance as the defendant.
Separately, Binance is also facing prosecution by the Economic and Financial Crimes Commission for alleged money laundering involving $35.4 million, and a civil suit from the tax authority seeking $79.5 billion in damages related to its Nigerian operations.
(Source：Business News Nigeria)