Court adjourns FG's lawsuit against Binance pending a settlement report.

The Federal High Court in Abuja adjourned on Tuesday the tax‑evasion case brought by the Federal Government against Binance Holdings Ltd, setting a new hearing date for July 9 to obtain a report on any settlement.

Justice Emeka Nwite postponed the matter after Binance’s lawyer, Chukwuka Ikwuazom, SAN, and the Federal Government’s counsel, Omotola Fatogun, told the court that the parties were still negotiating an out‑of‑court settlement.

The News Agency of Nigeria (NAN) notes that the cryptocurrency firm had, on March 24, requested an amicable resolution of the dispute.

Binance’s other counsel, Sunday Adaji, also informed the court that settlement talks were ongoing.

Mr Moses Ideho, Deputy Director of the Legal Department of the Federal Inland Revenue Service (now Nigeria Revenue Service), confirmed the development on behalf of the federal government.

On July 12, 2024, Binance Holdings Limited was re‑arraigned on four counts related to alleged tax evasion.

The company’s Nigerian representative, Ayodele Omotilewa, who was docked, entered a plea on behalf of Binance before Justice Nwite.

He pleaded not guilty to all four counts.

The re‑arraignment followed the discharge of the firm’s executive, Tigran Gambaryan, and his colleague, Nadeem Anjarwalla, who had fled the alleged offence.

In a ruling dated June 14, 2024, Justice Nwite discharged and struck out Gambaryan’s and Anjarwalla’s names after Ideho filed an amended charge that lists Binance as the sole defendant.

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

NAN reports that the Economic and Financial Crimes Commission (EFCC) is also prosecuting Binance on money‑laundering allegations before the same judge.

The anti‑graft agency has accused Binance of laundering approximately $35.4 million.

In addition, Binance faces a separate civil suit before Justice Mohammed Umar, a brother judge, in which the FIRS is seeking about $79.5 billion in damages for alleged economic losses caused by the company’s operations in Nigeria. (NAN)

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