
News
Nigerian govt sues Binance for $81.5bn in economic losses, back taxes
The Federal Government has asked an Abuja Federal High Court to compel cryptocurrency platform, Binance, to pay N79.51 billion and N231 million, which is equivalent to $81.5 billion, as penalty for alleged economic losses caused by its operations in Nigeria.
The plaintiff, the Federal Inland Revenue Service, in the charge marked FHC/ABJ/CS/1444/2024, is also seeking payment of $2.001 billion in income taxes for 2022 and 2023.
In the lawsuit, Binance and two of its executives, Tigran Gambaryan and Nadeem Anjarwalla, are accused of contravening Nigerian laws, including failing to register with the country’s tax agency, FIRS, for tax compliance and allegedly causing economic losses to the country during the period under review.
This lawsuit is the third currently before the trial court against Binance.
The FIRS and the Economic and Financial Crimes Commission had charged the company with tax evasion, money laundering, and foreign exchange violations before Justice Emeka Nwite of the Federal High Court in Abuja.

The monetary claims in the lawsuit include a 10 percent penalty for non-payment of taxes for 2022 and 2023, a 26.75 percent interest rate (the prevailing Central Bank of Nigeria lending rate) per annum from January 1, 2023, and January 1, 2024, respectively, among other penalties.
In the latest lawsuit, FIRS alleged that Binance concealed its business activities in Nigeria, despite having a significant economic presence in the country.
The Federal Government also accused Binance of breaching Nigeria’s Companies Income Tax Act, the Federal Inland Revenue Service (Establishment) Act 2007, the CBN Regulatory Framework for Mobile Money Services, and the CIT Significant Economic Presence (SEP) Order.
The SEP Order, signed by former Finance Minister Zainab Ahmed and gazetted in May 2020, defines significant economic presence as foreign companies deriving at least N25 million annually from digital services in Nigeria.
An affidavit deposed to by Jimada Yusuf, a member of the Special Investigation Team from the Office of the National Security Adviser, revealed that Binance had been operating in Nigeria for over six years without registration.
Yusuf stated that during a 2024 meeting with the Securities and Exchange Commission, Binance executives (Anjarwalla and Gambaryan) admitted to having 386,256 active Nigerian users on its platform, with a trading volume of $21.6 billion and net revenue of $35.4 million for 2023.
Accordingly, the affidavit also accused Binance of operating without required licences and permits, non-compliance with the Money Laundering Act, offering unauthorised financial services, and providing currency speculation services.
The NSA said that Binance unlawfully listed and traded the Nigerian Naira on its platform, even after claiming it had delisted the currency following investigations.
The affidavit also alleges that Binance refused to provide detailed business records spanning six years, despite a Federal High Court order mandating disclosure to FIRS via the EFCC.
The FIRS, represented by lead counsel Kanu Agabi, SAN, was present in court on February 11, 2025, when the suit was called upon for a hearing before Justice Inyang Ekwo; however, Binance’s legal team was absent.
Agabi informed the court that attempts to serve Binance directly had been unsuccessful, and he had filed a motion for substituted service on them.
Justice Ekwo granted the motion and directed that substituted service be carried out within seven days. The case was adjourned to March 3, 2025.
FIRS is seeking the following reliefs in the suit: “A declaration that Binance is liable to pay annual corporate income tax for having a significant economic presence in Nigeria.
“A declaration that Binance and its executives must file income tax returns for 2022 and 2023. An order compelling Binance to pay $2.001 billion in taxes for 2022 and 2023.
“Penalties, including 10 percent annual interest and a 26.75 percent CBN lending rate, until the taxes are fully paid. Compensation of $79.51 billion and N231 million for economic losses.”
The fresh lawsuit came days after Gambaryan, in a statement through his X account, accused Nigerian NSA Nuhu Ribadu and lawmakers in the House of Representatives of bribery and corruption.
However, the Nigerian government described Gambaryan’s allegations as misinformation and defamatory.
Recall that in October 2024, the Nigerian government dropped money laundering charges filed against an executive of Binance Holdings Limited, Tigran Gambaryan.
Business
AFRAA welcomes Enugu Air, strengthens Nigeria’s Domestic Aviation growth
The African Airlines Association (AFRAA) has admitted Enugu Air as Member, extending the Association’s membership base in Nigeria’s fast-growing domestic aviation market and reaffirming AFRAA’s commitment to supporting the continued development of African carriers across the continent.
This was announced by AFRAA in Nairobi on Wednesday, making Enugu Air the 50th Member of the association, joining the AFRAA airline fraternity, collectively representing more than 85 per cent of total international traffic carried by African airlines.
Speaking on the occasion, AFRAA Secretary General, Mr. Abdérahmane Berthé, said, “We are delighted to welcome Enugu Air into the AFRAA fraternity.

“As a state-backed carrier serving Nigeria’s rapidly expanding domestic market, Enugu Air represents the kind of homegrown investment that is vital to building resilient air connectivity across our continent.

“We look forward to supporting the airline through the IOSA certification process and to its continued growth within the AFRAA membership, as we work together to advance the cause of unified African skies.”
Reacting to the development, the CEO of Enugu, Capt Tolu Ita, described the admission into AFRAA as a major milestone in the airline’s short history.
“We are honoured to join the AFRAA fraternity. This membership underscores Enugu Air’s commitment to safe, reliable, and affordable air travel for Nigerians while contributing to the vision of a unified African aviation market.
“We look forward to collaborating with fellow AFRAA members and leveraging the association’s support as we grow our network and pursue IOSA certification,” Tolu stated.
Founded on July 7, 2025, Enugu Air commenced commercial operations with a fleet of Embraer E170/E190/E195 aircraft.
The airline, which has its headquarters in Enugu and operates from the Akanu Ibiam International Airport, currently serves nine domestic destinations including Enugu, Abuja, Lagos, Port Harcourt, Kano and Benin City.
As part of the airline’s growth strategy, Enugu Air plans to expand further across Nigeria and, in subsequent phases, to launch regional and international routes across Africa, Europe, and beyond.
As part of its growth strategy, Enugu Air plans to expand further across Nigeria and, in subsequent phases, to launch regional and international routes across Africa, Europe, and beyond.
The admission of Enugu Air aligns with AFRAA’s strategic priorities and strengthens the voice of the association. Nigeria, as Africa’s most populous nation and one of its fastest-growing economies, remains central to the realization of a truly integrated African aviation market.
Meanwhile, founded in Accra, Ghana, in April 1968, and headquartered in Nairobi, Kenya, AFRAA’s mission is to promote, serve African Airlines and champion Africa’s aviation industry.
The association envisions a sustainable, interconnected and affordable air transport industry in Africa, where African airlines become key players and drivers of African economic development.
AFRAA membership cuts across the entire continent and includes all the major intercontinental African operators.
The association’s members represent over 85% of total international traffic carried by African airlines.
News
Aiyedatiwa appoints 1,004 aides, picks commissioner, three advisers
Ondo State Governor, Lucky Aiyedatiwa, has approved a fresh round of appointments involving a commissioner, three Special Advisers and 1,000 other aides.
The appointments comprise 90 Senior Special Assistants and 910 Special Assistants, with the governor saying the move is intended to reinforce his administration and improve its reach across the state.
Erelu Taibat Yemi Oloruntoba, from Akoko North-West Local Government Area, has been nominated as Commissioner for Special Duties. Her nomination has been transmitted to the state House of Assembly for consideration and confirmation.
The governor also appointed Hon. Abimbola Fajolu as Special Adviser on Environment, Chief Ade Adeniyi as Special Adviser on Rural and Community Development, and Mr Muyiwa Ogunyemi as Special Adviser on Transport.
Among those named as Senior Special Assistants are Erelu Toyin Ogungbure, Women Mobilisation (South); Bidemi Obayangbon, Forestry; Gboluge Olufunmi Alex, Community Engagement (South); Hon. Akin Adeniyi, Community Engagement (Central); and Obayan Theophilus Ayodeji, Community Engagement (North).

Others include Kelvin Solomon, Students Affairs; Adeolu Iwakun, Volunteer Services; Samson Job Bazuaye, Oil and Gas; Fade Ojamomi, Youth Empowerment and Job Creation; Sam Adepoju, Public Engagement; and Alhaji Samad Orijeminiyi, Scholarship.
Also appointed are Victor Omodara, Grassroots Mobilisation; Abayomi Adefolalu, Photography; and Alhaji Abdukadiri Adenoyi, Prince Nzuoma Egbulefu and Alhaji Garba Goni, all for Non-Indigenes.
News
40 feared dead as boat capsizes in Sokoto
About 40 people are suspected to have lost their lives after a boat carrying farmers to their rice farms capsized in Gorau town, Goronyo Local Government Area of Sokoto State.
The incident occurred while the victims were crossing a stream to access their farms.
An eyewitness said more than 70 people were on the boat when it capsized shortly after taking off.
The village head was among those on board but he was reportedly rescued.
“So far, we have recovered about 40 bodies, while six people, including the village head, were rescued,” a local journalist who was at the scene, Sharhabilu Yahuza Kiliya, told our reporter.

According to him, the victims comprised farm owners and labourers who had been engaged to harvest rice.
“The canoe capsized shortly after take-off. Rescue operations are still ongoing, with local divers searching for those still missing and recovering bodies,” he said. (Daily Trust)
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