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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.
News
Xenophobia: Two more Nigerians killed in South Africa
Two more Nigerians have been killed in South Africa as the violent attacks and harassment of black foreigners continue.
The Nigerian Consulate in Johannesburg announced the deaths in a statement issued on Saturday.
The victims, identified as Emeka Iroegbu and Musa Joe, were both killed last Sunday, 28 June, but under different circumstances.
According to the consulate, Mr Joe was killed by “suspected criminals” in Witbank city, Mpumalanga province, while security operatives murdered Mr Iroegbu in Sunnyside, Pretoria.
Mr Iroegbu was reportedly tortured to death by officers of the Tshwane Metro Police in the suburbs of Pretoria. The Nigerian consulate noted that the victim was subjected to gruesome torture techniques at the hands of the Metro police, which led to his death.
The latest deaths raise the total number of Nigerians murdered in South Africa since the latest wave of xenophobic attacks began this year to four. The pattern of the recent deaths mirrors that of the two Nigerians murdered earlier in the country. These are: Amaramiro Emmanuel and Ekpenyong Andrew.

They were arrested and allegedly beaten to death by personnel of the South African National Defence Force (SANDF) in Port Elizabeth.
Mr Andrew’s corpse was found days after his arrest on 19 April in the Booysens area of Pretoria.
He was arrested due to an alleged altercation with members of the Tshwane Metro Police, and his body was discovered at the Pretoria Central Mortuary afterwards.
Mr Emmanuel died a day afterwards due to injuries he sustained from an attack by the SANDF.
Following the incident, the Nigerian government summoned the South African High Commissioner and demanded a thorough investigation into the deaths of the two Nigerians.
This investigation is still pending, and no arrests have been made in two months. Nigerian officials have repeatedly condemned the attacks in South Africa but have urged Nigerians to avoid retaliatory attacks on South African interests in Nigeria.
South Africa’s anti-foreigner campaign began in April, with footage of citizens attacking African foreigners circulating online. The arbitrary 30 June deadline announced by anti-immigrant South Africans for African foreigners to leave the country has further intensified tension.
Last Tuesday, many South Africans marched out in droves across cities to protest the presence of African migrants in the country, chanting “Abahambe!” This means “They must go!” in Zulu, the most widely spoken language in the country.
The deaths of at least five Mozambicans and five Ethiopians have also been attributed to xenophobic violence in the country.
The latest announcement by the Nigerian consulate now raises the death toll.
Hundreds of African foreigners in the country have also been displaced.
During the protest last week, shops were looted and properties destroyed, as has become customary in xenophobic attacks in the country.
Several African countries have so far repatriated hundreds of their citizens, including Nigeria, Ghana, Mozambique, Malawi, and Zimbabwe.
The Nigerian consulate stated that the continuing pattern of “such terrible incidents raises questions over the safety of Nigerians and other foreigners in South Africa.”
“The death is coming at a time when foreigners are being unduly targeted in South Africa, raising questions about what seems to be a deliberate attempt by some elements to generalise wrongfully and tag well-meaning, hard-working and respectable Nigerians in the country as criminals,” it noted.
The consulate also demanded a thorough and immediate investigation into the murders.
“We expect the authorities to d o the needful and achieve the ultimate prosecution of the perpetrators,” the statement read.
News
Xenophobia : Nigerians in South Africa take up arms in self defence
Some Nigerians in South Africa who appeared to have rejected the June 30 deadline to leave the country have taken up arms to defend themselves.
Anti-migrant groups have been pushing for the ejection of foreign nationals, a move that has generated global outrage.
Groups such as March and March, who are at the forefront of those mobilising against illegal immigrants, claim they take jobs and services from locals.
“South Africans have been replaced by illegal foreigners, increasing unemployment,” the leader of the March and March group, Jacinta Ngobese-Zuma, told a crowd in Durban 24 hours to the unofficial deadline for migrants to leave.
“We want mass deportation,” she said. “For the next six months we want the government to get rid of the people who have not left.”
After the deadline, the groups broke into homes and hotels where they said migrants were hiding.

In a footage, which went viral, a man and his family comprising minors were seen being chased out of his house.
“My wife is pregnant,” he kept saying as the protesters marched them on the street.
At least two Mozambicans, an Ethiopian and a Malawian have been killed in the latest outburst of anti-immigrant violence, according to police.
Several African governments — including Nigeria, Malawi, Ghana, Zimbabwe and Mozambique — have organised voluntary repatriation flights and buses for their citizens.
More than 25,000 people had been processed for departure in recent weeks, authorities said Monday.
However, some Nigerians who have vowed not to leave South Africa have taken up arms to defend themselves.
In a video seen on Saturday, two groups facing each other across a makeshift line marked with ropes, with police officers positioned between them in an apparent effort to prevent violence.
On one side were Nigerians, while their aggressive hosts stood on the other end.
The commentator in the video claimed that the Nigerians were “waiting for the South Africans to cross the line” while security personnel stood between both sides.
The video also appears to show some individuals on the Nigerian side carrying cutlasses and other light weapons. A gunshot is heard during the recording, prompting chants from the crowd in apparent defiance of the reported deadline.
The commentator claimed, “Can you hear the gunshots?” as the situation became increasingly chaotic.
Daily Trust subjected the video to checks and found out that it is authentic.
As of the time of filing this report, Nigerian or South African authorities had not issued official statements on the incident.
The Nigerian government has repeatedly condemned attacks targeting its citizens in South Africa and has urged the South African authorities to guarantee their safety. Through the Nigerian High Commission in Pretoria, officials have maintained contact with affected Nigerians while advising them to remain calm, avoid flashpoints and report threats to security agencies.
Relations between Nigeria and South Africa have been strained several times over recurring xenophobic violence, with previous and recent attacks prompting diplomatic protests, evacuation of Nigerians and calls for stronger protection of foreign nationals living in the country.
News
Tinubu media centre posts AI image of Remi Tinubu selling akara
President Bola Ahmed Tinubu Media Centre has shared an AI-generated image of Nigeria’s First Lady, Senator Oluremi Tinubu, frying and selling akara, days after her comments on micro-enterprises sparked widespread criticism on social media.
The image, posted on the Presidency’s official social media accounts on Friday, depicts the First Lady at a roadside akara stand wearing an apron bearing the inscription, “Iya Alakara, fueling the nation with love.”
The post followed remarks by the First Lady during an interview in which she said small-scale businesses such as frying akara, roasting corn and making kuli kuli require little start-up capital.

She explained that the Federal Government was supporting such ventures with grants rather than loans as part of efforts to improve livelihoods.
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“We’re trying to give hope, and to start akara business doesn’t take a lot of money. To start roasting corn, or somebody even said kuli kuli doesn’t take much. We didn’t give them a loan; we gave it to them as a grant,” she had said.
Her comments triggered mixed reactions, with many Nigerians accusing her of being insensitive to the country’s economic realities, while others defended her, saying she was highlighting accessible business opportunities.
The Presidency’s AI-generated image has further fuelled debate online, with supporters describing it as a light-hearted response to critics and others condemning it as trivialising the economic hardship faced by many Nigerians.
Reacting on X, a user identified as @Top_GunM wrote, “Warra country. It’s so unfortunate. This is meant to be the wife of the president of the most populous black nation in the world and this is what she’s being reduced to.”
Another user, who tweets as #mizmuchstella, criticised the Presidency’s media team, saying, “Whoever is the handler of this account should be sacked. Your job is to position this government as good, but it is obvious you have no basic knowledge of your job.”
Tinubu media centre posts AI image of Remi Tinubu selling akara
Tinubu media centre posts AI image of Remi Tinubu selling akara
Also reacting,zaddy wilver who identifies #WilverZaddy said, “I hope Nigerians are seeing the man they voted for using them to catch cruise? Is this what a president is supposed to say? A president directly mocking the masses while the economy bites harder with high level of insecurity in the country. Such a big pity and mess.”
CHEQNBALNCE who identifies as #ChimaAmako82045 described the post as an insult to Nigerians, “Keep enjoying this mediocrity n insult you are giving Nigerians, e just remain months to vote the idiotic family out of aso rock, and na that time when una wan rig am na him una go know Nigerians pain. Enjoy it while it last but remember it won’t last forever.”
Straight who writes as #outtahighbee argued that the Presidency was hurting its own image., “lol You guys are not helping this president of ours at all. You think you are but you keep dragging the old man down and further down with this cruise. Everybody can’t sell akara and kuli kuli now Abi iru wahala wo leleyi gan sef? Oro yin su mi o.”
Gentry☮️ who tweets as #gentrytee22 said the image reflected how poorly the government rated citizens, describing it as “a nationwide meme.”, “This is to show how small the government of the day rates its citizens. You advocate for mediocrity and call it innovation , people who wants better for themselves complain now it has to turn to a nationwide meme being used by the government media team lol. It’s a shame”
Highlighting rising living costs, Bruno Fernandes broda who identifies as #AminJaman added, “Even akara has becomes more expensive because beans, oil, and transport costs keep rising. The smile is beautiful, but behind it is the reality of soaring food prices, expensive cooking gas, and declining purchasing power.”
Tim Oma who writes as #SirTimeyin defended the post, arguing that Nigerians had initially turned the First Lady’s remarks into memes.”I find it interesting that so many people are suddenly outraged. When the First Lady’s “Akara” comment became content, Nigerians turned it into skits, memes, and endless cruise. We laughed, and moved on. Now the President has added his own quota to thesame joke, and everyone is wailing. Why the surprise? Once a national issue becomes entertainment, don’t be shocked when those in power start treating it like one too. What’s good for the goose is good for the gander.
Sta M who tweets as #sto0511M welcomed the image, urging the Presidency to continue releasing similar content. “Thank you for this image we want more of these kind images to dish out to them so that theh can continue roaming in 1 roundabout,abeg pepper 🌶 dem more for us our body sey sweet us with that PBAT statement”
Tinubu had on Thursday playfully referred to the First Lady, Oluremi Tinubu, as “Iya Alakara” (Mama Akara Seller), in an apparent light-hearted reference to the recent controversy surrounding her remarks on small-scale businesses.
The President made the remark while observing protocol during his address at the Presidential Press Corps Dinner held at the State House, Abuja.
A video of the event, shared by Aso Rock TV on YouTube, showed Tinubu smiling as he acknowledged dignitaries in attendance before turning to the First Lady.
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