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Court adjourns FIRS $79.5bn suit against Binance until April 7

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The Federal High Court in Abuja on Monday, adjourned the suit filed by the Federal Inland Revenue Services (FIRS) against Binance Holdings Ltd, demanding 79.5 billion US dollars over economic losses allegedly caused by its operations in Nigeria, until April 7.

The matter, which was on number 9 on the cause list, could not proceed before Justice Inyang Ekwo.

The development occured after some cases had be heard by the judge before he went on recess.

The News Agency of Nigeria (NAN) reports that the FIRS ha, in the suit marked: FHC/ABJ/CS/1444/2024, dragged Binance, Tigran Gambaryan and Nadeem Anjarwalla to court.

In the originating summons dated and filed Sept. 30, 2024, by Chief Kanu Agabi, the country’s’ tax regulatory body sought four questions for determination.

The FIRS prayed the court to determine “whether pursuant to Section 13(2) of the Companies Income Tax (CIT) Act Cap. C21, LFN, 2024 and Order (1)(a) and (c) of Companies Income Tax (Significant Economic Presence) Order 2020, the defendants are not liable to pay annual corporate income tax to the Federal Republic of Nigeria for having had significant economic presence in Nigeria from 2022 to 2023, among others.

The agency, therefore, sought nine reliefs should the court answered its questions in the affirmative.

It wants the court to declare that pursuant to all relevant laws, the defendants are liable to pay annual corporate income tax to the Federal Government for having significant economic presence in the country.

It wants the court to declare that Binance and its representatives are lliable to file their income tax to the agency for the year 2022 and 2023 respectively from the time they began to exercise significant economic presence in Nigeria.

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FIRS also seeks a declaration that it is entitled, under Section 87(1) of the CIT Act Cap. C21, LFN, 2004; Sections 25(1) and 34(1) of the FIRS (Establishment) Act 2007, to recover from the defendants the cumulative sum of $2,001,000,000.00 being the amount due by way of income tax to the plaintiff from the defendants for 2022 and 2023 respectively.

It also seeks a declaration that pursuant to Section 85(1) of the CIT Act Cap. C21, LFN, 2004 and Section 32(1) of the FIRS (Establishment) Act 2007, the defendants are liable to additional payment of 10 per cent per annum on the tax due but not paid for 2022 and 2023 respectively.

The agency, therefore, sought an order mandating the defendants to pay to the plaintiff the sums of $2,001,000,000.00 for year 2022 and for 2023, being the unpaid income tax due to the plaintiff from the defendants for the year 2022 and 2023 respectively.

“An order mandating the defendants to pay to the plaintiff the 10% addition for non-payment of income tax for year 2022 and 2023 respectively.

“An order mandating the defendants to pay 26.75% interest rate being the prevailing Central Bank of Nigeria (CBN) lending interest per annum from the 1st January, 2023 and 1st January, 2024 respectively when the tax become due and payable until it is fully paid.”

In the affidavit deposed to by Jimada Yusuf, a member, Special Investigation Team from the Office of the National Security Adviser (ONSA), he said he and other officials of FIRS and other regulatory agencies, investigated Binance’s business activities in Nigeria.

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Yusuf said the Federal Government discovered that Binance had been operating in Nigeria for over six years without registration.

According to him, this was allegedly confirmed by Gambaryan and Anjarwalla during a meeting with the Securities and Exchange Commission (SEC) in 2024.

He further claimed that in a letter dated February 20, 2024, Binance admitted to having 386,256 active users from Nigeria on its platform, with a trading volume of $21.6 billion and a net revenue of $35.4 million for the calendar year 2023.

He accused Binance and its executives of multiple infractions, including offering financial services without the necessary licenses, operating without required permits, non-compliance with the money laundering Act, providing currency speculation services without proper authorisation, etc.

Yusuf averred that Binance engaged in Virtual Asset Service Provider (VASP) activities in Nigeria, providing trading and custodial services to Nigerian users without proper registration with the relevant regulatory agencies, among others.

NAN reports that the FIRS and the Economic and Financial Crimes Commission (EFCC) are also prosecuting the cryptocurrency company in separate charges before Justice Emeka Nwite of the same court.(NAN)

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NDLEA laments high intake of cannabis, loud in Oyo

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The Narcotics Commander, National Drug Law Enforcement Agency (NDLEA), Oyo State Command, Mr Olayinka Joe-Fadile, has expressed worry over the high intake of illicit drugs in the state.

Joe- Fadile made the observation in an interview with the News Agency of Nigeria (NAN) Abeokuta at the sidelines of the “Public Destruction of Drug Exhibits” held at Ipara town, Ogun, Lagos-Ibadan Expressway Way.

According to him, the high consumption of Cannabis Sativa in the state which has metamorphosed into loud with different strains like Scottish Loud, Canadian Loud, Arizona Loud among others is worrisome.

“These loud drug are even expensive and more dangerous than Cannabis Sativa,” he said.

He said that the illicit substance killed gradually and painfully.

Joe- Fadile said “I am using this medium to appeal to the youths, who will become the country’s future leaders, to stay away from drugs.

“You may think the drug is giving you inspiration now, but it will eventually kill slowly and painfully.”

He reiterated that the Command had cordial relationship with all security agencies saying the 1.6 million kilogrammes of illicit drugs destroyed was possible because of joint efforts.

“Each command used to burn its exhibits separately; that is, Oyo state Command will burn its exhibits separately, Lagos will do same, Ogun will do the same.

“But the three states and some strategic commands, shared under Zones 9 and 11, came together today to perform the task jointly.

“The Zones comprised Lagos Strategic Command, Ogun Command, Oyo State command, Murtala Mohammed International Airport (MMIA) Strategic Command, Lagos Seaports Idiroko Border Command and Seme Command.” (NAN)

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Agribusiness : FG denies exclusion of North-East from SAPZ programme

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The Federal Government said the statement by the National Assembly North – East Caucus that its zone was ” completely excluded” from the Special Agro-Industrial Processing Zone (SAPZ) programme was not correct.

The Minister of Agriculture and Food Security, Sen. Abubakar Kyari, stated this on Saturday in Abuja, while responding to the National Assembly North – East Caucus statement.

Kyari said that the Caucus in a statement had said that the North East was “completely excluded” from the SAPZ initiative.

The SAPZ is part of a strategic initiative of the Federal Government aimed at promoting agricultural industrialisation.

He said that the Renewed Hope Agenda of President Bola Tinubu has recognised the absolute need to avoid exclusion because one of the agenda is ‘Inclusivity’

Kyari said this was to ensure that all segments of the country and all relevant stakeholders and groupings were carried along in the design and implementation of government programmes.
He said that the SAPZ programme was inaugurated in 2022 based on its conceptual design of Phase 1 in 2019.

Kyari said that the project is a Federal Government enabled initiative with subscription by the State Governments of the Federation.

” All state Governments are expected to individually express Interest in the programme.

” For clarity the following steps were taken to arrive at the programme as it is today:The selection Process.

” In 2019, each state governor was notified in writing to express interest with an attached eligibility criteria that will enable them to participate in phase 1 of the programme,” he said.

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He explained that upon receipt of their expression of interest, a joint team comprising the Federal Ministry of Agriculture, Federal Ministry of Finance, the African Development bank conducted a mission to each of the states to verify the fulfillment of the eligibility criteria as a selection process.

” This stage got eight States that qualified namely,Kaduna, Kano, Kwara, Oyo, Ogun, Imo, Cross River, and FCT.

” However, upon the assumption of office by this administration, we reviewed development potential of this programme under the renewed hope agenda of Mr President and decided that no state will be left behind,” he said.

He said Vice – President Kashim Shettima’s first international mission was to Rome, Food System summit where he galvanised more funding to enable us take more states.

” He embarked on a second mission to the World Food Price meeting in Des Moines, Iowa, U.S. where he obtained a commitment of 1 billion dollars from the President of the African Development Bank (AfDB) for the sole purpose of bringing on board more states,” he said.

Kyari further explained that SAPZ is a Subsidiary Loan Agreement Programme which meant that the Federal Government onboards the obtained loans to the state for the implementation of the programme.

” Considering this is a loan, it is solely the discretion of the state to participate or not, and we have cases where states have not expressed interest,” he said.

He said that the overall policy directive of President Tinubu was that all States must be brought on board adding that this would be in phases.

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” We are convinced that as other states see the actuality of this project, they get more interested and therefore express their interest in being the first stage of being onboarded.

” Perhaps, this is the case with the North East Caucus seeing two landmark events being held back-to-back in Kaduna and Cross River,” he said.

The minister said that the phase 2 of the programme had already commenced in earnest.

” I have personally communicated to all the states that are not in phase 1 in written notifying them of the programme and to express interest.

” We have received Expression of Interests from 27 States but only 10 States fully complied with the eligibility criteria which includes Gombe, Borno and Bauchi States for the first tranche of phase 2 as they will be 3 tranches of onboarding states in the phase two,”he said.

Kyari expressed confident that more States would do the needful to fulfill the eligibility criteria to enable government capture them in the second tranche funding of phase 2.

” I therefore also want to appeal to the legislators especially the North East NASS Caucus to appeal to the other Governors u of Taraba, Yobe and Adamawa to reinvigorate their interest in the programme and to ensure they fulfil the eligibility criteria for the second phase,” he said.

He said that beyond the SAPZ Programme, the Federal Government had continued to provide targeted support for farmers in the North-East and across the country.

” We will continue to listen; and we’ve heard the statements of the representatives of the North East and we assure you all that the SAPZ Programme is for all Nigerians and each and every State of the Federation will be brought on board,” he said. (NAN)

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NDLEA interdicts Malaysian returnee with meth consignment concealed in music speakers

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Operatives of the National Drug Law Enforcement Agency, NDLEA, have arrested a 41-year-old ex-convict and Malaysian returnee, Ndubuisi Udatu (aka Richard) with two giant music speakers used to conceal four large parcels of methamphetamine.

The methamphetamine weighing 2.700kilograms for distribution in Yola and Mubi, Adamawa state, and across the border into Cameroon.

The NDLEA spokesman, Femi Babafemi, disclosed this in a statement issued on Sunday via the agency’s X handle.

Mr Babafemi said Ndubuisi was arrested inside a commercial transport bus at an NDLEA check point at Namtari along Ngurore -Yola road, Adamawa on Monday 7th April 2025.

“He was found with two new music speakers used to conceal four packages of methamphetamine and monetary exhibit of N22,300.

“In his statement, he claimed he returned to Nigeria to continue his illicit drug trade after serving out his jail term in Malaysia where he had been arrested, convicted and sent to prison for drug trafficking offences”, he said.

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