The Federal High Court in Abuja adjourned a tax evasion case brought by the Federal Government against Binance Holdings Limited on Tuesday, pushing the matter to July 9 to allow time for a report on whether the parties are close to a settlement. Presiding Justice Emeka Nwite granted the adjournment after lawyers for both sides told the court that discussions aimed at resolving the dispute out of court were still underway.<\/p>\n
Binance\u2019s counsel, Senior Advocate of Nigeria Chukwuka Ikwuazom, informed the court that negotiations toward an amicable outcome were continuing, while the government\u2019s lawyer, Omotola Fatogun, echoed that position. The cryptocurrency firm had earlier signaled on March 24 that it was willing to pursue an out-of-court resolution, and during the hearing, another Binance attorney, Sunday Adaji, also confirmed that talks remained active.<\/p>\n
On the government side, Mr Moses Ideho from the legal department of the Federal Inland Revenue Service\u2014now Nigeria Revenue Service\u2014acknowledged that settlement discussions were ongoing. The court\u2019s decision to pause proceedings came as it awaited a formal update on whether those efforts could translate into a negotiated outcome.<\/p>\n
Binance had been brought back before the court on July 12, 2024, for a four-count charge connected to alleged tax evasion. At that stage, Ayodele Omotilewa, listed as the company\u2019s Nigerian representative, entered a not-guilty plea on Binance\u2019s behalf before Justice Nwite.<\/p>\n
The re-arraignment followed a procedural development in which two executives, Tigran Gambaryan and Nadeem Anjarwalla, were removed from the case after the court struck out their names following an amended charge submitted by the prosecution. The amended charge was dated June 13, 2024 and filed on June 14, 2024, and it named Binance as the sole defendant.<\/p>\n
Separately, Binance is also facing prosecution by the Economic and Financial Crimes Commission (EFCC) in the same court over allegations of money laundering involving $35.4 million. In addition to the criminal proceedings, the company is confronting another civil action before Justice Mohammed Umar, in which the Federal Inland Revenue Service is seeking approximately $79.5 billion in damages, alleging economic losses tied to Binance\u2019s activities in Nigeria.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Federal High Court in Abuja adjourned a tax evasion case brought by the Federal Government against Binance Holdings Limited on Tuesday, pushing the matter to July 9 to allow time for a report on whether the parties are close to a settlement. Presiding Justice Emeka Nwite granted the adjournment after lawyers for both sides […]<\/p>\n","protected":false},"author":2,"featured_media":377,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_title":"Binance Tax Evasion Case Paused as Abuja Court Adjourns","_yoast_wpseo_metadesc":"Abuja court halts Binance\u2019s tax evasion case and pushes it to July 9 as settlement negotiations continue, pending a report on prog","mma_seo_breadcrumb_text":"","mma_seo_breadcrumb_url":"","mma_seo_breadcrumb_hide_ui":"","mma_seo_breadcrumb_labels":[],"footnotes":""},"categories":[5],"tags":[],"class_list":["post-378","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business"],"yoast_head":"\n