Nigeria Sues Binance for $81.5 Billion
Date: 2025-02-20 Author: Oliver Abernathy Categories: BUSINESS
According to court documents filed by the Federal Inland Revenue Service (FIRS), the claims include $79.5 billion in alleged economic losses and $2 billion in unpaid taxes for two years.
The regulator claims that Binance has a significant economic impact in the country and is therefore liable for corporate income tax. The FIRS intends to pursue the recovery of taxes for 2022 and 2023, including a 10% penalty and a 26.75% interest rate based on the central bank’s policy rate.
In addition, the exchange has been charged with four tax violations, including VAT evasion, corporate income tax evasion, failure to file tax returns, and assisting users in tax evasion. In a separate investigation, the company is also suspected of money laundering and currency speculation worth $34.4 million.
Earlier, in February 2024, Nigerian authorities detained two top Binance managers. One of them, Nadeem Anjarwalla, was able to leave the country and hide in Kenya, while Tigran Gambaryan spent eight months in a correctional center in Abuja. In October 2024, the charges against him were dropped, which was explained by diplomatic intervention and the extent of his involvement in the alleged crimes.
At the moment, Binance Holdings Limited remains the only defendant in the two cases. The company denies all charges brought against it.
