The Federal High Court in Abuja on Tuesday adjourned the tax evasion case filed by the Federal Government against Binance Holdings Limited until July 9, pending a report on ongoing settlement talks between both parties
Presiding judge, Justice Emeka Nwite, granted the adjournment after counsel to Binance, Senior Advocate of Nigeria Chukwuka Ikwuazom, and the Federal Government’s lawyer, Omotola Fatogun, informed the court that efforts to reach an out-of-court settlement were still underway.
Binance had earlier, on March 24, expressed willingness to resolve the matter amicably.
During the proceedings, another counsel to Binance, Sunday Adaji, also confirmed that negotiations between the parties were progressing.
Representing the government, Mr Moses Ideho of the legal department of the Federal Inland Revenue Service, now Nigeria Revenue Service, acknowledged that settlement discussions were ongoing.
Binance Holdings Limited was re-arraigned on July 12, 2024, on a four-count charge bordering on alleged tax evasion.
At the time, the company’s Nigerian representative, Ayodele Omotilewa, entered a not-guilty plea before Justice Nwite on behalf of the firm.
The re-arraignment followed the removal of two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, from the suit after the court struck out their names following an amended charge filed by the prosecution.
The amended charge, dated June 13, 2024, and filed on June 14, 2024, listed Binance as the sole defendant.
In a separate case before the same court, the Economic and Financial Crimes Commission, EFCC, is prosecuting Binance over alleged money laundering involving $35.4 million.
The company is also facing another civil suit before Justice Mohammed Umar, where the Federal Inland Revenue Service is seeking about $79.5 billion in damages over alleged economic losses linked to Binance’s operations in Nigeria.
