Business
Binance seeks out-of-court settlement in Nigeria tax evasion case
Following submissions from both parties, Justice Nwite adjourned the case until May 12 for a report on settlement talks.
Binance Holdings Limited on Tuesday said it is exploring a resolution of the tax evasion charges filed against it by the Federal Government, signalling a pause in the trial.
Sunday Agaji, the company’s counsel disclosed this before Emeka Nwite of the Federal High Court in Abuja.
Moses Ideho, counsel to the government a deputy director in the legal department of the Federal Inland Revenue Service (now Nigeria Revenue Service), confirmed the development.
Although the matter was slated for continuation of trial, Ideho told the court he had been informed earlier by the defence that the company had approached the tax authority to discuss an out-of-court settlement.
Agaji said discussions were ongoing.
“My lord, parties are exploring settlement. That is essentially where we are,” he said.
Following submissions from both parties, Justice Nwite adjourned the case until May 12 for a report on settlement talks.
( Business Day)
Business
Naira Exchange Rates Wednesday July 1, 2026
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 395 Sell ₦1, 405
GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,870
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CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100
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UAE DIRHAM Buy ₦350 Sell ₦370
CHINESE YUAN Buy ₦180 Sell ₦200
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WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460
CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
CBN OFFICIAL EXCHANGE RATES
US DOLLAR (USD) ₦1,370. 68
GREAT BRITISH POUND (GBP) ₦1,825.05
EURO (EUR) ₦1,572.98
SWISS FRANC (CHF) ₦1,705.00
JAPANESE YEN (JPN) ₦8.50
CHINESE YUAN (CNY) ₦203. 32
WEST AFRICAN CFA (XOF) ₦2.41
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,875. 81
SAUDI RIYAL (SAR) ₦367.19
SOUTH AFRICAN RAND (ZAR) ₦84.12
Business
FG Moves to Sheild Pig Industry from Deadly Swine Fever
The Federal Government has intensified efforts to protect Nigeria’s pig industry from the growing threat of African Swine Fever, a highly contagious livestock disease.
The Minister of Livestock Development, Idi Mukhtar Maiha, says the government is strengthening biosecurity measures, disease surveillance, and stakeholder collaboration to prevent the spread of the disease and safeguard livestock production nationwide.
Speaking during a technical presentation on the status of African Swine Fever in Nigeria, the Minister commended the Chief Veterinary Officer of the Federation, Dr. Yakubu Yanet Ago, for sharing lessons from a recent study visit to Denmark.
He said that the experiences gained from the visit would help Nigeria develop practical solutions to livestock health challenges and improve preparedness against disease outbreaks.
Maiha highlighted Denmark’s pig traceability and compensation system, where every pig is tracked from birth and farmers contribute to a dedicated fund that provides compensation during disease outbreaks.
According to him, such a model encourages early disease reporting, strengthens transparency, and could be adapted to support Nigeria’s livestock sector.
The Minister also pointed to Denmark’s strict biosecurity measures, including mandatory disinfection of vehicles transporting pigs and controls to prevent contact with wild animals.
He stressed that biosecurity should be viewed as an investment rather than a burden, noting that strict movement controls and farm access restrictions have proven effective in containing disease outbreaks.
To strengthen disease prevention, the Minister directed relevant departments to map livestock movement routes, identify major pig markets and commercial farms, improve animal traceability systems, and deepen collaboration with pig farmers, state governments, and development partners.
He also called for stronger surveillance systems, improved laboratory capacity, and greater investment in veterinary research.
In his remarks, the Chief Veterinary Officer of the Federation, Dr. Yakubu Yanet Ago, described African Swine Fever as a devastating viral disease with mortality rates of up to one hundred percent and revealed that outbreaks have been recorded in about twelve states.
He revealed that the Federal Government’s response focuses on improved surveillance, farmer education, and stronger biosecurity, while urging greater cooperation among all tiers of government, increased funding, and alignment with international disease control strategies to achieve long-term eradication of the disease.
Business
DisCos earn N801bn in four months despite persistent blackouts
In the NERC data, the DisCos billed customers N1.01tn between January and April but recovered N801.16bn, leaving about N207.77bn in uncollected revenue during the period.
Data obtained from the Nigerian Electricity Regulatory Commission (NERC) showed that electricity distribution companies (DisCos) earned a total of N801.16 billion from consumers between January and April 2026.
This was despite persistent power outages and supply constraints across the country.
The commercial performance factsheets released by the regulator showed that the 11 DisCos collected N204.74bn in January, N196.68bn in February, N196.13bn in March and N203.61bn in April, bringing total revenue for the four-month period to N801.16bn.
The collections came even as households and businesses endured months of unstable electricity supply caused largely by gas shortages that crippled power generation and forced widespread load shedding, especially in February and March.
In the NERC data, the DisCos billed customers N1.01tn between January and April but recovered N801.16bn, leaving about N207.77bn in uncollected revenue during the period.
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