News
Nigeria Slams $81.5bn fresh charges against Binance
The Nigerian government has pressed fresh charges against global cryptocurrency exchange, Binance, demanding $81.5 billion in damages and unpaid taxes.
A breakdown of the figure shows that the government was seeking $79.5 billion for alleged economic losses and $2 billion in unpaid taxes, covering 2022 and 2023. This total $81.5 billion.
In the lawsuit, filed by the Federal Inland Revenue Service (FIRS) at the Federal High Court in Abuja, Binance’s activities in Nigeria caused significant economic harm to the country.
Binance was also accused of evading taxes on its local earnings.
The case, marked FHC/ABJ/CS/1444/2024, accuses Binance and two of its executives, Tigran Gambaryan and Nadeem Anjarwalla, of failing to register with the FIRS for tax compliance and allegedly violating Nigerian financial regulations. This lawsuit marks the third legal action against Binance in Nigeria.
The FIRS and the Economic and Financial Crimes Commission (EFCC) have already charged the company with tax evasion, money laundering, and foreign exchange violations before Justice Emeka Nwite of the Federal High Court in Abuja.
Among the financial penalties in the lawsuit are a 10% penalty for non-payment of taxes for 2022 and 2023, a 26.75% annual interest rate, based on the Central Bank of Nigeria (CBN) lending rate and additional penalties for Binance’s failure to register its business activities in Nigeria.
News
Two-Storey Building Collapses in Lagos’ Oyingbo Area, Rescue Operations Ongoing
A two-storey residential building marked as distressed collapsed in the early hours of Monday at No. 54 Cole Street, near Cemetery Bus Stop by UBA Bank, Oyingbo, trapping several occupants.
The Lagos State Fire and Rescue Service (LSFRS) received a distress call at approximately 00:20 hours and arrived on scene by 00:29 hours. Crews from Sari Iganmu Fire Station led the initial response.
According to LSFRS Controller General Margaret Adeseye, the structure had shown visible signs of distress prior to the collapse, but residents continued to occupy it.
So far, 15 individuals – comprising 7 male adults, 4 female adults, and 4 children – have been rescued with varying degrees of injury.
The victims were promptly transported to Federal Medical Centre, Ebute Meta, and General Hospital, Odan on Lagos Island for treatment.
Rescue efforts remain ongoing, with emergency teams combing the rubble for any additional trapped persons. No fatalities have been confirmed in the initial report, though operations continue amid concerns for those still unaccounted for.
This incident adds to the recurring challenge of building collapses in Lagos, often linked to structural distress in older properties.
News
Atiku Backs Suspension of new tax framework , following unconstitutional forgery
This constitutional violation exposes a troubling reality: a government obsessed with imposing ever-increasing tax burdens on impoverished Nigerians rather than creating conditions for prosperity.
Atiku Abubakar, ex- Vice President of Nigeria (1999-2007) has strengthened the public calls for the suspension of the Federal Government’s new tax laws following the discovery of illegal and unauthorized alterations made to document after passage by the National Assembly.
Atiku, in a statement he signed personally on Tuesday, asserted “What the National Assembly did not pass cannot become law.”
Atiku described the forgery of the tax law as “a brazen act of treason against the Nigerian people and a direct assault on our constitutional democracy.”
The statement reads: “This draconian overreach by the executive branch undermines the foundational principle of legislative supremacy in the making of laws.
It reveals a government more interested in extracting wealth from struggling citizens than empowering them to prosper.
The Unconstitutional Alterations
The following substantive changes were allegedly illegally inserted into the tax bills after parliamentary approval, in clear violation of Sections 4 and 58 of the 1999 Constitution:
1. New Coercive Powers Without Legislative Consent
*Arrest powers granted to tax authorities
*Property seizure and garnishment without court orders
*Enforcement sales conducted without judicial oversightThese provisions transform tax collectors into quasi-law enforcement agencies, stripping Nigerians of due process protections that the National Assembly deliberately included.
2. Increased Financial Burdens on Citizens*Mandatory 20% security deposit before appealing tax assessments*Compound interest on tax debts*Quart
erly reporting requirements with lowered thresholds
*Forced USD computation for petroleum operations
These changes erect barriers that prevent ordinary Nigerians from challenging unjust assessments while increasing compliance costs for businesses already struggling in a difficult economy.
3. Removal of Accountability Mechanisms
*Deletion of quarterly and annual reporting obligations to the National Assembly
*Elimination of strategic planning submission requirements
*Removal of ministerial supervisory provisions
By stripping away oversight mechanisms, the government has insulated itself from accountability while expanding its powers—a hallmark of authoritarian governance.
A Government Against Its People
This constitutional violation exposes a troubling reality: a government obsessed with imposing ever-increasing tax burdens on impoverished Nigerians rather than creating conditions for prosperity.
Instead of investing in infrastructure, education, healthcare, and economic empowerment that would expand the tax base organically, this administration chooses the path of aggressive extraction from an already struggling populace.
Nigeria’s poverty rate remains alarmingly high, unemployment continues to devastate families, and inflation erodes purchasing power daily.
Yet rather than supporting citizens to become more productive, thereby generating sustainable tax revenues, the government employs draconian measures to squeeze resources from people who have little left to survive.
True economic growth comes from empowering citizens, not impoverishing them further through punitive taxation and erosion of legal protections.
A thriving economy with prosperous citizens naturally generates robust tax revenues. But this requires vision, investment, and patience, qualities evidently lacking in an administration that resorts to constitutional manipulation to achieve short-term fiscal goals.
I hereby call upon:1. The Executive to immediately suspend the implementation of the tax law effective January 1, 2026 to give room for a proper investigation.
2. The National Assembly to immediately rectify these illegal alterations through proper legislative processes and hold accountable those responsible for this constitutional breach.
3. The Judiciary to strike down these unconstitutional provisions and reaffirm the sanctity of the legislative process.
4. Civil Society and all Nigerians to reject this assault on democratic principles and demand governance that serves the people rather than exploiting them.
5. The Government to abandon this path of extraction and oppression, and instead focus on policies that enable Nigerian citizens and businesses to thrive.
6. The EFCC to immediately investigate and prosecute those found culpable in the illegal alteration of our laws to extort and defraud the Nigerian people.
What the National Assembly did not pass cannot become law.
This fundamental principle must be defended, or we risk descending into arbitrary rule where constitutional safeguards mean nothing.
The Nigerian people deserve better than a government that circumvents democracy to impose hardship.
We demand accountability, constitutional compliance, and economic policies that build prosperity rather than deepen poverty.”
News
FIRS says NIN to serve as Tax ID for individuals
The new tax law is scheduled to come into force in January 2026 and mandates the use of a Tax ID for certain financial and economic transactions, including banking-related activities.
The Federal Inland Revenue Service (FIRS) has announced that the National Identification Number (NIN) issued by the National Identity Management Commission (NIMC) will now automatically serve as the Tax Identification Number (Tax ID) for individual Nigerians under the country’s new tax regime.
FIRS also said that registered businesses will also no longer need a separate Tax Identification Number, as their Corporate Affairs Commission (CAC) registration (RC) number will now function as their Tax ID.
The Service made the disclosure on its official X handle on Monday, ahead of the passage of the Nigeria Tax Administration Act (NTAA), one of the new tax laws introduced as part of the Federal Government’s broader fiscal and tax reform agenda .
The new tax law is scheduled to come into force in January 2026 and mandates the use of a Tax ID for certain financial and economic transactions, including banking-related activities.
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