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Nigeria Slams $81.5bn fresh charges against Binance

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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.

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BREAKING: Police Have Sealed Our Hqrs – Osun Electoral Commission Boss Raises Alarm

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The Chairman of the Osun State Independent Electoral Commission (OSSIEC), Hashim Abioye, has raised alarm over the sealing of the commission’s headquarters by the police.

The incident on Saturday occurred as the commission proceeded with the controversial local government elections taking place across the state.

Speaking during a live current affairs program on Rave FM, Abioye said he is surprised that such a step could be taken.

He said, “I leave the police IGP in the hands of God.

“Election has started earnestly in all the polling units across the state but no police presence is noticeable from the information available to me.”

Meanwhile, Governor Ademola Adeleke participated in the exercise, casting his vote at a polling station in Ede.

After voting, the governor called on residents to remain calm and peaceful throughout the exercise.

The sealing of the OSSIEC headquarters comes after the Nigeria Police had earlier advised the Osun State Government not to proceed with the election.

Citing security risks and potential legal implications, the police had warned that holding the poll under the current circumstances could lead to unrest.

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Osun election underway despite AGF’s advice, Governor Adeleke votes in polling unit

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Governor Ademola Adeleke of Osun State has cast his ballots at Unit 9, Ward 2, in Ede North Local Government Area as the contentious poll begins across the state.

The governor cast his vote as early as 8 a.m. on Saturday morning amid tension over possible unrest.

The election is currently being held as scheduled despite advice from the Attorney General of the Federation, Lateef Fagbemi.

The Nigeria Police Force had also called for the suspension of the exercise, stating that unrest was likely to unfold following disagreements between political parties.

The Labour Party had also announced its decision to back out of the exercise, saying the security of its agents was not guaranteed.

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JUST IN: Tension in Osun as controversial LG election holds amid security threats

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There is tension in Osun State following Governor Ademola Adeleke’s insistence to conduct the controversial Local Government election despite security threats and stiff resistance from opposition parties.

Stakeholders, particularly opposition parties and security agencies, have raised concerns over the security situation in the state, predicting unrest.

The concerns followed previous events where members of the Peoples Democratic Party, PDP, and the All Progressives Congress, APC, clashed, resulting in the death of at least six party members on Monday.

The crisis escalated when the previously sacked local government chairmen and councillors moved to return to council offices after a court judgement.

The APC members had moved to enforce the judgment of the Court of Appeal, Akure Division, delivered on February 10, 2025, which overturned their sack by the verdict of the Osogbo Federal High Court on November 25, 2022.

Recall that a judgment by Justice Nathaniel Ayo-Emmanuel of an Osogbo Federal High Court, delivered on November 25, 2022, had sacked the chairmen and councillors elected in the poll conducted by the immediate past Osun State Governor, Adegboyega Oyetola.

However, the Court of Appeal nullified the judgment on February 10 this year, leading to chaos across all the Local Government Areas in the state.

Despite resistance from the PDP members, the reinstated Chairmen insisted that the planned election must be cancelled until their tenure elapsed in October 2025.

AGF warns Governor Adeleke against disobeying Appeal Court ruling

Wading into the crisis on Thursday, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi urged Governor Adeleke to respect the Appeal Court judgement, stating that the tenure of the chairmen and the councillors has been restored.

The AGF accused Governor Adeleke of attempting to override the judiciary and warned that proceeding with the election would constitute a serious violation of the Nigerian constitution.

According to him, such elections will “not only be invalid since the term of office of the elected officials just restored by the judgment of the Court of Appeal will still be running until October 2025, but it will also amount to an egregious breach of the Constitution which Governor Adeleke has sworn to uphold”.

Court orders conduct of polls SaturdayDespite the legal advice from the AGF, an Osun State High Court in Ilesa on Friday ordered the State Independent Electoral Commission, OSSIEC, to conduct elections for the LG chairmen and councillors in all the 30 council areas on Saturday (today).

Justice A. Aderigbigbe, who gave the judgement, stated that there is vacancy in the 30 local government areas of the state as earlier held in a judgement by the Federal High Court.

The court also directed and compelled all the security agencies, including the Nigeria Police, Department of State Services, DSS, Nigerian Army, the Nigeria Security and Civil Defense Corps, NSCDC, among others, to provide adequate security, during and after the election.

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