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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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Lagos Ranks Among World’s 20 Best Cities for Nightlife

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In response to the report, Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, said the ranking is a reflection of the working security infrastructure in the state.

Time Out Magazine has named Lagos one of the world’s best nightlife cities, clinching the 14th spot globally and placing second in Africa, just behind Cape Town, South Africa.

The ranking was revealed in a recent report by Time Out Magazine, which surveyed thousands of city dwellers and consulted nightlife experts to compile its list of top nightlife destinations around the globe.

In the report, 79% of Lagos residents rated the city’s nightlife positively.

Lagos outperformed other prominent African cities including Cairo, Egypt, and Marrakech, Morocco, which took the 15th and 19th spots globally, respectively.

Time Out noted that Lagos’ nightlife has evolved from high-end lounges to more inclusive underground rave scenes, highlighting spots like SweatItOutLagos and Our Group Therapy as key to the city’s buzzing nightlife culture.

In response to the report, Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, said the ranking is a reflection of the working security infrastructure in the state.

“It shows that the security architecture put in place by Governor Babajide Sanwo-Olu is working.

It speaks to the number of tourists who pour into Lagos daily and the success of the last Detty December,” he stated.

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Emir of Gusau, Ibrahim Bello, dies at 71

The Emir died on Friday morning in Abuja.

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• Emir of Gusau, Alhaji Ibrahim Bello

Governor Dauda Lawal of Zamfara has announced the death of the Emir of Gusau, Alhaji Ibrahim Bello, aged 71, following a protracted illness.

The governor said this in a statement issued by Sulaiman Idris, his Spokesperson and Senior Special Assistant on Media.

The Emir died on Friday morning in Abuja.

He commiserated with the people of Zamfara, describing the death as a personal loss.

He said, “The late Emir of Gusau, Ibrahim Bello, was a supportive royal father and a capable leader who dedicated himself to making Zamfara State better.

“I received with deep sadness the news of the passing of our father, His Royal Highness, Dr Ibrahim Bello, the Emir of Gusau.

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States slashing power tariff must pay subsidy – NERC

In a notice on Thursday, the national power regulator advised state governments to reflect the wholesale costs in tariffs or be ready to pay subsidies for any tariff shortfall.

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The Nigerian Electricity Regulatory Commission has said that state governments do not have jurisdiction over the national grid and over electric power stations established under federal laws or operating under licences it issued.

The commission stated this in its reaction to the controversies generated by the Enugu Electricity Regulatory Commission’s decision to slash the Band A tariff.

In a notice on Thursday, the national power regulator advised state governments to reflect the wholesale costs in tariffs or be ready to pay subsidies for any tariff shortfall.

The commission acknowledged that states that have assumed full regulatory oversight over their intrastate markets are now authorized to create and regulate transactions in their state electricity markets, saying this extends to the development of tariff methodologies that shall apply to end-use customers in their respective states.

(The PUNCH).

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