Business
Nigerian govt arraigns Binance executive for tax evasion
Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, has arrived the Federal High Court in Abuja for arraignment over allegations of tax evasion.
He and fleeing Nadeem Anjarwalla are expected to be arraigned today at the court.
In the suit marked FHC/ABJ/CR/115/2024, Binance was accused of failing to register with the Federal Inland Revenue Service, FIRS, for the purpose of paying all relevant taxes administered by the service.
Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, has arrived the Federal High Court in Abuja for arraignment over allegations of tax evasion.
He and fleeing Nadeem Anjarwalla are expected to be arraigned today at the court.
In the suit marked FHC/ABJ/CR/115/2024, Binance was accused of failing to register with the Federal Inland Revenue Service, FIRS, for the purpose of paying all relevant taxes administered by the service.
Gambaryan and Nadeem Anjarwalla, Binance’s Regional Manager for Africa, were detained by the Nigerian authorities on February 28.
Although Anjarwalla has escaped from the custody of the Office of the National Security Adviser, ONSA, both executives, alongside Binance, are expected to be charged in court by the Federal Government for tax evasion and money laundering on Thursday.
Wearing a black T-shirt on green pants, Gambaryan was brought into the court at about 9:19 am by officials of the Economic and Financial Crimes Commission, EFCC.
BLACK/ PARALLEL MARKET RATES
₦1370 DOLLAR (USD)
₦1800 POUND (GBP)
₦1510 EURO (EUR)
₦970 CANADIAN DOLLAR (CAD)
₦65 SOUTH AFRICAN RAND (ZAR)
₦350 UAE DIRHAM (AED)
₦190 CHINESE YUAN (CNY)
₦100 GHANAIAN CEDI (GHS)
₦2300 WEST AFRICAN CFA F.(XOF)
₦2200 CENTRAL AFRICAN CFA F.(XAF)
₦850 AUSTRALIAN DOLLAR AUSSIE (AUD)
CBN OFFICIAL RATES
DOLLAR (USD)₦1331.61
POUND (GBP)₦1764.26
EURO (EUR)₦1490.48
SWISS FRANC (CHF)₦1608.23
JAPANESE YEN (JPN)₦8.4
CFA FRANC (XOF)₦2.27
WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1802.33
CHINESE YUAN (CNY)₦199.01
SAUDI RIYAL (SAR)₦354.83
SOUTH AFRICAN RAND (ZAR)₦80.49
Business
WEF could appoint Lagarde as its next chair, sources say
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
•European Central Bank President Christine Lagarde
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.
Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
No final decision has been taken yet, they said.
A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.
Business
Germany plans tax on sugary drinks
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.
If passed by the German Bundestag, the tax will take effect on 1 July 2027.
The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.
The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.
According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
ARISE News Wins Seven Honours At Nigerian Broadcasters Merit Awards
Meta removes 3.7 million accounts in West Africa scam crackdown
Naira Exchange Rates Friday, October 16
BREAKING: Lagos Govt Declares Today, Thursday Work-Free to Mark 2026 Ìṣẹ̀ṣe Day
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
-
News3 days agoUNCTAD Warns Debt Burden Threatens Future of 3.7bn People
-
Business3 days agoFAO Names 22 African Women Agrifood Heroes, Nigeria Missing
-
News3 days agoNAF Crash: Residents Fear Disease as Body Parts Foul Community River
-
Business2 days agoNAFDAC scolds fake manufacturers: “You are killing Nigerians in order to make money”
-
Business1 day agoNaira Exchange Rates For Thursday, October 15
-
Business2 days agoOyedele Chairs G-24 Call for Fairer Global Financial System, Affordable Development Financing
-
Business3 days agoBREAKING: Shell to Exit Nigeria’s Domestic Gas Distribution Business
-
Sports1 day agoCAF Increases Annual Funding for Member Federations to $700,000