The Federal High Court in Abuja on Tuesday adjourned the tax evasion case filed by the Federal Government against Binance Holdings Limited until July 9, for a report on possible settlement talks between the parties.
Presiding judge, Justice Emeka Nwite, granted the adjournment after counsel to Binance, Senior Advocate of Nigeria Chukwuka Ikwuazom, and the Federal Government’s lawyer, Omotola Fatogun, informed the court that discussions aimed at an out-of-court resolution were still ongoing.
The cryptocurrency firm had earlier, on March 24, indicated interest in resolving the matter amicably.
During proceedings, another counsel for Binance, Sunday Adaji, also confirmed that negotiations between both sides were still in progress.
On the government’s side, Mr Moses Ideho of the legal department of the Federal Inland Revenue Service (now Nigeria Revenue Service) acknowledged the ongoing settlement discussions.
Binance Holdings Limited was initially re-arraigned on July 12, 2024, on a four-count charge relating to alleged tax evasion.
At the time, the company’s Nigerian representative, Ayodele Omotilewa, entered a not-guilty plea on its behalf before Justice Nwite.
The re-arraignment followed the removal of two executives, Tigran Gambaryan and Nadeem Anjarwalla, from the case after the court struck out their names upon an amended charge filed by the prosecution.
The amended charge, dated June 13, 2024 and filed on June 14, 2024, listed Binance as the sole defendant.
Separately, the Economic and Financial Crimes Commission, EFCC, is also prosecuting Binance before the same court over allegations of money laundering involving $35.4 million.
The company is also facing another civil suit before Justice Mohammed Umar, where the Federal Inland Revenue Service, FIRS, is seeking about $79.5 billion in damages, alleging economic losses linked to Binance’s operations in Nigeria.
