The Federal High Court in Abuja has officially admitted key documents submitted by the Federal Inland Revenue Service (FIRS) into evidence, as part of an ongoing investigation into alleged tax violations by cryptocurrency exchange giant, Binance.
The court session, presided over by Justice Emeka Nwite, saw the FIRS present internal memos and findings reportedly detailing Binance’s financial activities within Nigeria. The documents were submitted by FIRS counsel, Moses Idehu, and were not contested by Binance’s legal team, led by Senior Advocate of Nigeria, Chukwuka Ikwuazom.
The evidence stems from an investigation initiated in March 2024. According to Muftau Abdukarim, Assistant Director at FIRS’s Government Business Task Office, the probe was triggered by a directive from the agency’s Litigation and Prosecution Department. Using the TaxPro Max platform, officials analyzed Binance’s operations and financial transactions, reportedly generating a comprehensive report on the company’s compliance status.
These developments are part of a broader case in which Binance is accused of failing to collect and remit essential taxes, including Value Added Tax (VAT) and Company Income Tax (CIT), despite offering extensive crypto-related services to Nigerian users. The government’s lawsuit also claims Binance facilitated significant financial flows without fulfilling its tax obligations under Nigerian law.
Notably, earlier proceedings resulted in the discharge of Tigran Gambaryan, a U.S. citizen, and Nadeem Anjarwalla, who had previously been associated with the tax evasion case but are no longer named in the current filings. The change followed Binance’s move to appoint Nigerian national Ayodele Omotilewa as a local representative.
Justice Nwite admitted the FIRS memos into evidence without objection and scheduled the next hearing for May 20, 2025.
The Nigerian government has intensified its scrutiny of digital asset platforms in recent months, citing concerns over market volatility and regulatory gaps. According to Minister of Information Idris Mohammed, Binance handled over $20 billion in transactions within Nigeria in 2023—a figure that has drawn increased attention to the company’s tax and regulatory compliance.
As the case unfolds, its outcome may set a precedent for how cryptocurrency exchanges are expected to operate within Nigeria’s legal and financial frameworks.
