Nigerian Government Files $81.5 Billion Lawsuit Against Binance

Nigerian Government Files $81.5 Billion Lawsuit Against Binance
The Federal Government of Nigeria has filed a lawsuit against Binance, seeking $81.5 billion in penalties and taxes for alleged economic losses and tax evasion.

The case, filed by the Federal Inland Revenue Service (FIRS) at the Abuja Federal High Court, accuses Binance of failing to register with Nigeria’s tax agency and violating several financial regulations.

Details of the Lawsuit

According to court documents seen by NIGPOST, the Nigerian government is demanding:

• $2.001 billion in unpaid corporate income taxes for 2022 and 2023
• A 10% penalty for tax non-payment
• A 26.75% annual interest rate (based on the Central Bank of Nigeria’s lending rate)
• $79.51 billion and ₦231 million as compensation for economic damages

The Economic and Financial Crimes Commission (EFCC) has also filed separate charges against Binance for alleged money laundering and foreign exchange violations.

Allegations Against Binance

The lawsuit claims Binance has been operating in Nigeria for over six years without proper registration while generating substantial revenue.

An affidavit by Jimada Yusuf, a member of the National Security Adviser’s Special Investigation Team, states that:

• Binance had 386,256 active Nigerian users in 2023
• The platform recorded $21.6 billion in trade volume and $35.4 million in revenue that year
• Binance failed to provide six years’ worth of business records despite a court order

Authorities also allege that Binance continued trading the Nigerian Naira (NGN) after falsely claiming to have delisted it.

Court Proceedings and Next Steps

The lawsuit was presented before Justice Inyang Ekwo on February 11, 2025. However, Binance’s legal representatives were absent in court.

Lead counsel Kanu Agabi (SAN) informed the court that Binance had avoided direct service of the legal documents, prompting a motion for substituted service, which Justice Ekwo approved. The case has been adjourned to March 3, 2025.

Nigerian Government Responds to Binance Executive’s Claims

Shortly before the lawsuit, Binance’s Head of Financial Crime Compliance, Tigran Gambaryan, alleged via social media that Nigeria’s National Security Adviser (NSA) and lawmakers had engaged in bribery and corruption.

The Nigerian government has dismissed these claims as misleading and defamatory.

Stay updated with NIGPOST for further developments on this case.