… Trial Suspended As Negotiations Begin
… Court Demands Update May 12
Daud Olatunji
Cryptocurrency firm, Binance Holdings Limited, has initiated moves to resolve the tax evasion charges filed against it by the Federal Government through an out-of-court settlement, a development that has temporarily stalled proceedings before the Federal High Court in Abuja.
The company’s counsel, Sunday Agaji, disclosed on Tuesday that discussions were ongoing between the parties when the matter came up before Justice Emeka Nwite.
Counsel to the government and a deputy director in the legal department of the Federal Inland Revenue Service, Moses Ideho, confirmed that the company had earlier approached the tax authority to explore possible terms of settlement.
Although the case was slated for continuation of trial, both parties urged the court to allow time for negotiations.
“My lord, parties are exploring settlement. That is essentially where we are,” Agaji told the court.
Following the submissions, Justice Nwite adjourned the case till May 12, 2026, for a report on the outcome of the settlement talks.
Binance is facing a four-count charge bordering on alleged tax evasion. The company was re-arraigned on July 12, 2024, with its Nigerian representative, Ayodele Omotilewa, entering a not guilty plea on its behalf.
The re-arraignment followed an amendment of the charge by the prosecution, which led to the discharge of two company executives, Tigran Gambaryan and Nadeem Anjarwalla, leaving the firm as the sole defendant.
In an earlier ruling delivered on June 14, 2024, Justice Nwite struck out the names of the two executives after the amended charge was filed.
Meanwhile, the company is also facing a separate prosecution by the Economic and Financial Crimes Commission over alleged money laundering involving $35.4 million before the same court.
In addition, Binance is battling a civil suit before another judge of the Federal High Court, Mohammed Umar, where the tax authority is seeking approximately $79.5bn in alleged economic losses linked to its operations in Nigeria.
The outcome of the ongoing settlement talks is expected to determine whether the high-profile tax evasion case will proceed to full trial or be resolved amicably.
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