Nairametrics also reports that FIRS sued Binance before another judge, demanding $79,514,055,594.40 and ₦231 million for alleged economic losses caused by its operations in Nigeria, in addition to $2,001,000,000 in income tax for 2022 and 2023

The Federal Inland Revenue Service (FIRS) of Nigeria has initiated legal proceedings against Binance Holdings Limited, seeking substantial financial penalties. The lawsuit, filed at the Federal High Court in Abuja, demands:

1. $79,514,055,594.40 and ₦231 million for alleged economic losses resulting from Binance’s operations in Nigeria.
2. $2,001,000,000 in unpaid income taxes for the years 2022 and 2023.
3. A 10% annual penalty for the non-payment of income taxes for 2022 and 2023.
4. 26.75% annual interest, based on the Central Bank of Nigeria’s lending rate, accruing from January 1, 2023, and January 1, 2024, respectively, until full payment is made.
   

The FIRS alleges that Binance, along with its executives Tigran Gambaryan and Nadeem Anjarwalla, failed to register with the FIRS for tax compliance, thereby violating Nigerian laws. The lawsuit claims that Binance had a “significant economic presence” in Nigeria, with over 386,000 active users and a trading volume of $21.6 billion in 2023, yet did not comply with tax obligations. 

This legal action is the third such case against Binance in Nigeria. The FIRS and the Economic and Financial Crimes Commission (EFCC) had previously charged the company with tax evasion, money laundering, and foreign exchange violations before Justice Emeka Nwite of the Federal High Court in Abuja.