The Nigerian government, through the Federal Inland Revenue Service (FIRS), has asked the Federal High Court in Abuja to order Binance Holdings Limited to pay $79,514,055,594.40 and N231 million for economic losses allegedly caused by its operations in Nigeria, as well as $2,001,000,000 in income tax for 2022 and 2023.
These monetary demands and alleged liabilities, exclusively seen by Nairametrics, include a 10% penalty for non-payment of income tax for 2022 and 2023, a 26.75% interest rate—being the prevailing Central Bank of Nigeria (CBN) lending rate per annum—from January 1, 2023, and January 1, 2024, respectively, among other charges.
Binance, a cryptocurrency exchange platform, along with two of its executives, Tigran Gambaryan and Nadeem Anjarwalla, is accused in this lawsuit of contravening Nigerian laws by failing to register with the FIRS for tax compliance and causing economic losses to the country during the period under review.