The Federal High Court in Abuja has admitted key documents submitted by the Federal Inland Revenue Service (FIRS), outlining its investigation into Binance’s alleged tax violations in Nigeria. The crypto exchange stands accused of failing to collect and remit Value Added Tax (VAT) and Company Income Tax (CIT) as mandated under the FIRS Establishment Act.
During the hearing on Friday, FIRS counsel Moses Idehu presented internal memos and reports generated through the agency’s TaxPro Max platform, which traced Binance’s financial transactions in Nigeria. These documents, prepared by FIRS’s Government Business Task Office, highlighted the scope of Binance’s operations and alleged non-compliance.
FIRS official Muftau Abdukarim testified that his team, upon instruction from the Litigation and Prosecution Department, conducted a probe into Binance’s compliance status using TaxPro Max. Their findings were forwarded to the prosecution division and formally submitted as evidence.
Binance, represented in court by Ayodele Omotilewa, denied the tax evasion claims, though their legal counsel did not object to the documents’ admission or cross-examine the witness.
Justice Emeka Nwite admitted the documents and adjourned the case until May 20, 2025.
This development follows the government’s broader legal actions against Binance, which include allegations of influencing Nigeria’s foreign exchange rates, money laundering, and causing economic losses. The FIRS is demanding over $79 billion in damages, along with more than $2 billion in unpaid income taxes.
“The whole idea is to ensure that companies operating within Nigeria comply with tax laws. Binance is no exception,” said the FIRS representative.
Binance has appointed a Nigerian representative in response to the case, and one of the previously detained executives, Tigran Gambaryan, has been discharged, while another, Nadeem Anjarwalla, remains at large after escaping custody.
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