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FG Sues Binance For $81.5bn In Economic Losses, Back Taxes

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The Federal Government of Nigeria has filed a lawsuit seeking to compel cryptocurrency exchange Binance to pay $79.5 billion for economic losses it says were caused by its operations in the country and $2 billion in back taxes, according to court documents cited by Reuters on Wednesday.

The government blames Binance, the world’s largest crypto exchange, for Nigeria’s currency woes and detained two of its executives in 2024 after cryptocurrency websites emerged as platforms of choice for trading the local naira currency.

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Binance, which is not registered in Nigeria, did not immediately respond to a request for comment. It has previously said it is working with the Federal Inland Revenue Service (FIRS) to resolve potential historic tax liabilities.

READ ALSO: Binance Executive, Gambaryan Reveals Three Nigerian Lawmakers Who Demanded $150m Bribe

FIRS alleged that Binance has a “significant economic presence” in Nigeria and is therefore liable for corporate income tax. It is seeking a court declaration that Binance pay income taxes for 2022 and 2023, plus a 10% annual penalty on unpaid amounts.

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The revenue agency is also requesting a 26.75% interest rate on unpaid taxes, based on the Central Bank of Nigeria’s lending rate.

Binance was already facing four counts of tax evasion in Nigeria after a government crackdown on the industry last year.

The charges include non-payment of value-added tax, company income tax, failure to file tax returns, and complicity in helping customers evade taxes through its platform.

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Binance, which is contesting the charges, announced in March last year that it was stopping all transactions and trading in naira.

The company is also facing separate money laundering charges by Nigeria’s anti-graft agency.

 

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Idahosa Hosts NBA, Assures Of Government’s Collaboration

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Edo State deputy governor, Hon. Dennis Idahosa, has assured of the Governor Monday Okpebholo-led administration’s desire to reduce crime and criminality in the state while also upholding the rule of law.

According to a press statement by Friday Aghedo, the Chief Press Secretary to the deputy governor, Idahosa gave the assurance when he played host to members of the Benin branch of the Nigerian Bar Association (NBA) in Benin on Tuesday.

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During the interface with the body of lawyers, also referred to as “Lion Bar,” the deputy governor solicited their collaboration to help rid the state of violent crimes.

“Indeed, the state we met was plagued with security challenges such as kidnapping, cultism and its related issues, and other vices for which the governor needed to take decisive action to address these menaces which plagued society.

READ ALSO:Police Quiz Pastor Paul Adefarasin Over ‘Gun-like Object’ Video

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“To the glory of God and with your support, we have done reasonably well at reducing crime in Edo State,” he stated.

He informed the lawyers that their collaboration with the administration would assist at stamping out crimes and criminality and boost investors confidence in the state.

Idahosa also promised the government support to the lawyers in whatever capacity to assist in carrying out their functions efficiently.

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Speaking earlier, the Benin NBA branch, Idemudia Osifo, congratulated and commended Governor Okpebholo, his deputy, Dennis Idahosa, on their inauguration and efforts at eradicating security challenges in the state.

READ ALSO: Edo Deputy Governor, Idahosa Preaches Unity As Honour For Martyrs Of June 12

He said the NBA maintained cordiality with the seat of power in order to form a solid partnership geared towards the delivery of dividends of democracy to the people of the state.

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He further commended the Okpebholo-led administration for appointing members of the Bar to key positions of his government.

Speaking on the rule of law, Osifo said that the Bar believed that the administration would deliver, especially against the background of swearing in the three judges denied the same action by the immediate past administration

That singular action showed the willingness of this administration to reposition Edo State in terms of Justice delivery and the rule of law,” he stated.

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He expressed the willingness of the Benin Branch of the NBA to support the government to fight crime and criminality

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Police Quiz Pastor Paul Adefarasin Over ‘Gun-like Object’ Video

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The Lagos State Police Command has confirmed that Pastor Paul Adefarasin, founder of the House on the Rock Church, has turned himself in for questioning over a viral video that appeared to show him holding a gun-like object during a roadside encounter.

The Command, in a post shared via its official X (formerly Twitter) account on Tuesday, stated, “No one is above the law!

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Pastor Paul Adefarasin has turned himself in at the Lagos State Police Command Headquarters, Ikeja and is currently being interrogated by detectives who have commenced investigation on the case since a video surfaced online showing the pastor holding a gun-like object against another road user, while driving in an unregistered vehicle.

READ ALSO: Police Foil Kidnap Attempt, Arrest Wanted Man, Others In Ogun

“The outcome of the investigation will be made public.”

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The video, which surfaced earlier, shows Adefarasin holding a metallic object while speaking to a passerby who appeared to be recording him.

The clip has since gone viral, with several social media users alleging that the object was a firearm.

Responding to the allegations, Adefarasin in a message to his congregation posted on his verified social media pages, he denied brandishing a weapon.

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He described the incident as a misunderstanding.

According to the cleric, the object in question was not a firearm, and at no point was it pointed at anyone.

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How Trailer Sent To Kill Me Fell Flat, Dented — Iwo Monarch

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The Oluwo of Iwo, Oba AbdulRasheed Akanbi, said the trailer that was sent to kill him upon hitting him fell flat and got extremely dented.

The Osun monarch made the revelation while testifying to the power of God in a now-trending video on Tuesday.

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READ ALSO: Police Arrest Notorious Cultists Linked To Rivers DPO’s Killing

While Oba Akanbi didn’t give details or the location of the incident, he noted that after the trailer hit him, he saw some angels of God dragging it.

“A trailer that was sent to kill us, hit us and fell flat and extremely dented. It was dragged away by angels of God. Except you do not choose God. Don’t have doubts while trusting God.”

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