Nigeria: Alleged Tax Evasion - Binance Seeks Out-of-Court Settlement With FG

24 March 2026
Vanguard (Lagos)

Binance Holdings Limited on Tuesday sought an amicable resolution of the ongoing tax evasion charge filed against it by the Federal Government.

The development was made known by the company's counsel, Sunday Agaji, before Justice Emeka Nwite of the Federal High Court in Abuja.

The Federal Government's lawyer, Moses Ideho, a Deputy Director, Legal Department, Federal Inland Revenue Service (now Nigeria Revenue Service), also confirmed the move.

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When the matter was called, Ideho told the court that though the matter was scheduled for continuation of trial, he was informed earlier in the morning by the defence lawyer that Binance had approached the service to explore out-of-court settlement of the case.

Responding, Agaji corroborated Ideho's statement.

"My lord, parties are actually exploring settlement. That is essentially where we are," he said.

After listening to the lawyers, Justice Nwite adjourned the matter until May 12 for a report of settlement.

The News Agency of Nigeria (NAN) reports that the 4th prosecution witness (PW-4) testified on the last adjourned date.

Binance Holdings Limited was, on July 12, 2024, re-arraigned on a four-count charge bordering on tax evasion allegations.

Nigerian representative of Binance, Ayodele Omotilewa, who was docked, took a plea on behalf of the company before Justice Nwite.

He pleaded not guilty to the four counts.

The re-arraignment before the judge followed the discharge of the cryptocurrency firm's executive, Tigran Gambaryan, and his fleeing colleague, Nadeem Anjarwalla, from the alleged offence.

Justice Nwite, in a ruling on June 14, 2024, discharged and struck out Gambaryan and Anjarwalla's names from the charge after Ideho filed an amended charge wherein Binance is listed as the sole defendant.

The amended charge was dated June 13, 2024, but filed June 14, 2024.

NAN reports that the Economic and Financial Crimes Commission (EFCC) is also prosecuting the cryptocurrency company on allegations bordering on money laundering offences before the same judge.

The anti-graft agency had accused Binance of money laundering to the tune of $35.4 million.

Besides, Binance is also facing another civil suit before Justice Mohammed Umar, a sister judge, where the FIRS is demanding about 79.5 billion dollars over economic losses allegedly caused by the company's operations in Nigeria. (NAN)

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