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Just in: FG Files Tax Evasion Charges Against Binance
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The Federal Government has filed Tax Evasion charges against Binance.
In a decisive move aimed at upholding fiscal responsibility and safeguarding the economic integrity of the country, the Federal Government has initiated criminal proceedings against Binance, a prominent cryptocurrency exchange platform.
Naijablitznews reports the lawsuit, according to a statement signed by Dare Adekanmbi, Special Adviser, Media to the Executive Chairman, FIRS, was designated as suit number FHC/ABJ/CR/115/2024, implicates Binance with a four-count tax evasion accusation.
Joined with the crypto company as second and third defendants in the suit are Tigran Gambaryan and Nadeem Anjarwalla, both senior executives of Binance currently under the custody of the Economic and Financial Crimes Commission (EFCC).
The charges levied against Binance include non-payment of Value-Added Tax (VAT), Company Income Tax, failure to file tax returns, and complicity in aiding customers to evade taxes through its platform.
In the suit, the Federal Government also accused Binance of failure to register with FIRS for tax purposes and contravening existing tax regulations within the country.
One of the counts in the lawsuit pertains to Binance’s alleged failure to collect and remit various categories of taxes to the federation as stipulated by Section 40 of the FIRS Establishment Act 2007 as amended.
Section 40 of the Act explicitly addresses the non-deduction and non-remittance of taxes, prescribing penalties and potential imprisonment for defaulting entities.
The charges further detail specific instances where Binance purportedly violated tax laws, such as failing to issue invoices for VAT purposes, thus obstructing the determination and payment of taxes by subscribers.
“Any company that transacts business in excess of N25 million annually is deemed by the Finance Act to be present in Nigeria.
“According to this rule, Binance falls into that category. So, it has to pay taxes like Company Income Tax (CIT) and also collect and pay Value Added Tax (VAT).
“But Binance did not do this properly. So, the company broke Nigerian laws and could be investigated and taken to court for this infraction,” Adekanmbi said.
The Federal Government remains resolute in its commitment to ensuring compliance with tax regulations and combating financial impropriety within the cryptocurrency sector.
FIRS, by the law setting it up and various others, is empowered to assess, collect and account for revenue accruing to the Federation and administer relevant tax laws.
Recall that Binance had pleaded guilty to flouting anti-money laundering laws in the United States in late 2023, settling for a plea bargain that cost the company $4.3billion.
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Army Nabs Wanted Soldier Accused Of Supplying Uniforms To Terrorists While Escaping to Cameroon
Troops of Operation HADIN KAI have nabbed a soldier declared wanted by the Nigerian Army over his alleged involvement in supplying military wares to terrorist groups operating in the North-East.
The suspect, identified as 23NA/84/1939 Private Mohammed Yusuf of the Nigerian Army Ordnance Training Facility (NAOTF), Lagos, was apprehended at about 6:30 p.m. on Sunday, July 25, 2026 by troops of 7 Provost Group led by the Acting Commander.
Preliminary investigations revealed that before he was declared wanted by the Army, the soldier absconded from his unit and travelled to Maiduguri on July 7, where he allegedly went into hiding.
Investigators further established that he was allegedly sheltered at Gomari Costain in Jere Local Government Area of Borno State by 25NA/89/12687 Private Baba Kamal Sale of the Corps of Intelligence, Dikwa.
Acting on credible intelligence, troops of the 7 Provost Group placed the suspect under 24-hour surveillance before intercepting and arresting him at Jidari Bus Stop while he was allegedly attempting to flee to Cameroon.
The suspect is currently in the custody of the 7 Provost Group, where he is undergoing further investigation into the alleged supply of military accoutrements to terrorist elements and the possible involvement of other collaborators.Government
Military sources described the arrest as a significant breakthrough in ongoing efforts to dismantle insider networks aiding terrorist groups, adding that investigations are continuing to establish the full extent of the suspect’s activities and identify any accomplice.
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AEDC Promotes 547 Employees, Raises Pay For 579 Others
Abuja Electricity Distribution Plc (AEDC) has promoted 547 employees and approved salary step increments for 579 others as part of a broad workforce development programme designed to reward outstanding performance, strengthen staff motivation and drive organisational excellence.
The exercise, which benefitted 1,126 employees, followed the successful completion of the company’s 2025 Performance Appraisal Exercise and underscores AEDC’s commitment to building a high-performing, customer-focused workforce.
Managing Director and Chief Executive Officer of AEDC, Chijioke Okwuokenye, said the initiative reflects the company’s resolve to place employees at the heart of its transformation agenda, stressing that investment in human capital remains critical to achieving sustainable growth.
He described the promotions and salary adjustments as a recognition of diligence, professionalism and commitment, noting that the company would continue to reward excellence while creating opportunities for career advancement.
According to him, AEDC is intentionally fostering a work environment where merit, innovation, continuous learning and teamwork determine career progression, adding that employee welfare remains a key pillar of the company’s long-term strategy.
“Our people remain our greatest asset and the foundation upon which AEDC’s future will be built. This is more than a reward for performance; it is a reaffirmation of our belief that excellence should always be recognised, talent should be nurtured and hard work should create opportunities for growth,” Okwuokenye said.
He explained that the organisation is committed to providing employees with fulfilling career opportunities that enable them to maximise their potential while contributing to AEDC’s ambition of becoming one of Africa’s leading electricity distribution companies.
The AEDC chief also urged employees who were not promoted in the current appraisal cycle to remain committed, assuring them that the company’s performance management system is structured to support continuous improvement, skills development and future career progression.
AEDC said the promotion and salary increment exercise forms part of its broader strategy to cultivate a performance-driven culture, encourage professionalism and recognise employees who contribute significantly to the company’s growth.
The company added that as it continues to modernise operations, improve electricity service delivery and enhance customer experience, it will sustain investments in staff development to strengthen productivity and reinforce its position as one of Nigeria’s preferred employers in the power sector.
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Suspected Hoodlums Cart Away PVCs At Distribution Centre In Osun
Some hoodlums suspected to be political thugs on Sunday stormed a permanent voter’s card (PVC) distribution centre in Okuku, the headquarters of the Odo-Otin Local Government Area of the state, and carted away two packs of PVCs.
The INEC officials were busy distributing the cards at the Oyinlola DC Primary School, Ward 2, when the thugs suddenly arrived and started shooting sporadically into the air, scaring residents and officials, and took two packs of cards and left the venue before police could arrive at the scene.
The spokesperson of the Osun State Command, Abiodun Ojelabi, said that about ten armed hoodlums invaded the centre, fired sporadically into the air and carted away three packs of PVCs before fleeing the scene.
Ojelabi disclosed that the State Commissioner of Police, Ibrahim Gotan, has condemned the attack and directed a comprehensive investigation to identify and prosecute those responsible.
Reacting to the development, the Resident Electoral Commissioner (REC) of INEC in the state, Oluwatoyin Babalola, condemned the attack. She said she was to get the detailed report on the attack, adding that she is yet to know the exact number of PVCs carted away by the hoodlums.
The REC, however, assured the people of the state that the governorship election would be free, fair, credible, inclusive and transparent.
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