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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).

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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.

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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.

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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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FRSC expresses worry over fatal crashes

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*** Orders strict traffic law enforcement

By Francesca Hangeior.

 

The Corps Marshal of the Federal Road Safety Corps, Shehu Mohammed, on Thursday, lamented the spate of fatal road crashes in September.

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He specifically raised concerns about the accidents that occurred on September 8 in Niger, September 12 in Sabon Wuse, and September 15 in Kaduna State.

These three incidents, according to him, resulted in the tragic loss of at least 91 lives.
Speaking during a meeting with fleet operators and other stakeholders in Abuja, Mohammed expressed frustration that despite the government’s efforts to provide and maintain transport facilities according to global standards, many drivers continue to undermine these efforts with reckless behaviour on the roads.

He said, “While the Government continues to do its best to provide and maintain transport facilities in accordance with global best practices, some road users, especially drivers, have continued to make a mockery of this concerted effort by exhibiting a high level of recklessness on the roads.

” In the last month or thereabout, the Corps witnessed 3 landmark crashes that were caused by negligence, fatigue, speeding, night trips and dangerous driving. These three landmark crashes include that of Niger State which occurred on 8 September 2024 and killed 48 people, that of 12 September 2024 which killed 18 people in Sabon Wuse and that of 15 September 2024 which happened in Kaduna State leading to the death of 25 people.

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“These 3 crashes alone, which proved to have been obviously avoidable, claimed the lives of 91 people. This is alarming and it calls for concern.”

Mohammed ordered commanding officers to ensure round-the-clock enforcement of traffic laws.

He also disclosed that a special operation would be conducted to checkmate the incessant accidents recorded across the country.

Mohammed said, “I am compelled to state that the spate of the crashes recently recorded is, however, very disturbing and every step must be taken to avert continued future occurrences. It is against this backdrop that I have directed Commanding Officers to ensure round-the-clock enforcement of traffic offences to mitigate these excesses. A special patrol operation will be instituted and enforcement will be carried out nationwide.”

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Speaking, the President of the Independent Petroleum Marketers of Nigeria, Abubakar Shettima, dismissed the allegations linking the group to some of the accidents in the country.

He said, “We transport highly inflammable products through our trucks, and all the allegations being made are unfounded. We collaborate with NARTO and PTD.

” NARTO represents the truck owners, while the tanker drivers are our drivers. We always come together to make important decisions regarding safety, as it is our top priority, and we take it very seriously.

” Mohammed has been doing his best to reduce road accidents involving trucks. We’ve taken precautions, such as prohibiting our members from driving at night and advising them to rest if they feel sleepy. NARTO has also begun building rest parks for drivers to use when they need to take a break.”

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Tinubu to skip 79th UNGA to focus on pressing challenges at home

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By Francesca Hangeior

President Bola Tinubu has decided to skip the 79th United Nations General Assembly (UNGA) in New York, opting instead to focus on Nigeria’s pressing domestic challenges, particularly the recent devastating flooding that has affected the country.

A statement issued on Thursday by Special Adviser to the President on Information and Strategy, Bayo Onanuga, which disclosed President Tinubu’s decision, also said Vice President Kashim Shettima will lead Nigeria’s delegation in his place.

The President’s move is seen as a prioritization of local concerns over international diplomacy, as President Tinubu aims to address the immediate needs of Nigerians affected by the floods.

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The UNGA, scheduled to take place from September 24 to 28, 2024, will feature discussions on sustainable development, peace, and human dignity.

VP Shettima will deliver Nigeria’s national statement to the General Assembly, attend key sideline events, and engage in bilateral meetings, ensuring the country’s interests are represented on the global stage.

“President Bola Tinubu will not attend the 79th United Nations General Assembly session in New York this year.

“The President has thus directed Vice President Kashim Shettima to lead Nigeria’s delegation.

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“President Tinubu, who returned to the country last Sunday after his trip to China and the United Kingdom, wants to focus on domestic issues and address some of the country’s challenges, especially after the recent devastating flooding.

“At UNGA 79, Vice President Shettima will deliver Nigeria’s national statement to the General Assembly, attend important sideline events, and hold bilateral meetings.

“The high-level General Debate, with the theme ‘Leaving no one behind: Acting together for the advancement of peace, sustainable development and human dignity for present and future generations’, will run from Tuesday, September 24, through Saturday, September 28, 2024”, the statement said.

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Tinubu Loyalist, Yemi Adenuga under fire after asking Igbos to leave Lagos but contesting for Elelection In Ireland

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By Francesca Hangeior

President Tinubu staunch loyalist and Igbo-Must-Leave-Lagos-Election-For-Yoruba campaigner, Yemi Adenuga is under fire in Ireland, where she is vying for nomination for position in the general election.

The Irish nationals who watched her video calling for the Igbo to leave elections in Lagos for the Yoruba, have called on Nigerians to enquire if it is morally right for her to leave Irish election for the Irish?

Yemi Adenugais facing avalanche of serious criticism over nominations to contest in Irish general election.

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Irish and Nigerian critics have questioned her conscience and moral right to take part in Ireland election when she was involved in hate election campaign that asked the Igbo to leave Lagos for Yoruba during the last election in February 2023.

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