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Binance Reacts As FG Drops Tax Charges Against Executives
Crypto exchange platform, Binance has reacted after its officials executives, Tigran Gambaryan, and Nadeem Anjarwalla were discharged of tax evasion charges filed by the Federal Inland Revenue Service.
They were cleared on Friday by the Federal High Court in Abuja.
The court’s decision came on Friday after the FIRS submitted amended charges that effectively dropped the tax evasion allegations against Gambaryan and Anjarwalla, who absconded to Kenya
This change followed Binance’s notification of appointing a Nigerian representative, Ayodele Omotilewa, to handle its local operations. The original charges, filed on March 22, 2024, accused Binance and Gambaryan of tax evasion.
In a shared note with The PUNCH, the platform said it was relieved that tax charges against Gambaryan and Anjarwalla have been dropped because they are decision-makers at the company.
The platform said, “We are relieved that the Federal Inland Revenue Service (FIRS) has served and filed amended charges today, resulting in tax charges against Tigran Gambaryan being dropped.
“This further illustrates that Tigran is not a decision-maker at Binance and does not need to be held in order for Binance to resolve issues with the Nigerian government. We await the court’s ruling on this, discharging Tigran from this matter completely.”
The crypto platform also called on the Economic and Financial Crimes Commission to take similar steps, allowing Gambaryan to return home to his family.
It emphasized Gambaryan’s deteriorating health due to 110 days of detention, during which he was diagnosed with malaria and pneumonia.
We commend the FIRS for their diligence and professionalism throughout this process. This situation unequivocally demonstrates Binance’s commitment to resolving this issue with the government transparently and cooperatively.
“In order for Tigran to be allowed to go home to his family, we are hopeful that the Economic and Financial Crimes Commission (EFCC) will take similar steps.
“Tigran has been detained for 110 days, and his physical health is deteriorating, including a recent malaria and pneumonia diagnosis. Binance is committed to continuing to work with the Nigerian government to resolve this,” Binance added.
The next hearing in the case is scheduled for June 19, 2024. where the application for an order for the enforcement of fundamental rights will be heard.
On June 20, the EFCC trial is due to continue, while Tigran will remain detained at Kuje prison.
Since Tigran collapsed in court on May 23rd with Malaria, his health conditions have worsened and Tigran now has pneumonia.
Despite a court order by Justice Emeka Nwite to take Tigran to the hospital immediately, it took the prison authorities 11 days to take him for a brief check-up.
The PUNCH reported last week that 16 US Members of Congress, including the chair of the Foreign Affairs Committee, Michael McCaul wrote to President Biden highlighting that he is a “U.S. Citizen wrongfully detained by a foreign government,” and urging him to do more to secure his release.
Recall the the Federal Government had accused the cryptocurrency exchange of manipulating foreign exchange (FX) rates, which led to increased scrutiny of crypto trading platforms.
Separately, the EFCC is prosecuting Binance and its executives on charges of alleged money laundering and foreign exchange violations.
On February 28, 2024, Nigerian authorities detained two senior Binance executives when they arrived in Nigeria for a meeting following the Federal Government’s ban on cryptocurrency channels, part of a broader campaign against currency speculation
Punch
…handover Ogbeche, Osadebamwen, others to EFCC for probe
Speaking during a media interaction in Abuja, the Council under the leadership of Comrade Grace Ike shared details of the inquiry conducted by a committee established by the NUJ Congress. The initiative is part of ongoing efforts to enhance organisational accountability and strengthen internal governance systems.
The five-man panel, chaired by veteran journalist, Comrade Tony Akowe, included Comrade Ndubueze Chidoka (Secretary), Comrade Akin Orimolade, Comrade Princess Ekwi Ajide, and Comrade Imam Umar.
The committee’s scope covered activities from December 2018 to October 2021, encompassing the periods of past administrations led by Emmanuel Ogbeche and Patrick Osadebamwen.
According to the committee’s documentation, critical gaps were observed in record-keeping and transitional documentation. In addition, there was limited engagement from some former officeholders during the review process. The only available financial review for the period in question reportedly presented inconsistencies requiring further attention.
The committee noted that its work was hampered by a lack of cooperation from key figures of the past administration. According to Mr Akowe, no formal handover was done, and only a limited set of documents including one audited financial report and some rental receipts was made available.
Efforts to retrieve further documentation from the former chairman, Mr Patrick Osadebamwen, proved unsuccessful. He reportedly claimed to have submitted relevant documents to the NUJ National Secretariat, which has since denied receiving any such records.
The probe uncovered several questionable financial entries and unverified expenditures:
• A total of ₦33 million was declared as rental income between 2018 and 2021, but there was no breakdown showing the names of tenants or corresponding rent periods.
• The administration claimed to have received ₦7.2 million in donations yet failed to provide details or evidence of the sources.
• ₦5.28 million was spent on salaries for four to five staff, even though no single staff member earned more than ₦25,000 monthly.
• Over ₦1.7 million was reportedly spent on electricity, ₦285,000 on DStv/GOtv subscriptions, ₦78,000 on “public relations and entertainment”, and ₦1 million on transport and accommodation—all lacking adequate justification.
• A controversial line item showed ₦14 million received as rent “in advance”, with no associated documentation to validate it.
The committee’s report concluded that there was no transparency in the management of the union’s finances during the period under review.
Following the probe report, the NUJ-FCT Congress, in its sitting on 12 April 2025, adopted a series of resolutions aimed at protecting the Union’s integrity and financial stability.
The Council issued a public disclaimer against the following individuals, who have been warned to cease parading themselves as representatives of the NUJ-FCT Council:
• Mr Emmanuel Ogbeche, currently Special Adviser to the Governor of Cross River State.
• Mr Patrick Osadebamwen, immediate past Chairman and journalist with the Nigerian Tribune.
• Mr Ochiaka Ugwu, former Secretary of the Council and staff of People’s Daily.
In addition, Mrs Gloria Essien has been cautioned against representing the Council at the Nigeria Labour Congress (NLC), as she no longer holds any official position within the NUJ-FCT.
The union also called on UBA Bank to freeze the NUJ-FCT Council’s accounts still under the control of former signatories (Account Nos: 1022765326, 1014057659, and Dollar Account: 3002941904), pending a full transition to the current leadership.
Furthermore, the NUJ-FCT will:
• Publish a formal disclaimer in national dailies.
• Notify the employers of the former officials about the resolutions.
• Alert government institutions, corporate bodies, and the general public not to engage with the aforementioned individuals on behalf of the NUJ-FCT Council.
The Council’s Secretary, Mr Jide Oyekunle, who anchored the press briefing, reiterated that the probe’s findings and the resolutions reflect the collective will of the NUJ-FCT Congress and the determination to protect members’ interests.
News
Finally , Lagos Court frees Quadri, young Nigerian who stood before Obi’s convoy in viral photo
The Apapa Magistrate Court, Court 9 sitting at Orege, Ajegunle – Sikiru Adagun Courthouse, has discharged and acquitted Alabi Quadri, the young Nigerian who became a national symbol of courage during the 2023 general elections, for standing boldly in front of the convoy of then-Labour Party presidential candidate Peter Obi.
He was discharged and acquitted of conspiracy to commit felony and armed robbery.
The court held that he has no case to answer.
Quadri was brought to court on Thursday, April 17, 2025, after spending months in Kirikiri Prison, Lagos.
The Nigerian Correctional Service produced Quadri at the Apapa Magistrate Court, located at Orege, Ajegunle—Sikiru Adagun Courthouse (Court No. 9).
Quadri’s case was initially slated for a hearing on April 28, 2025.
However, human rights lawyer and activist Inibehe Effiong had revealed that both he and the Director of Public Prosecutions (DPP) requested that the date be moved forward, and the court granted the application.
Quadri gained widespread attention after a viral video showed him, a teenage boy at the time, fearlessly standing before Peter Obi’s campaign convoy—a moment many Nigerians interpreted as a symbol of youthful defiance and hope during a tense election period.
The media reported that Effiong revealed that Alabi’s recent painful descent into the Nigerian prison system was not due to any major crime but rather a result of prolonged malice and resentment harboured by some self-acclaimed ‘area boys’ (thugs) in his neighbourhood.
According to the lawyer, these individuals felt entitled to a portion of the unexpected attention and goodwill, including financial support, that Alabi received following his moment in the spotlight during the 2023 presidential campaign.
Effiong, who recently visited the Apapa Magisterial Court in Lagos alongside Alabi’s mother and legal colleagues, stated that Alabi’s journey to Kirikiri prison was not only heartbreaking but appeared to be the outcome of a vendetta fuelled by local ‘area boys’ who felt entitled to the financial support Alabi received after his viral moment.
Effiong revealed that Alabi was abducted in January near his home while returning from work by the ‘area boys’ who had been threatening him.
They allegedly took him to Amukoko Police Station (popularly known as Pako Police Station) and accused him of being involved in street fights.
However, Alabi was then arraigned before a Magistrate Court along with four other individuals, said to be complete strangers to him, on allegations of conspiracy to commit armed robbery with cutlasses.
According to the charge sheet, the alleged victims were robbed of N579,000, comprising cash and four mobile phones.
Effiong also emphasised that despite being a minor, Alabi had been detained with adults at Kirikiri since January, pending legal advice from the Lagos State Directorate of Public Prosecutions (DPP).
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