The Federal High Court in Abuja has adjourned the tax‑evasion case against Binance Holdings Limited to 9 July, allowing the parties more time to negotiate a possible settlement. Justice Emeka Nwite granted the continuance after senior counsel for Binance, Senior Advocate Chukwuka Ikwuazom, and the government’s lawyer, Omotola Fatogun, told the court that talks were still ongoing.
Binance first signalled a willingness to resolve the dispute amicably on 24 March, and its counsel, Sunday Adaji, reiterated during the hearing that negotiations remained in progress. Representing the Federal Inland Revenue Service (now the Nigeria Revenue Service), Moses Ideho of the agency’s legal department confirmed the same.
The case, re‑arraigned on 12 July 2024, charges Binance with four counts of alleged tax evasion. At the hearing, the company’s Nigerian representative, Ayodele Omotilewa, entered a not‑guilty plea. The re‑arraignment followed the removal of two former executives, Tigran Gambaryan and Nadeem Anjarwalla, after the court struck their names from an amended charge filed by the prosecution on 14 June 2024, which listed Binance as the sole defendant.
In addition to the tax case, Binance is facing a separate money‑laundering prosecution before the same court, brought by the Economic and Financial Crimes Commission (EFCC) over an alleged $35.4 million laundering scheme. The firm is also subject to a civil suit before Justice Mohammed Umar, where the Federal Inland Revenue Service is seeking approximately $79.5 billion in damages, alleging substantial economic losses tied to Binance’s operations in Nigeria.
The adjournment underscores the judiciary’s openness to an out‑of‑court resolution while preserving the court’s jurisdiction to hear the matter if negotiations fail. The upcoming 9 July hearing will determine whether settlement talks have yielded an agreement or whether the case will proceed to trial.
The developments highlight the growing regulatory scrutiny of cryptocurrency platforms in Nigeria and across Africa, reflecting broader efforts by tax authorities and anti‑money‑laundering agencies to enforce compliance within the rapidly expanding digital‑asset sector. The outcome of Binance’s negotiations could set a precedent for how similar disputes are handled in the region.
