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Nigerian govt sues Binance over tax evasion, firm official, Anjarwalla, flees
The principal suspect, Nadeem Anjarwalla, is said to have escaped and fled the country from the National Security Adviser (NSA) custody on Monday March 22, 2024
By Valentine Amanze
The Federal Government of Nigeria has initiated criminal proceedings against Binance, a prominent cryptocurrency exchange platform.
The measure is to uphold fiscal responsibility and safeguard the economic integrity of Nigeria.
The charges, filed at the Federal High Court in Abuja, were announced on Monday by the Federal Inland Revenue Service (FIRS).
The lawsuit, designated as suit number FHC/ABJ/CR/115/2024, implicates Binance with a four-count tax evasion accusation.
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Joined with the crypto company as second and third defendants in the suit are Tigran Gambaryan and Nadeem Anjarwalla, both senior executive of Binance currently under the custody of the National Security Adviser (NSA).
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.
Meanwhile, the principal suspect, executive Nadeem Anjarwalla, is said to have escaped and fled the country from the NSA custody on Monday March 22, 2024.
Until his escape, Anjarwalla, who holds British and Kenyan citizenship and serves as Binance’s Africa Regional Manager, was facing trial in Nigerian courts.
The Federal Government said that it had activated all operations including contacting Interpol to ensure the re-arrest of Anjarwalla.
The Chairman of the Federal Inland Revenue Service (FIRS), Zack Adedeji, said on Monday that all litigations filed against Anjarwalla would be pursued to a logical conclusion.
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