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Court Adjourns FIRS $79.5bn Suit Against Binance Until April 7

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The Federal High Court in Abuja on Monday, adjourned the suit filed by the Federal Inland Revenue Services (FIRS) against Binance Holdings Ltd, demanding 79.5 billion US dollars over economic losses allegedly caused by its operations in Nigeria, until April 7.The matter, which was on number 9 on the cause list, could not proceed before Justice Inyang Ekwo.

The development occured after some cases had be heard by the judge before he went on recess.
The FIRS has, in the suit marked: FHC/ABJ/CS/1444/2024, dragged Binance, Tigran Gambaryan and Nadeem Anjarwalla to court.In the originating summons dated and filed Sept. 30, 2024, by Chief Kanu Agabi, the country’s’ tax regulatory body sought four questions for determination.
The FIRS prayed the court to determine “whether pursuant to Section 13(2) of the Companies Income Tax (CIT) Act Cap. C21, LFN, 2024 and Order (1)(a) and (c) of Companies Income Tax (Significant Economic Presence) Order 2020, the defendants are not liable to pay annual corporate income tax to the Federal Republic of Nigeria for having had significant economic presence in Nigeria from 2022 to 2023, among others.The agency, therefore, sought nine reliefs should the court answered its questions in the affirmative.It wants the court to declare that pursuant to all relevant laws, the defendants are liable to pay annual corporate income tax to the Federal Government for having significant economic presence in the country.It wants the court to declare that Binance and its representatives are lliable to file their income tax to the agency for the year 2022 and 2023 respectively from the time they began to exercise significant economic presence in Nigeria.FIRS also seeks a declaration that it is entitled, under Section 87(1) of the CIT Act Cap. C21, LFN, 2004; Sections 25(1) and 34(1) of the FIRS (Establishment) Act 2007, to recover from the defendants the cumulative sum of $2,001,000,000.00 being the amount due by way of income tax to the plaintiff from the defendants for 2022 and 2023 respectively.It also seeks a declaration that pursuant to Section 85(1) of the CIT Act Cap. C21, LFN, 2004 and Section 32(1) of the FIRS (Establishment) Act 2007, the defendants are liable to additional payment of 10 per cent per annum on the tax due but not paid for 2022 and 2023 respectively.The agency, therefore, sought an order mandating the defendants to pay to the plaintiff the sums of $2,001,000,000.00 for year 2022 and for 2023, being the unpaid income tax due to the plaintiff from the defendants for the year 2022 and 2023 respectively.“An order mandating the defendants to pay to the plaintiff the 10% addition for non-payment of income tax for year 2022 and 2023 respectively.“An order mandating the defendants to pay 26.75% interest rate being the prevailing Central Bank of Nigeria (CBN) lending interest per annum from the 1st January, 2023 and 1st January, 2024 respectively when the tax become due and payable until it is fully paid.”In the affidavit deposed to by Jimada Yusuf, a member, Special Investigation Team from the Office of the National Security Adviser (ONSA), he said he and other officials of FIRS and other regulatory agencies, investigated Binance’s business activities in Nigeria.Yusuf said the Federal Government discovered that Binance had been operating in Nigeria for over six years without registration.According to him, this was allegedly confirmed by Gambaryan and Anjarwalla during a meeting with the Securities and Exchange Commission (SEC) in 2024.He further claimed that in a letter dated February 20, 2024, Binance admitted to having 386,256 active users from Nigeria on its platform, with a trading volume of $21.6 billion and a net revenue of $35.4 million for the calendar year 2023.He accused Binance and its executives of multiple infractions, including offering financial services without the necessary licenses, operating without required permits, non-compliance with the money laundering Act, providing currency speculation services without proper authorisation, etc.Yusuf averred that Binance engaged in Virtual Asset Service Provider (VASP) activities in Nigeria, providing trading and custodial services to Nigerian users without proper registration with the relevant regulatory agencies, among others.The FIRS and the Economic and Financial Crimes Commission (EFCC) are also prosecuting the cryptocurrency company in separate charges before Justice Emeka Nwite of the same court.(NAN

Foreign News

Five Arrested over Plot to Attack German Christmas Market

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Five men have been arrested in Germany suspected of being involved in a plot to drive a vehicle into people at a Christmas market.

Three Moroccans, an Egyptian and a Syrian were detained on Friday over the plan to target a market in the southern Bavarian state. Authorities said they suspected an “Islamist motive”.

Prosecutors said the Egyptian – a 56-year-old – was alleged to have “called for a vehicle attack… with the aim of killing or injuring as many people as possible”.

The Moroccans allegedly agreed to carry out the attack.

Officials in Germany have been on high alert after previous attacks at Christmas markets, including in Magdeburg last December that killed six people.

Authorities did not say when the planned attack was supposed to take place or which market was the target, though said they believed it to be one in the Dingolfing-Landau area, north east of Munich.

German newspaper Bild reported the Egyptian man was an imam at a mosque in the area.

Police said the Moroccan men – aged 30, 28 and 22 – were arrested accused of having agreed to commit murder, while the Syrian man, a 37-year-old, was accused of encouraging the suspects “in their decision to commit the crime”.

The five suspects appeared before a magistrate on Saturday and remain in custody.

Joachim Herrmann, Bavaria’s state interior minister, told Bild the “excellent cooperation between our security services” had helped to prevent “a potentially Islamist-motivated attack”.

Christmas markets are popular festive attractions throughout Germany, frequently attracting large crowds and significant tourism.

Security at events has been increased in recent years, since an attack in Berlin in 2016 when a man drove a lorry into a market crowd, killing 12 people.

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NAF Begins Nationwide Aptitude Test for 2025 Recruitment of 20,000 Candidates

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No fewer than 20,000 applicants nationwide are participating in the Nigerian Air Force (NAF) Zonal General Aptitude Test for the 2025 Basic Military Training Course (BMTC) 46 recruitment exercise.

The Director, Public Relations and Information of NAF, Air Commodore Ehimen Ejodame, in a statement on Sunday, said the aptitude test began on Saturday across the country.

Ejodame, who described the test as a key stage of the recruitment process, said, it was being conducted simultaneously at 15 zonal centres located in Sokoto, Minna, Kaduna, Kano, Bauchi, Maiduguri, Yola, Makurdi, Jos, Ilorin, Ipetu-Ijesa, Enugu, Benin, Port Harcourt and Ikeja.

He said the nationwide spread of the centres reflected NAF’s commitment to inclusiveness, equal opportunity and a transparent, merit-based recruitment system that allows qualified Nigerians from all parts of the country to compete fairly.

According to him, the large turnout underscores the sustained confidence of Nigerian youths in the Air Force as a disciplined, professional and patriotic institution, as well as its resolve to attract capable, motivated and resilient personnel to strengthen national defence and internal security operations.

Speaking on the exercise, the Chief of the Air Staff (CAS), Air Marshal Sunday Aneke, said the recruitment process was guided by fairness, integrity and strict adherence to established standards.

According to CAS, the NAF remains firmly committed to recruiting the best candidates by merit, “as the quality of our personnel is fundamental to operational effectiveness and the successful execution of our constitutional mandate.”

He added that the aptitude test was a critical step toward building a motivated and mission-ready force, assuring Nigerians of the NAF’s continued support to internal security operations and the protection of lives and property.

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Transportation Expert Lauds Mbah over Security, Infrastructure in Enugu

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A transportation expert and elder statesman, Chief Chris Chigboh, has commended Gov. Peter Mbah of Enugu State for the remarkable improvements witnessed in security and infrastructure.

Chigboh, a former Secretary of Transportation in the Federal Capital Territory (FCT), stated this in an interview on Sunday in Abuja.

He spoke shortly after returning from Enugu, where he said he personally observed the transformation programmes being implemented by the Mbah administration.

According to him, the developmental strides recorded in the state in the last two years indicate that Enugu is on course to surpass the governor’s target of building a 30-billion-dollar economy by 2031.

“What I saw in Enugu beats my imagination, especially when compared with the state’s lean receipts from the federation account.

“The security operation control centre is second to none. The recent addition of drones and other security infrastructure will help flush out terrorists and criminal elements from the state.

“With these measures, citizens are set to enjoy a crime-free Yuletide and New Year celebrations. The latest transportation infrastructure will also ease movement of goods and services across the state,” he said.

Chigboh said terrorism and banditry had negatively affected development plans in many parts of the country, leaving citizens in fear and deepening economic hardship.

He expressed satisfaction with the recent deployment of surveillance drones in a late-night operation around the Opi–Nsukka/Ugwogo–Nike forest, a notorious kidnappers’ hideout, noting that the operation led to the evacuation of bandits from the area.

“With the frontal attacks on criminals in Enugu, the state will attain greater economic prosperity in the near future,” he added.

The state government recently added two surveillance drones and 10 security vehicles to its security fleet. It also procured 200 BRT buses and several electric vehicles for commercial transportation.

Chigboh, who also served as Secretary of Area Councils in the FCT, commended the cleanliness of Enugu metropolis and the rollout of smart schools across political wards in the state.

He described the expansion of the capital city through new estates on its fringes as a creative move to accommodate current and future population growth.

The elder statesman also lauded the introduction of electric vehicles for public transportation and urged the governor to complement the initiative with a rail network.

The rail line, he said, would link all local government areas, to boost commerce and facilitate the movement of food from rural communities to major markets.

“Mbah can partner with the Federal Government to revive portions of the Eastern railway corridor by putting the abandoned Agbani–Emene transit line to use.

“This will significantly improve travel and haulage within Coal City,” he said.

Chigboh, who was involved in the design and implementation of the Abuja Master Plan, noted that the harmonious relationship between the executive and legislative arms of government in Enugu was responsible for the peace and coordinated development currently witnessed.

He described Mbah’s socio economic reforms as unprecedented in the history of the state and called on residents to support government initiatives, especially in the area of security, to sustain Enugu’s status as the safest state in the South-East.

He urged chairmen of the 17 local government areas of the state to emulate the governor by extending development efforts to rural communities.

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