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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

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Paul Enenche, Wife Train, Empower 100 People in Mechanized Agribusiness

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By David Torough, Abuja

The founders and Senior Pastors of Dunamis International Gospel Centre (DIGC), Dr. Paul and Dr. (Mrs.) Becky Enenche, have successfully trained and empowered 100 individuals in agribusiness as part of their commitment to youth empowerment, entrepreneurship, and economic development.

Dr.

Paul Enenche made the announcement during the church’s Thanksgiving and Testimony Service on Sunday, highlighting the initiative as a strategic effort to promote self-reliance and agricultural productivity.

According to the cleric, each beneficiary will be allocated at least one hectare of farmland to commence farming activities upon completion of the training programme.

He further disclosed that the beneficiaries will receive monthly stipends to support them until their agricultural produce is ready for harvest.

Dr. Enenche noted that the training and empowerment programme represents a significant investment, with each participant’s training costing approximately ₦500,000.

The beneficiaries, who constitute Batch A of the Entrepreneurship Agribusiness Training Programme, graduated from the C.S.S. Farm and Skills Acquisition Centre located along the Keffi–Abuja Road. The entire programme was fully sponsored by Dr Paul,Dr (Mrs.) Becky Enenche and the church as part of their ongoing efforts to empower individuals with practical skills and sustainable means of livelihood.

The initiative reflects the church’s commitment to transforming lives through both spiritual and socio-economic empowerment.

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INEC Has No Candidates, Party – Amupitan

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The Chairman of the Independent National Electoral Commission, Prof. Joash Amupitan, SAN, has reaffirmed the commission’s neutrality ahead of the 2027 general election, saying INEC has no candidate or political party to favour.

In a post obtained from INEC’s X handle on Sunday, Amupitan stated this during a visit to the Emir of Zazzau, Amb.

Ahmed Nuhu Bamalli, as part of the commission’s stakeholder engagement and preparations for the 2027 elections.

The visit formed part of activities surrounding INEC’s planned interactive meeting with staff and readiness assessment at the zonal level.

The INEC chairman was accompanied by National Commissioners, the Acting Director-General of the Electoral Institute, his Chief Press Secretary, Chief Technical Assistant, Chief of Staff, Special Aides and other senior officials of the commission.

Amupitan described traditional institutions as important stakeholders in the electoral process because of their influence and reach within communities.

He said elections were fundamentally about the social contract between citizens and those entrusted with public office, stressing that public trust was essential to the success of democracy.

According to him, INEC has commenced preparations early because of the size and complexity of conducting elections across Nigeria.

He said the commission had moved away from last-minute preparations and was testing, auditing and strengthening its operational systems well ahead of the 2027 polls.

Amupitan assured the Emir that INEC remained committed to neutrality, fairness and transparency in the conduct of elections.

“We have no candidates, we have no political party, we have no interest other than the sovereign will of the people of Nigeria,” the INEC chairman said.

He added that the commission would continue engaging traditional institutions and other stakeholders as it intensifies preparations for the 2027 General Election.

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Rabies Scare: Suspected Infected Dog Bites 18 in Kano

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The Nigerian Forest Security Service (NFSS), Kano State Command, has deployed personnel to Garko Local Government Area to track and contain dogs suspected to be infected with rabies.

The service said the suspected rabid dog had bitten 18 people in Garko and its environs.

The NFSS State Commander, Abdullahi Al’ameen, disclosed this in a statement signed by the Public Relations Officer of the service, Usman Abdullahi-Umar, on Sunday in Kano.

Al’ameen said: “The command received a distress report at about 2 p.m. that a dog suspected to be rabid has attacked residents in Garko town.

“The dog has so far bitten 11 persons in Garko town before moving to neighbouring communities, including Raba, Kadage, Gurjiya and Dausai.

“It has also attacked and bitten seven additional persons in the affected communities.”

The commander further explained that they had received another report that two more dogs had been infected with rabies in the area.

Al’ameen said personnel of NFSS Garko Division, under the leadership of the Divisional Forest Officer, Auwalu Muhammad, had been deployed to the affected areas to track and contain the infected dogs.

He urged residents of Garko and neighbouring communities to remain vigilant and report sightings of stray or suspected rabid dogs to the nearest NFSS office or other security agencies.

The commander also advised residents who might have been bitten by suspected rabid dogs to seek immediate medical attention.

Al’ameen assured residents that the NFSS would continue to monitor the situation and take necessary measures to prevent further attacks.(NAN)

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