The Federal High Court in Abuja has adjourned the Federal Government’s alleged tax evasion case against cryptocurrency exchange Binance Holdings Ltd until September 24, 2026, to allow both parties more time to pursue an out-of-court settlement.
Justice Emeka Nwite fixed the new date on Thursday after counsel to the Federal Government, Moses Ideho, informed the court that discussions aimed at resolving the dispute amicably were still ongoing.
Ideho, a Deputy Director of Legal and Prosecution at the Nigeria Revenue Service (formerly the Federal Inland Revenue Service), told the court that the matter, which had been scheduled for a report on settlement or continuation of trial, could not proceed.
According to him, one reason for the delay was the reported elevation of Justice Nwite to the Court of Appeal, while the second was the continued reconciliation efforts between the parties.
“The parties are still exploring settlement in the charge that led to this case,” Ideho told the court.
Counsel to Binance, Sunday Agaji, did not oppose the application for adjournment, following which Justice Nwite postponed proceedings until September 24 for either a report on the settlement discussions or continuation of trial.
The case was previously adjourned on May 12 after both the Federal Government and Binance informed the court that negotiations were underway to settle the matter outside the courtroom.
Binance had first indicated its willingness to pursue an amicable resolution on March 24.
The cryptocurrency company was re-arraigned on July 12, 2024, on a four-count charge bordering on alleged tax evasion. Its Nigerian representative, Ayodele Omotilewa, pleaded not guilty on behalf of the company.
The re-arraignment followed the removal of Binance executive Tigran Gambaryan and his colleague, Nadeem Anjarwalla, from the charge after the Federal Government amended the case to make Binance Holdings Ltd the sole defendant.
Justice Nwite had, on June 14, 2024, discharged and struck out the names of Gambaryan and Anjarwalla after the prosecution filed the amended charge.
Binance is also facing a separate criminal prosecution by the Economic and Financial Crimes Commission (EFCC), which accuses the company of laundering about $35.4m.
In addition, the Nigeria Revenue Service is pursuing a separate civil suit against Binance before another judge of the Federal High Court, seeking approximately $79.5bn in alleged economic losses linked to the company’s operations in Nigeria.
(The Whistler)