Binance Holdings Limited has moved to explore an amicable resolution to the ongoing tax evasion case filed against it by the Federal Government.
The company’s counsel, Sunday Agaji, made this known on Tuesday before Justice Emeka Nwite of the Federal High Court in Abuja.
The Federal Government’s lawyer, Moses Ideho, Deputy Director in the Legal Department of the Federal Inland Revenue Service (now Nigeria Revenue Service), also confirmed the development.
During proceedings, Ideho informed the court that although the trial was scheduled to continue, he was notified by Binance’s lawyer earlier in the morning that the company had approached the Service to discuss an out-of-court settlement.
Agaji corroborated Ideho’s statement, noting, “My lord, parties are actually exploring settlement. That is essentially where we are.”
Following the submissions, Justice Nwite adjourned the case to May 12 for a report on the settlement progress.
Previously, on July 12, 2024, Binance was re-arraigned on a four-count charge relating to tax evasion.
The company’s Nigerian representative, Ayodele Omotilewa, entered a not guilty plea on behalf of Binance.
The re-arraignment followed the discharge of two executives, Tigran Gambaryan and Nadeem Anjarwalla, from the charges after they were removed from the amended indictment filed by Ideho on June 14, 2024, which named Binance as the sole defendant.
In addition to the tax evasion case, Binance is also facing prosecution by the Economic and Financial Crimes Commission (EFCC) for alleged money laundering of $35.4 million.
Separately, the Federal Inland Revenue Service has filed a civil suit demanding approximately $79.5 billion in economic losses allegedly caused by the company’s operations in Nigeria.