Federal Court Admits FIRS Documents in Ongoing Tax Evasion Case Against Binance in Nigeria

The Federal High Court in Abuja has accepted evidence from the Federal Inland Revenue Service (FIRS) regarding its investigation into Binance’s financial transactions in Nigeria. Justice Emeka Nwite admitted the documents into court records after submissions from FIRS lawyer Moses Idehu. These documents reportedly confirm the FIRS’s probe into Binance’s operations in Nigeria, specifically focusing on alleged tax evasion.

Earlier, the FIRS amended its lawsuit in May 2024, accusing Binance of failing to collect and remit various taxes, including Value Added Tax (VAT) and Company Income Tax (CIT), in accordance with Nigerian tax laws. The case centers on Binance’s operations, which allegedly included the buying, selling, and remitting of cryptocurrencies without properly deducting the required VAT.

As part of the investigation, FIRS officials detailed how they conducted a tax inquiry on Binance using the TaxPro Max software, which tracks company operations in Nigeria. This investigation led to the discovery of financial transaction volumes linked to Binance’s activities in the country. FIRS lawyer Idehu requested the court to admit the findings into evidence, which Binance’s defense did not contest.

Binance’s legal team, represented by Chukwuka Ikwuazom (SAN), did not oppose the admission of these documents. The case, which has seen several delays and shifts in legal proceedings, is set to continue with the next hearing scheduled for May 20, 2025. In addition to tax issues, Binance faces accusations of influencing Nigeria’s foreign exchange rates and other financial irregularities, with Nigerian authorities seeking substantial financial penalties for the alleged violations.

Source: Nairametrics