Nigeria suing Binance for $81.5 billion

Nigeria has filed a lawsuit seeking to compel Binance to pay $79.5bn for economic losses the country’s government says were caused by the cryptocurrency exchange’s operations there and $2bn in back taxes, court documents showed on Wednesday.

Authorities blame Binance, the world’s largest crypto exchange, for Nigeria’s currency woes and detained two of its executives in 2024 after crypto websites emerged as platforms of choice for trading the local naira currency.

Binance, which is not registered in Nigeria, did not immediately respond to a request for comment. It has previously said it is working with Nigeria’s Federal Inland Revenue Service (FIRS) to resolve potential historic tax liabilities.

The inland revenue service alleges that Binance has a “significant economic presence” in Nigeria and is therefore liable for corporate income tax. It is seeking a court declaration that Binance pay income taxes for 2022 and 2023, plus a 10% annual penalty on unpaid amounts. FIRS is also requesting a 26.75% interest rate on the unpaid taxes, based on the Central Bank of Nigeria’s lending rate.

Binance was already facing four counts of tax evasion in Nigeria after a government crackdown on the industry last year. The charges include non-payment of value-added tax, company income tax, failure to file tax returns and complicity in helping customers to evade taxes through its platform.

Binance, which is contesting the charges, announced last March that it was stopping all transactions and trading in the naira. The company is also facing separate anti-graft agency money laundering charges, which it has denied.

Reuters

Related story: Nigeria releases American crypto executive after dropping money laundering case

Video - Nigeria’s local oil refineries struggling for crude supply

Despite Nigeria's oil production surpassing 1.5 million barrels per day, many of the country’s local refineries remain almost inactive. Operators report that they have yet to receive crude from local oil companies, leaving refineries in a state of underutilization and hindering the country’s refining capacity.

CGTN

US to probe past foreign aid to Nigeria, others amid terrorism funding concerns

The United States government has announced plans to investigate how past foreign aid to Nigeria and other countries was spent.

This decision follows President Donald Trump’s January 20, 2025, directive to suspend all foreign aid for 90 days, citing concerns about global destabilization and the misuse of American resources.

The move is in response to growing demands for a thorough review of funds disbursed through the United States Agency for International Development (USAID), particularly in the health sector.

During a hearing of the Subcommittee on Delivering on Government Efficiency last Thursday, US Congressman Scott Perry, a Republican from Pennsylvania, alleged that USAID funds may have indirectly supported terrorist organizations, including Boko Haram.

“Who gets some of that money? Does that name ring a bell to anybody in the room? Because your money—$697 million annually—plus the shipments of cash funds in Madrasas, ISIS, Al-Qaeda, Boko Haram, ISIS Khorasan, and terrorist training camps. That’s what it’s funding,” Perry claimed.

In response to the allegations, the US Mission to Nigeria issued a statement on Tuesday via its official X handle, reaffirming its commitment to ensuring that aid funds reach legitimate recipients.

“Comprehensive monitoring and evaluation systems are in place to help verify that U.S. assistance reaches intended recipients.

“The United States condemns the violence and blatant disregard for human life perpetrated by Boko Haram and other terrorist groups in Nigeria and the region”, the statement read.

The mission also highlighted that Boko Haram was designated a Foreign Terrorist Organization on November 14, 2013, as part of efforts to freeze the group’s assets, block its fundraising activities, and prosecute its members.

“The United States continues to work with Nigeria and regional partners to counter terrorism,” the statement concluded.

The suspension of aid have sparked concerns among some development agencies, who warn that a prolonged funding freeze could disrupt critical health, education, and humanitarian programs across Africa and beyond.

By Ojochenemi Onje, Business Day

Nigeria Immigration Begins Passport Printing in Atlanta, New York

The Nigerian Immigration Service (NIS) has recently delivered and installed new passport printing machines at the consulates in Atlanta and New York, following directives from the Minister of Interior, Olubunmi Tunji-Ojo, in January 2025.

This development comes in response to requests from Nigerians in the diaspora, who highlighted the need for improved passport services at these consulates.

The installation of the new printers on February 18, 2025, is expected to ease the passport application process, providing immediate relief to Nigerians in the U.S.

The special assistant to the minister on media, Babatunde Alao, emphasised that this initiative is part of the Ministry’s broader efforts to enhance passport services and ensure a more seamless application process.

Tunji-Ojo expressed the Ministry’s commitment to innovation and improved service delivery, noting that the installation of the new printers reflects the government’s dedication to meeting the needs of Nigerians both domestically and abroad.

This move is also part of ongoing reforms, including the Abuja Passport Personalisation Centre and the expansion of contactless solutions to further enhance service efficiency.

The installation of the printers aligns with President Bola Tinubu’s Renewed Hope agenda, showcasing the administration’s commitment to improving the lives of Nigerians by making passport services faster and more efficient in both Atlanta and New York.

By Vin.Oliji, Voice of Nigeria

Aliko Dangote re-enters top 100 richest individuals list in Forbes 2025

According to Forbes' real-time ranking of billionaires, Dangote’s net worth climbed to approximately $23.9 billion from $13.4 billion last year. This increase of around $10.5 billion (78.4 per cent) was driven by the recent commencement of operations of Dangote Petroleum Refinery commenced operations in Lagos.

With a 92.3 per cent stake in the Dangote refinery, the 67-year-old billionaire has re-entered the ranks of the top 100 richest individuals for the first time since 2018. He also stands out prominently on the list as the only African among the top 100 richest individuals in the world.

South African billionaire Johann Rupert holds the second spot in Africa, at 164th with a net worth of $14.2 billion. Nicky Oppenheimer and family come in third place, at 288th position, with a net worth of $9.5 billion.

The Dangote refinery, with a capacity of 650,000 barrels per day, is the largest in Africa and the seventh-largest refinery globally. Since the commencement of operations of the petroleum refinery in Lagos, Dangote has disrupted the Nigerian government’s oil monopoly and has overcome substantial challenges from the Nigerian “oil mafia.”

The refinery is already influencing global energy dynamics after it recently signed a deal to export two cargoes of aviation fuel to Saudi Arabia. Locally, the refinery is already influencing the import-export market, as Nigeria's petrol imports have reached their lowest level in eight years, reducing reliance on foreign suppliers and strengthening fuel independence.

In an interview with Forbes, Dangote shared his vision for African industrialization, stating, "We have to build our nation by ourselves. We have to build our continent by ourselves, not rely on foreign investment." He described the refinery project as "the biggest risk of my life," emphasizing the stakes involved for his financial future.

Zainab Usman, Director of the Africa Programme at the Carnegie Endowment for International Peace, remarked that many Nigerians believe Dangote to be a hero, a true industrialist driving transformative change in the country and in Africa.

By Victor Oluwole, Business Insider Africa

Related story: Nigeria's richest man Aliko Dangote takes on the 'oil mafia'