According to industry experts, achieving this ambitious goal requires over $6.25 billion annually, a target hindered by a struggling local manufacturing sector and a heavy reliance on imported materials.
Tuesday, April 8, 2025
Video - Nigeria aims to construct over 500,000 housing units annually
According to industry experts, achieving this ambitious goal requires over $6.25 billion annually, a target hindered by a struggling local manufacturing sector and a heavy reliance on imported materials.
Nigerian troops arrest dozens in week-long oil theft crackdown
Nigerian troops arrested 43 suspected oil thieves and seized more than 254,000 litres of stolen fuel in a series of operations across the oil-rich Niger Delta, the army said on Monday.
The week-long operations between March 31 and April 6 targeted illegal refining sites and transport networks used by oil thieves, acting army spokesperson Danjuma Jonah Danjuma said in a statement.
Troops also destroyed 14 artisanal refineries and demobilised 14 boats during the operations.
Oil theft and illegal refining are rife in Nigeria's oil-rich delta as impoverished locals and more sophisticated criminal gangs pilfer pipelines to make fuel to sell for profit.
Seizures were made in Rivers, Bayelsa, and Delta states. In a large, illegal bunkering site in the Sapele area of Delta, thousands of litres of stolen crude oil and refined products were recovered, along with vehicles and equipment, Danjuma said.
The week-long operations between March 31 and April 6 targeted illegal refining sites and transport networks used by oil thieves, acting army spokesperson Danjuma Jonah Danjuma said in a statement.
Troops also destroyed 14 artisanal refineries and demobilised 14 boats during the operations.
Oil theft and illegal refining are rife in Nigeria's oil-rich delta as impoverished locals and more sophisticated criminal gangs pilfer pipelines to make fuel to sell for profit.
Seizures were made in Rivers, Bayelsa, and Delta states. In a large, illegal bunkering site in the Sapele area of Delta, thousands of litres of stolen crude oil and refined products were recovered, along with vehicles and equipment, Danjuma said.
By Camillus Eboh, Reuters
Binance vs Nigeria: Court Postpones $81.5 Billion Binance Tax Case Until April 30
A Nigerian court has postponed the tax evasion case against cryptocurrency exchange Binance until April 30, 2025. The delay will give Nigeria’s Federal Inland Revenue Service (FIRS) time to respond to Binance’s request to invalidate a court order allowing documents to be served via email.
The case involves claims that Binance owes $2 billion in back taxes plus an additional $79.5 billion that Nigeria says is due for economic damages. Nigerian authorities allege the exchange’s operations destabilized the country’s currency, the naira.
Binance’s lawyer, Chukwuka Ikwuazom, challenged the email service order in court on April 7. He argued the tax authority failed to get proper permission to serve court documents to Binance outside Nigeria, noting the company is registered in the Cayman Islands and has no physical office in Nigeria.
Tax Claims Against Crypto Exchange
The FIRS filed the lawsuit in February 2025, claiming Binance maintains a “significant economic presence” in Nigeria. This presence, according to tax authorities, makes the company liable for corporate income taxes for 2022 and 2023.
Nigeria is asking the court to order Binance to pay these taxes plus a 10% annual penalty on unpaid amounts. The tax authority is also seeking nearly 27% interest on the unpaid taxes.
The economic damages claim of $79.5 billion stems from allegations that Binance’s operations hurt the value of the naira. Binance has denied these claims about destabilizing the Nigerian currency.
Binance effectively exited the Nigerian market in March 2024 by stopping naira deposits and withdrawals on its platform. This move came amid mounting pressure from Nigerian authorities.
The case involves claims that Binance owes $2 billion in back taxes plus an additional $79.5 billion that Nigeria says is due for economic damages. Nigerian authorities allege the exchange’s operations destabilized the country’s currency, the naira.
Binance’s lawyer, Chukwuka Ikwuazom, challenged the email service order in court on April 7. He argued the tax authority failed to get proper permission to serve court documents to Binance outside Nigeria, noting the company is registered in the Cayman Islands and has no physical office in Nigeria.
Tax Claims Against Crypto Exchange
The FIRS filed the lawsuit in February 2025, claiming Binance maintains a “significant economic presence” in Nigeria. This presence, according to tax authorities, makes the company liable for corporate income taxes for 2022 and 2023.
Nigeria is asking the court to order Binance to pay these taxes plus a 10% annual penalty on unpaid amounts. The tax authority is also seeking nearly 27% interest on the unpaid taxes.
The economic damages claim of $79.5 billion stems from allegations that Binance’s operations hurt the value of the naira. Binance has denied these claims about destabilizing the Nigerian currency.
Binance effectively exited the Nigerian market in March 2024 by stopping naira deposits and withdrawals on its platform. This move came amid mounting pressure from Nigerian authorities.
Previous Detentions and Escapes
The current tax case follows earlier legal troubles for Binance in Nigeria. In February 2024, Nigerian authorities arrested and detained two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, on tax fraud and money laundering charges.
Nigeria later dropped the tax charges against both executives in June 2024. The remaining charge against Gambaryan was dropped in October.
Anjarwalla escaped Nigerian custody in March 2024, reportedly slipping away from guards and fleeing to Kenya. He remains at large, according to reports.
Gambaryan, a US citizen, was released and returned home in October 2024. Reports indicated his health had worsened during detention, with cases of pneumonia, malaria, and a herniated spinal disc requiring possible surgery.
Binance has stated it is working with Nigeria’s Federal Inland Revenue Service to resolve potential historic tax liabilities. However, the company had not immediately responded to requests for comment on the latest court developments at the time of reporting.
The case highlights ongoing tensions between cryptocurrency platforms and national regulators as countries work to establish frameworks for taxing and regulating digital asset businesses operating within their borders.
The next court date of April 30 will determine whether Binance’s challenge to the service order will be accepted or if the case will proceed under the current terms.
The current tax case follows earlier legal troubles for Binance in Nigeria. In February 2024, Nigerian authorities arrested and detained two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, on tax fraud and money laundering charges.
Nigeria later dropped the tax charges against both executives in June 2024. The remaining charge against Gambaryan was dropped in October.
Anjarwalla escaped Nigerian custody in March 2024, reportedly slipping away from guards and fleeing to Kenya. He remains at large, according to reports.
Gambaryan, a US citizen, was released and returned home in October 2024. Reports indicated his health had worsened during detention, with cases of pneumonia, malaria, and a herniated spinal disc requiring possible surgery.
Binance has stated it is working with Nigeria’s Federal Inland Revenue Service to resolve potential historic tax liabilities. However, the company had not immediately responded to requests for comment on the latest court developments at the time of reporting.
The case highlights ongoing tensions between cryptocurrency platforms and national regulators as countries work to establish frameworks for taxing and regulating digital asset businesses operating within their borders.
The next court date of April 30 will determine whether Binance’s challenge to the service order will be accepted or if the case will proceed under the current terms.
By Oliver Dale, COIN CENTRAL
Friday, April 4, 2025
Thursday, April 3, 2025
Nigerian military unveils first indigenous attack drones, bombs
The Nigerian Military, in collaboration with Briech UAS, a communications company, has unveiled the first and largest indigenous attack drones and bombs in Nigeria and Africa.
Briech UAS, in partnership with the Nigerian Army, demonstrated and unveiled these attack drones and bombs at the company’s headquarters on Wednesday in Abuja.
The Chief of Defence Staff (CDS), Christopher Musa, described the initiative as a major milestone in Nigeria’s journey toward self-reliance in defence technology and a significant step in strengthening national security capabilities.
Mr Musa, an army general, emphasised that the development of combat drones was a timely intervention, highlighting their efficiency in intelligence gathering.
He said that these drones would facilitate decisive actions against threats in an era where security challenges were increasingly complex and asymmetric.
“These force multipliers will play a vital role in enhancing the operational effectiveness of our military.
“Particularly in a world where global politics surrounding the procurement of advanced military hardware have become more intricate.
“Countries that do not produce such solutions face bureaucratic bottlenecks and diplomatic hurdles when acquiring these critical platforms. We are facing such challenges directly.
“If you don’t produce what you need, you will be at the mercy of others, even when you have the financial resources to acquire them.
“By manufacturing these drones locally, Nigeria reduces its dependence on foreign resources, ensures prompt acquisition, and strengthens its ability to respond swiftly to security threats.
“With the brilliant minds we have, particularly among our youth, we can create outstanding technology that competes globally,” he said.
The Governor of Plateau, Caleb Mutfwang, stressed that Nigeria’s growth depended on recognising and patronising indigenous products.
Mr Mutfwang stated that the drones would play a critical role in protecting national sovereignty both in Plateau and across the nation.
He revealed that some of these locally made technologies had already been deployed to Plateau, significantly improving the efficiency of ground forces.
He also noted that his state was partnering with local bomb and drone manufacturers like Briech UAS to counter insurgency using domestically produced weapons.
“As a nation, we made a mistake by allowing non-state actors to acquire capabilities that nearly rival those of state actors.
“We have entered into a partnership that has enabled the deployment of these facilities in our state.
“We have witnessed significant improvements in the efficiency of our security forces.
“Indeed, it was an error to allow non-state actors to amass capabilities that almost overpower those of legitimate state forces.
“It is time to rectify that imbalance.
“We must ensure that no one within our borders possesses capabilities that match or exceed those entrusted with the constitutional duty of protecting our national sovereignty,” he said.
Earlier, the Chairman of Briech UAS, Bright Echefu, noted that insurgent groups such as Boko Haram and ISWAP had recently adopted commercial drones for reconnaissance and attack missions.
“These drones have been used to track and attack our troops. They are being deployed to coordinate ambushes and execute crude aerial strikes,” he said
Briech UAS, in partnership with the Nigerian Army, demonstrated and unveiled these attack drones and bombs at the company’s headquarters on Wednesday in Abuja.
The Chief of Defence Staff (CDS), Christopher Musa, described the initiative as a major milestone in Nigeria’s journey toward self-reliance in defence technology and a significant step in strengthening national security capabilities.
Mr Musa, an army general, emphasised that the development of combat drones was a timely intervention, highlighting their efficiency in intelligence gathering.
He said that these drones would facilitate decisive actions against threats in an era where security challenges were increasingly complex and asymmetric.
“These force multipliers will play a vital role in enhancing the operational effectiveness of our military.
“Particularly in a world where global politics surrounding the procurement of advanced military hardware have become more intricate.
“Countries that do not produce such solutions face bureaucratic bottlenecks and diplomatic hurdles when acquiring these critical platforms. We are facing such challenges directly.
“If you don’t produce what you need, you will be at the mercy of others, even when you have the financial resources to acquire them.
“By manufacturing these drones locally, Nigeria reduces its dependence on foreign resources, ensures prompt acquisition, and strengthens its ability to respond swiftly to security threats.
“With the brilliant minds we have, particularly among our youth, we can create outstanding technology that competes globally,” he said.
The Governor of Plateau, Caleb Mutfwang, stressed that Nigeria’s growth depended on recognising and patronising indigenous products.
Mr Mutfwang stated that the drones would play a critical role in protecting national sovereignty both in Plateau and across the nation.
He revealed that some of these locally made technologies had already been deployed to Plateau, significantly improving the efficiency of ground forces.
He also noted that his state was partnering with local bomb and drone manufacturers like Briech UAS to counter insurgency using domestically produced weapons.
“As a nation, we made a mistake by allowing non-state actors to acquire capabilities that nearly rival those of state actors.
“We have entered into a partnership that has enabled the deployment of these facilities in our state.
“We have witnessed significant improvements in the efficiency of our security forces.
“Indeed, it was an error to allow non-state actors to amass capabilities that almost overpower those of legitimate state forces.
“It is time to rectify that imbalance.
“We must ensure that no one within our borders possesses capabilities that match or exceed those entrusted with the constitutional duty of protecting our national sovereignty,” he said.
Earlier, the Chairman of Briech UAS, Bright Echefu, noted that insurgent groups such as Boko Haram and ISWAP had recently adopted commercial drones for reconnaissance and attack missions.
“These drones have been used to track and attack our troops. They are being deployed to coordinate ambushes and execute crude aerial strikes,” he said
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