According to Nigerian government data, less than 10 percent of land is officially documented, leaving millions of landowners without government-issued titles. This lack of formal recognition has become a significant barrier for landowners seeking loans. Experts point to bureaucracy and corruption within Nigeria's land ownership system as key factors contributing to the issue.
Tuesday, April 8, 2025
Video - Millions of Nigerian landowners lack government-issued titles
According to Nigerian government data, less than 10 percent of land is officially documented, leaving millions of landowners without government-issued titles. This lack of formal recognition has become a significant barrier for landowners seeking loans. Experts point to bureaucracy and corruption within Nigeria's land ownership system as key factors contributing to the issue.
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
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