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.

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.

By Oliver Dale, COIN CENTRAL

Related story: Freed Binance exec Tigran Gambaryan says he ‘almost died twice’ in Nigeria

Video - Police ban Durbar Festival in Northern Nigeria

Authorities canceled the event for the second consecutive year due to security concerns.

CGTN

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

Premium Times

President Tinubu signs law classifying crypto as securities

Nigeria’s President Bola Tinubu has signed a new law strengthening SEC oversight of cryptocurrencies and classifying them as securities.

Nigeria‘s President Bola Ahmed Tinubu has signed the Investments and Securities Act 2024 into law, classifying cryptocurrencies as securities under the regulatory authority of the Nigerian Securities and Exchange Commission, local news outlets report.

The new law replaces the ISA 2007 Act and reportedly expands the SEC’s role in overseeing Nigeri’s capital markets, including crypto exchanges. The act also enforces tougher penalties for Ponzi schemes, which are commonly linked to the crypto market.

For example, those convicted of running Ponzi schemes could face a prison sentence of 10 years or more, along with a minimum fine of N10 million (about $6,500). The total financial penalties could go up to N40 million (around $26,000), depending on how serious the offense is.

Nigeria’s tech-savvy population has turned to cryptocurrencies as a way to protect against high inflation and the sharp decline of the naira against the dollar since mid-2023. According to data from Chainalysis, the country received approximately $59 billion in cryptocurrency value between July 2023 and June 2024.

Since taking office in 2023, President Bola Tinubu has focused on fiscal reforms aimed at boosting government revenue and reducing the budget deficit, including revamping tax administration. The push for regulation brings Nigeria in line with other regions like the European Union with its Markets in Crypto-Assets, all of which have moved to regulate cryptocurrencies.

By Denis Omelchenko, Crypto News

PalmPay Unveils Debit Card in Nigeria, Expanding Its Digital Banking Ecosystem

PalmPay, a leading digital bank and fintech platform focused on emerging markets, has launched the PalmPay Debit Card in Nigeria in partnership with Verve, Africa’s largest domestic card scheme.

The launch of its debit card represents a key milestone in PalmPay’s evolution – from a mobile wallet known for it’s fee-free transfers and cashback rewards into a full-service digital banking platform offering an integrated ecosystem for payments, savings, credit, insurance, and now, card access.

The new PalmPay Debit Card brings advanced features such as savings yield on deposits and merchant rewards within reach for mass market users in Nigeria. With zero maintenance fees, a simple in-app application process, and nationwide delivery, PalmPay aims to convert millions of its 35 million users to become cardholders this year. The card is accepted at all merchants in the Verve network, and supports both debit and contactless transactions.


"This launch is another step forward in our mission to deliver accessible, reliable and rewarding financial services. With the PalmPay Debit Card, we are expanding our ecosystem and enabling our users to pay and earn rewards at even more touch points, including across offline and online commerce. And for merchants, this opens up new opportunities to reach millions of Nigerian digital consumers and collaborate with us to build reward-driven experiences that boost loyalty and sales."

– Sofia Zab, Chief Marketing Officer, PalmPay

Alongside the standard debit card, PalmPay is also rolling out PalmPay Premium, a new reward scheme and card designed for high-volume users. It offers enhanced perks such as priority support, advanced financial tools, and exclusive merchant benefits.

With over 35 million users and a growing network of 1.1 million agents and merchants in Nigeria – and operations in Tanzania, Ghana, and Bangladesh – PalmPay is building a next-generation financial ecosystem designed to empower consumers and businesses in emerging markets. PalmPay processes up to 15 million transactions daily, underscoring the scale and reliability of its platform.

In addition to its digital banking services, PalmPay provides a suite of B2B offerings for local MSMEs and international merchants, including:

. Smart POS terminals and a business app
. Payment orchestration and checkout solutions
. Bulk payment tools via a self-service merchant portal
. APIs for embedding and reselling PalmPay’s services
. Direct integration of services into the PalmPay consumer and business apps


"At PalmPay, we believe that building a thriving digital economy requires collaboration. From lending and insurance providers to card schemes like Verve, our ecosystem is powered by strategic partnerships. The launch of our debit card is another example of how we are combining cutting-edge technology with our partner strengths to deliver inclusive financial services at scale – and in doing so we empower businesses targeting Africa to grow faster, reach more customers and unlock more revenue streams."

– Jiapei Yan, Chief Commercial Officer, PalmPay


"We are proud to partner with PalmPay on this important milestone. Our alliance reflects our shared mission of accelerating financial inclusion and delivering payment innovation that meets the needs of African consumers."

– Vincent Ogbunude, Managing Director of Verve International

From zero-fee transfers and high-yield savings to instant credit, insurance, and now cards, PalmPay is redefining what digital banking in emerging markets can look like – personalised, comprehensive, and accessible to everyone.

As international businesses seek entry into Africa’s dynamic digital economy, PalmPay offers a trusted platform with the infrastructure, user base, and reach to help them scale.

By Aayushya Ranjan, TechAfrica