Nigeria seeks USD 79.5 billion in economic damages for alleged harm to the naira through Binance’s peer-to-peer platform, plus about USD 2 billion in back taxes, penalties and interest for 2022 and 2023. A parallel four-count tax evasion prosecution alleges failure to register for VAT, non-payment of company income tax and facilitation of customer tax evasion. Binance disputes that it has a taxable presence in Nigeria.
LATEST DEVELOPMENT · JUL 9, 2026
On 9 July 2026, Justice Nwite adjourned the tax evasion suit to 24 September 2026 for a report of settlement or continuation of trial, after both sides said they were pursuing an out-of-court resolution first raised in March 2026.
BACKGROUND
Nigeria’s tax authority, the Federal Inland Revenue Service (FIRS), and the Federal Republic of Nigeria are pursuing Binance Holdings Limited on two connected fronts before the Federal High Court in Abuja. The larger claim is a civil suit filed around February 2025 seeking roughly $79.5B in alleged economic damages tied to volatility in the naira that Nigeria blames on Binance’s peer-to-peer crypto trading platform, plus close to $2B in back taxes, penalties and interest for 2022 and 2023. That suit is before Justice Inyang Ekwo. A separate but parallel criminal prosecution, filed in 2024 under case number FHC/ABJ/CR/115/2024 and heard by Justice Emeka Nwite, charges Binance with four counts of tax evasion, including failure to register for VAT and non-payment of company income tax.
The criminal case originally also named two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, as defendants. Both were detained by Nigerian authorities in early 2024. Anjarwalla escaped custody and remains a fugitive, while Gambaryan was held for months, denied bail more than once, and eventually released after the government dropped the tax charges against the individuals in mid-2024, leaving Binance as the sole defendant on an amended charge. Gambaryan and Anjarwalla also faced a separate EFCC money-laundering case over roughly $35M allegedly generated by Binance’s Nigerian operations.
Binance has resisted the $81.5B civil claim on jurisdictional grounds, arguing it has no taxable presence in Nigeria and challenging how it was served with the suit. In the criminal case, Binance has entered a not guilty plea through its Nigerian representative and, since March 2026, both sides have told the court they are exploring an out-of-court settlement. The tax evasion case has been adjourned repeatedly through 2026 for the parties to report on settlement progress, most recently to September 24, 2026, while the fate of the much larger civil damages claim before Justice Ekwo remains less publicly documented.
The dispute is widely seen as the largest monetary claim ever advanced by a government against a crypto exchange, and a test of whether a sovereign can hold an offshore trading platform liable for currency depreciation caused by its users’ trading activity.
TIMELINE
-
JUL 9, 2026PROCEDURALJudge cites his reported elevation to Court of Appeal as factor in adjournmentAt the July 9, 2026 hearing, prosecution counsel Moses Ideho told the court the case could not proceed partly because of Justice Nwite’s reported elevation to the Court of Appeal, in addition to ongoing settlement talks between Binance and the Federal Government.
-
JUL 9, 2026PROCEDURALCourt further adjourns tax evasion case to September 24, 2026Justice Nwite adjourns the tax evasion case again after government counsel Moses Ideho says both sides remain in settlement talks, setting September 24, 2026 for a report on the outcome.
-
MAY 13, 2026OTHERNational Judicial Council recommends Justice Nwite for elevation to Court of AppealNigeria’s National Judicial Council recommended Justice Emeka Nwite, who presides over the Binance tax evasion case, along with 11 other judges, for appointment as Justices of the Court of Appeal.
-
MAY 2026PROCEDURALCourt adjourns tax evasion case to July for report of settlementJustice Nwite adjourns the tax evasion case to July 9, 2026, after Binance’s counsel Chukwuka Ikwuazom SAN and government counsel Omotola Fatogun report ongoing settlement discussions.
-
MAR 2026SETTLEMENTParties first raise out-of-court settlement of tax evasion caseBinance and the Nigerian government tell the Federal High Court they are pursuing an out-of-court settlement of the tax evasion prosecution.
-
FEB 2025FILINGNigeria files $81.5B civil suit against BinanceFIRS and the Federal Republic of Nigeria file a civil suit at the Federal High Court in Abuja seeking about $79.5B in alleged economic damages from naira depreciation plus roughly $2B in back taxes and penalties, assigned to Justice Inyang Ekwo.
-
2025PROCEDURALBinance moves to nullify service of the $81.5B suitBinance’s counsel, Chukwuka Ikwuazom SAN, applies before Justice Ekwo to nullify the service procedure used by FIRS, arguing the email address used for service does not exist.
-
OCT 11, 2024HEARINGGambaryan denied bail a second timeIn the parallel money-laundering proceedings, detained Binance executive Tigran Gambaryan is denied bail for a second time by the Federal High Court in Abuja.
-
JUL 12, 2024HEARINGBinance re-arraigned, pleads not guiltyBinance is re-arraigned on the amended four-count tax evasion charge. Its Nigerian representative, Ayodele Omotilewa, enters a not guilty plea on the company’s behalf before Justice Nwite.
-
JUN 14, 2024PROCEDURALExecutives struck out as defendants in tax evasion caseJustice Nwite strikes out Gambaryan and Anjarwalla as defendants after prosecutors file an amended charge naming Binance Holdings as the sole defendant in the tax evasion case.
-
FEB 2024FILINGNigeria charges Binance and two executives with tax evasionFIRS files a four-count tax evasion charge against Binance Holdings and executives Tigran Gambaryan and Nadeem Anjarwalla at the Federal High Court in Abuja, later assigned case number FHC/ABJ/CR/115/2024.
-
2024FILINGEFCC arraigns Binance and executives on separate money-laundering chargeThe Economic and Financial Crimes Commission separately charges Binance, Gambaryan and Anjarwalla with laundering about $34.4M allegedly generated from Binance’s Nigerian operations, a case that runs alongside the tax evasion prosecution.