By Adedapo Adesanya

The federal government of Nigeria and Binance are trying to settle a major tax evasion case out of court instead of continuing full trial proceedings immediately.

The Federal High Court in Abuja on Tuesday adjourned the alleged tax evasion case filed by the federal government against Binance Holdings Limited until July 9 for a report of settlement.

Justice Emeka Nwite adjourned the matter after Binance lawyer, Mr Chukwuka Ikwuazom (SAN), and the federal government’s counsel, Mrs Omotola Fatogun, informed the court that parties were still discussing settling the case out of court.

The cryptocurrency company had, on March 24, sought an amicable resolution of the matter.

Another lawyer, Mr Sunday Adaji, who represents Binance, informed the court that discussions were ongoing.

Mr Moses Ideho, a Deputy Director, Legal Department, Federal Inland Revenue Service (now Nigeria Revenue Service), confirmed the development on the federal government’s behalf.

Binance Holdings Limited was, on July 12, 2024, re-arraigned on a four-count charge bordering on tax evasion allegations.

The Nigerian representative of Binance, Mr Ayodele Omotilewa, who was docked, took a plea on behalf of the company before Justice Nwite.

He pleaded not guilty to the four counts.

The re-arraignment before the judge followed the discharge of the cryptocurrency firm’s executive, Mr Tigran Gambaryan, and his fleeing colleague, Mr Nadeem Anjarwalla, from the alleged offence.

Justice Nwite, in a ruling on June 14, 2024, discharged and struck out Gambaryan and Anjarwalla’s names from the charge after Ideho filed an amended charge wherein Binance is listed as the sole defendant.

The amended charge was dated June 13, 2024, but filed June 14, 2024.

The Economic and Financial Crimes Commission (EFCC) is also prosecuting the cryptocurrency company on allegations bordering on money laundering offences before the same judge.

The anti-graft agency had accused Binance of money laundering to the tune of $35.4 million.

Besides, Binance is also facing another civil suit before Justice Mohammed Umar, a brother judge, where the FIRS is demanding about $79.5 billion over economic losses allegedly caused by the company’s operations in Nigeria.

By Aduragbemi Omiyale

About 600 high-level delegates will converge on Eko Hotels and Suites, Lagos State, for Invest in Lagos 3.0, scheduled to hold on June 8 and 9, 2026, with the theme, Lagos: The Business Gateway to Africa -Where Innovation Meets Capital.

These delegates will comprise innovators, global institutions, sovereign wealth funds, development finance institutions, multilateral institutions, structured finance specialists, trade networks across the Commonwealth, and senior public officials.

They will share perspectives that will ease the movement of conversations into measurable outcomes, with about N4 trillion to be attracted in local and foreign direct investment to the tune of N4 trillion.

The co-chair of the event’s Local Organising Committee (LOC) and Commissioner for Commerce, Cooperatives, Trade and Investment, Ms Folashade Bada Ambrose-Medebem, informed the media that, “Lagos sits at the centre of the African economic story. With a population in excess of 23 million people, a GDP that ranks among the largest city economies on the continent, expanding infrastructure, a vibrant innovation ecosystem, a growing industrial base, and one of the busiest seaports in Africa.

The Deputy Chief of Staff to Lagos State Governor, Mr Sam Egube, on his part, said, “This summit will move conversation into measurable outcomes. In fact, the summit will spotlight key sectors including technology, infrastructure, healthcare, transportation, energy, environment, and the creative economy.”

The Governor of Lagos State, Mr Babajide Sanwo-Olu; the Deputy Governor of Lagos State, Mr Kadri Obafemi Hamzat; the Minister of Industry, Trade and Investment, Ms Jumoke Oduwole; the Chairman of the Commonwealth Enterprise and Investment Council (CWEIC), Lord Marland; and the Secretary-General of the Commonwealth, Shirley Botchwey, among others, will grace the occasion.

As a summit designed to drive private sector investment, stimulate enterprise growth, expand value chains, and strengthen the fiscal sustainability of Lagos, Invest in Lagos 3.0 is more than a mechanism for economic growth acceleration, but also a platform for showcasing the investment sustainability of Lagos and a catalyst for structured engagement with capital providers.

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange succumbed to selling pressure on Tuesday, May 12, sinking by 1.1 per cent.

This brought down the NASD Unlisted Security Index (NSI) by 46.05 points to 4,156.52 points from 4,202.57 points, and battered the market capitalisation by N27.55 billion to N2.486 trillion from N2.514 trillion.

The loss suffered by the NASD OTC exchange was influenced by three securities, led by FrieslandCampina Wamco Plc, which lost N12.40 to sell for N133.60 per share compared with Monday’s N146.00 per share. Food Concepts Plc depreciated by 9 Kobo to N2.50 per unit from N2.59 per unit, and Industrial and General Insurance (IGI) Plc declined by 6 Kobo to 60 Kobo per share from 66 Kobo per share.

Yesterday, the volume of transactions surged by 1,041.6 per cent to 2.7 million units from 236,921 units, the value of trades jumped by 294.6 per cent to N65.2 million from N16.5 million, and the number of deals climbed 55 per cent to 31 deals from 20 deals.

Great Nigeria Insurance (GNI) Plc closed the session as the most traded stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion. The second position was occupied by Central Securities and Clearing System (CSCS) Plc with 60.5 million units exchanged for N4.1 billion, and Okitipupa Plc transacted 27.8 million units for N1.9 billion to claim the third spot.

The most active stock by volume on a year-to-date basis was GNI Plc with 3.4 billion units sold for N8.4 billion, followed by Resourcery Plc with 1.1 billion units traded for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units valued at N1.2 billion.