Binance Holdings Limited has moved to resolve its ongoing legal dispute with the Federal Government of Nigeria by initiating talks for an out-of-court settlement over alleged tax evasion.
The development was disclosed during proceedings at the Federal High Court in Abuja, presided over by Justice Emeka Nwite
Counsel to Binance, Sunday Agaji told the court that both parties are currently engaged in discussions aimed at reaching an amicable resolution.
This was confirmed by the Federal Government’s counsel, Moses Ideho of the Federal Inland Revenue Service (FIRS), who said the defence had earlier approached the agency regarding possible settlement options.
Although the matter was scheduled for continuation of trial, the court was informed that negotiations were ongoing.
Following submissions from both parties, Justice Nwite adjourned the case to May 12 for an update on the progress of the settlement talks.
Binance is facing a four-count charge related to alleged tax evasion, filed in July 2024. The company, through its Nigerian representative Ayodele Omotilewa, had previously pleaded not guilty to the charges.
The case evolved after the court struck out the names of Binance executives Tigran Gambaryan and Nadeem Anjarwalla, leaving the company as the sole defendant.
In addition to the tax case, Binance is also under prosecution by the Economic and Financial Crimes Commission (EFCC) over alleged money laundering involving $35.4 million
The company is further entangled in a civil suit in which the Nigerian government is seeking approximately $79.5 billion in damages over alleged economic losses linked to its operations in the country.
