Binance Holdings Limited has approached the federal government to explore an out-of-court settlement over tax evasion charges, the company’s counsel, Sunday Agaji, told the Federal High Court in Abuja on Tuesday. The move was confirmed by Moses Ideho, a Deputy Director in the Legal Department of the Nigeria Revenue Service.
When the matter was called, Ideho informed the court that although the trial was scheduled to continue, he was notified earlier in the morning that Binance had reached out to discuss a possible settlement. Agaji corroborated the information, saying, “My lord, parties are actually exploring settlement. That is essentially where we are.” Justice Emeka Nwite subsequently adjourned the case until May 12 for a report on settlement talks.
Binance was re-arraigned on July 12, 2024, on a four-count charge of tax evasion. The company’s Nigerian representative, Ayodele Omotilewa, entered a plea of not guilty on behalf of the firm. The re-arraignment followed the discharge of executives Tigran Gambaryan and Nadeem Anjarwalla, who were previously listed in the charges. Justice Nwite had struck out their names on June 14, 2024, after the prosecution filed an amended charge listing Binance as the sole defendant.
Separately, the Economic and Financial Crimes Commission (EFCC) is prosecuting Binance for alleged money laundering, claiming the firm laundered $35.4 million. Both cases remain before Justice Nwite.