By Ayo Kehinde
Binance Holdings Limited, on Tuesday, moved to reach a truce with the Federal Government over the ongoing tax evasion case against it, prompting the Federal High Court in Abuja to pause proceedings until May 12, to allow parties to pursue settlement talks.
The development was disclosed in court by the company’s counsel, Sunday Agaji, who told the presiding judge, Emeka Nwite, that both sides were exploring an amicable resolution of the dispute.
Counsel to the Federal Government, Moses Ideho, a Deputy Director in the Legal Department of the Federal Inland Revenue Service (FIRS), confirmed the move, noting that although the matter was slated for continuation of trial, the defence had earlier approached the service for possible settlement.
“My lord, parties are actually exploring settlement. That is essentially where we are”, Agaji said.
Following submissions from both parties, Justice Nwite adjourned the case until May 12 for a report on the outcome of the settlement discussions.
Binance was re-arraigned on July 12, 2024, on a four-count charge bordering on alleged tax evasion. Its Nigerian representative, Ayodele Omotilewa, had entered a not guilty plea on behalf of the company.
The re-arraignment followed the discharge of two executives of the firm, Tigran Gambaryan and Nadeem Anjarwalla, after the prosecution amended the charge to list Binance as the sole defendant.
Justice Nwite had, in an earlier ruling, struck out their names from the charge following the amendment filed by the prosecution.
Meanwhile, the cryptocurrency company is also facing prosecution by the Economic and Financial Crimes Commission over alleged money laundering involving $35.4 million.
In addition, Binance is battling a separate civil suit before another Federal High Court judge, Mohammed Umar, where the FIRS is seeking about $79.5 billion in damages over alleged economic losses linked to its operations in Nigeria.
