Nigeria Sues Binance for $81 Billion Over Alleged Tax Evasion and Economic Losses.
The Nigerian government has filed a lawsuit against Binance, the world's largest cryptocurrency exchange, seeking $81.5 billion in damages. The suit comprises $79.5 billion for alleged economic losses and an additional $2 billion for back taxes covering the years 2022 and 2023. The Federal Inland Revenue Service (FIRS) accuses Binance of operating illegally within Nigeria by failing to register properly and comply with local tax laws.
Nigerian authorities claim that Binance's operations have significantly contributed to the devaluation of the naira, the country's currency, by facilitating unauthorized foreign exchange transactions. This legal action follows a series of regulatory crackdowns on the cryptocurrency industry within Nigeria. In early 2024, two Binance executives were detained on charges related to tax evasion and money laundering, intensifying the scrutiny on the exchange's activities in the region.
In response to these allegations, Binance has stated that it is collaborating with Nigeria's Federal Inland Revenue Service to address any potential historical tax liabilities. The company has consistently denied any wrongdoing, **** erting that it operates in compliance with applicable laws and regulations. As the legal proceedings unfold, the outcome of this case could have significant implications for the cryptocurrency landscape in Nigeria and potentially influence regulatory approaches in other jurisdictions.
#Crypto #Binance #Nigeria #cryptocurrency #Law #Tax #CryptoNews
Nigerian Police Issue Fresh Warning on Fraud and Arrests.
Nigerian Police Reinforce Legal Penalties for Fraudulent Activities, Highlight Arrest Protocols
The Nigerian Police Force has issued a stern reminder to citizens regarding the legal repercussions of fraudulent practices, citing specific provisions under the nation’s criminal statutes. Force Public Relations Officer, Muyiwa Adejobi, underscored that acts of deceit and financial manipulation are classified as criminal offenses under Nigerian law, carrying substantial penalties.
In a Sunday post on his X (formerly Twitter) account, Adejobi referenced Section 421 of Nigeria’s Criminal Code Act, which stipulates that individuals who employ deceptive schemes to obtain stolen property, or coerce others into surrendering money or goods under false pretenses, are guilty of a misdemeanor. Such offenses are punishable by up to two years’ imprisonment.
Adejobi further clarified law enforcement protocols, emphasizing that arrests for such crimes do not always require a judicial warrant. “The public should note that warrants are not mandatory for all arrests. Cases involving fraudulent acts represent one such instance where immediate apprehension is permissible,” he explained.
The Criminal Code Act explicitly authorizes warrantless arrests when an individual is caught committing fraud. This provision enables law enforcement officers to act swiftly in detaining suspects engaged in illicit activities, reinforcing the judiciary’s stance on curbing economic offenses.
The statement aims to educate citizens on both the legal consequences of fraud and the operational procedures police may employ to uphold accountability.
#NigerianPolice #Police #Nigeria #Crime #Law
Full Conversation Between Nnamdi Kanu And Justice Binta Nyako.
“I want to speak”, ~~~NNAMDI KANU
"Do you want to take over from your lawyer" – JUSTICE NYAKO
“Yes, I want to take over.” - Nnamdi Kanu
NNAMDI KANU RESPONSE TO THE JUSTICE NYAKO
"I am in court because of the respect I had for the court, but, the Judge no longer had the jurisdiction to preside over my case following her recusal in September." — Nnamdi Kanu
“A grown-up man like you who should be in the village and who should be making sure that things are done properly is here subverting the law.”
NNAMDI KANU TO THE PROSECUTING COUNSEL
“I don’t recognise the authority of this court to preside over my case. Everything you said here is meaningless to me.
“Why is it that when it comes to my case, everything is turned upside-down?”
The memo sent by the chief judge returning the case file to the Judge cannot override the enrolled order of the court made on September~~NNAMDI KANU
You are at liberty to appeal the directive of the chief judge — JUSTICE NYAKO TO NNAMDI KANU
"If the chief judge disagrees, he should appeal the decision.
You cannot preside over this case, not now, not today, not ever. You stand recused and you must leave my case. I don’t need you in my case. You are biased. Tell the chief judge that Nnamdi Kanu said so.
This is not a court of law, this is a shrine to injustice and I will not subject myself to it.”---NNAMDI KANU TO THE JUSTICE NYAKO
"In view of the fact that the defendant has indicated that he would not make a formal application, I apply that your lordship gives us a definite date for trial,” — PROSECUTING COUNSEL TO JUSTICE NYAKO
*Because of money they are paying you from the AGF’s office, a grown-up man like you is here supporting evil. The rule of law says you should go on appeal,” — NNAMDI KANU TO THE PROSECUTING COUNSEL
“The same chief justice writing this stupid memo, I have recused him before. He sat on appeal, I took him to NJC and recused him. Why is he insisting on this one? He wants to embarrass your lordship by asking her to sit on this case.” — NNAMDI KANU
The only decision I can make right now is that in the light of what is happening now in court, I am going to adjourn this case sine die (indefinitely).” — JUSTICE NYAKO.
Nnamdi Kanu in swift response, replied
“You have no jurisdiction to adjourn anything. None whatsoever. You cannot make an order without jurisdiction. The memo from the chief judge cannot confer jurisdiction upon you,” — NNAMDI KANU
The court room was silent for 5 minutes as Nnamdi Kanu's superior argument threw everybody in total confusion and deep thinking.
What do you think?
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