Nigeria has escalated its confrontation with cryptocurrency giant Binance by filing tax evasion charges against the platform and seeking an international arrest warrant for Nadeem Anjarwalla, Binance's regional manager for Africa.
Anjarwalla, a British-Kenyan, was previously arrested in connection with an investigation into Binance's activities in Nigeria but escaped custody last week. This development has spurred collaboration between Nigerian authorities and Interpol to locate him.
Anjarwalla and Tigran Gambaryan, Binance's head of financial crime compliance, were detained upon arriving in Nigeria in February. This came as the country banned various cryptocurrency trading websites amidst fears over currency speculation and manipulation.
Nigerian authorities' attempts to prolong their detention faced obstacles when the initial warrant expired, sparking allegations of unlawful custody. Anjarwalla's departure, allegedly through legal channels, has complicated the legal discourse around the case.
In addition, Nigeria's Federal Inland Revenue Service (FIRS) has accused Binance of tax evasion in Abuja. The charges include not paying value-added tax (VAT) and company income tax, failing to file tax returns, and allegedly aiding customers in evading taxes through its platform. Binance's response is pending.
Related Articles
Angola to begin production at country’s first major copper mine in Uíge Province this year
Angola will begin copper production at the Mavoio–Tetelo project in Uíge Province later this year, marking the country’s first large-scale copper mine and a milestone in efforts to diversify its ... more
Egypt reports multiple oil and gas discoveries in New Delta, Eastern and Western Deserts
Egypt’s Ministry of Petroleum and Mineral Resources has announced 18 new oil and gas discoveries across the New Delta, Eastern Desert, and Western Desert, marking one of the strongest exploration ... more
West African Development Bank (BOAD) sets new record with €1bn, 15-year eurobond to fund WAEMU projects
The West African Development Bank (BOAD) has issued a landmark €1bn bond with a 15-year maturity, the longest euro-denominated benchmark ever launched by an African multilateral lender. The ... more