WATCH THE VIDEO HERE Binance Holdings Limited, a global cryptocurrency exchange platform, has asked the Federal High Court in Abuja to set aside what it describes as the “purported substituted service” of a lawsuit filed against it by the Nigerian government, demanding $81 billion in economic loss fines and unpaid income tax. On Monday, Binance’s counsel, Chukwuka Ikwuazom, SAN, made the request before Justice Inyang Ekwo, filing a motion to nullify the service procedure used by the Federal Inland Revenue Service (FIRS). The Federal Government, through the FIRS, is seeking to recover $79.5 billion in alleged economic losses, N231 million in associated charges, and $2 billion in income tax for the years 2022 and 2023. The government also claims a 10% penalty for non-payment of income tax and seeks a 26.75% annual interest rate, reflecting the prevailing Central Bank of Nigeria (CBN) lending rate. The suit, marked FHC/ABJ/CS/1444/2024, accuses Binance and two of its executives—Tigran Gambaryan and Nadeem Anjarwalla—of operating in Nigeria without registering for tax compliance and causing significant economic harm. It was initially brought before Justice Ekwo on February 11, 2025. Due to difficulties in effecting direct service on Binance, the FIRS had obtained the court’s permission to serve the documents via substituted service. The judge had ordered that the court processes be delivered through alternative means within seven days. However, at the resumed proceedings, Ikwuazom argued that substituted service on a foreign defendant is invalid unless a foreign government or court certifies that attempts at direct service have failed. He also contended that under Nigerian law, substituted service outside jurisdiction must be carried out through the Federal Ministry of Justice. In his motion, Ikwuazom further claimed that the email address used for substituted service—[email protected]—does not belong to Eleanor Hughes or any employee of Binance, making the service invalid. Responding, FIRS counsel, Chief Kanu Agabi, SAN, informed the court that Binance had served their motion only that morning and requested more time to respond. Justice Ekwo noted that the motion was not yet in the court’s file and, following an apology from Binance’s lawyer, adjourned the matter to April 30, 2025. The judge directed FIRS to file its response before the next hearing date.
Binance Seeks To Nullify Nigeria’s $81 Billion Lawsuit, Claims Email For Service Doesn’t Exist
