Binance Pursues Out of Court Settlement with Nigerian Government Over Multibillion Dollar Tax Evasion and Money Laundering Charges

Binance moves for an out of court settlement in Abuja over tax evasion charges as the Nigerian government pursues separate $35.4 million laundering claims.

By: AXL Media

Published: Mar 24, 2026, 9:43 AM EDT

Source: The information in this article was sourced from Peoples Gazette

A Strategic Pivot Toward Amicable Resolution

Binance Holdings Limited has formally expressed its intent to settle ongoing tax evasion charges through an out of court agreement with the Nigerian federal government. During a Tuesday session at the Federal High Court in Abuja, defense counsel Sunday Agaji informed Justice Emeka Nwite that both parties are actively exploring a settlement framework. This development marks a significant shift in the legal confrontation between the global cryptocurrency giant and Nigerian regulators, which has seen months of intense litigation. The prosecution, represented by Moses Ideho of the Nigeria Revenue Service, confirmed the defense's approach, noting that discussions had commenced earlier that morning to avoid a prolonged trial.

Consolidation of Charges Against the Corporate Entity

The current legal landscape follows a series of procedural shifts that saw the focus move exclusively toward the corporate entity. Initially, the charges included Binance executives Tigran Gambaryan and Nadeem Anjarwalla, the latter of whom gained international attention after fleeing the country. However, following an amended charge filed in June 2024, the executives were discharged, leaving Binance as the sole defendant. Ayodele Omotilewa, acting as the company’s Nigerian representative, had previously entered a plea of not guilty to the four count tax evasion charge. By seeking a settlement now, Binance appears to be attempting to mitigate the operational and reputational risks associated with a definitive court verdict.

The Financial Magnitude of Regulatory Demands

The scale of the financial pressure on Binance is underscored by a parallel civil suit seeking staggering damages for alleged economic disruptions. In addition to the criminal tax evasion counts, the company is facing a separate claim from the tax authorities for approximately $79.5 billion to compensate for economic losses purportedly caused by its operations in Nigeria. This civil action, presided over by Justice Mohammed Umar, represents one of the largest financial claims ever leveled against a digital asset firm in the region. The sheer volume of these claims highlights the government's view that the platform's activities had a profound and unauthorized impact on the national economy.