A Nigerian court has adjourned a major tax evasion case against cryptocurrency exchange Binance to 30 April. The Federal Inland Revenue Service (FIRS) was granted additional time to respond to a legal motion filed by the company.
Binance is challenging a previous court order that allowed the FIRS to serve legal papers via email. The exchange claims Nigerian authorities lacked court approval to serve documents abroad. Binance’s counsel has called for the substituted service order to be invalidated.
The FIRS alleges Binance owes $2 billion in taxes and $79.5 billion in damages for its role in economic losses. It argues Binance’s strong presence in Nigeria makes it liable for 2022–2023 corporate taxes and related penalties.
The case forms part of Nigeria’s broader crackdown on crypto activity. Binance remains widely used by Nigerians seeking access to stablecoins and digital assets.
For more information on these topics, visit diplomacy.edu.
Nigeria has filed a lawsuit against cryptocurrency giant Binance, demanding $79.5 billion in damages for alleged economic losses and $2 billion in unpaid taxes. The case, brought by Nigeria’s Federal Inland Revenue Service (FIRS), claims that Binance’s unregistered operations in the country have negatively impacted its currency and evaded significant tax obligations.
The lawsuit also seeks penalties and interest on the unpaid taxes, pushing the total amount even higher.
Authorities allege that Binance played a role in destabilising Nigeria‘s naira by becoming a primary platform for local currency trading. In 2024, two Binance executives were detained as part of a broader crackdown on cryptocurrency platforms.
The FIRS argues that Binance holds a “significant economic presence” in Nigeria, making it liable for corporate income tax for 2022 and 2023, plus a 10% penalty and a 26.75% interest rate on unpaid sums.
Binance, which has stopped trading in the naira and is contesting the charges, is also facing four counts of tax evasion, including non-payment of value-added tax and aiding users in tax avoidance. Separate money laundering charges have been filed by Nigeria’s anti-corruption agency, which Binance has denied.
The exchange previously stated that it is working with Nigerian authorities to address potential historic tax issues.
For more information on these topics, visit diplomacy.edu.
Nigeria is set to amend its digital asset regulations to introduce taxes on cryptocurrency transactions, a move the government believes could generate significant revenue. A bill currently before the National Assembly aims to provide a legal framework for taxing transactions on regulated exchanges, with expectations for its adoption this quarter.
The Nigerian Securities and Exchange Commission (SEC) is also working on expanding crypto licensing, allowing exchanges to be monitored for tax compliance. The SEC issued its first exchange licence in August 2024 and has since taken steps to regulate unlicensed platforms.
With Nigeria ranked second in global crypto adoption, many citizens have embraced cryptocurrencies, especially stablecoins like Tether and USD Coin, to protect their wealth against the country’s high inflation and depreciating currency. In the last year, Nigeria received $21.8 billion in stablecoin transactions, leading the Sub-Saharan region.
For more information on these topics, visit diplomacy.edu.
The Nigerian Ministry of Communications, Innovation and Digital Economy signed a $10 million MoU with WIOCC to launch fibre-to-home internet connectivity targeting three million homes in the first phase of the project with plans to expand as the rollout progresses.
The government, led by Dr Bosun Tijani, emphasises the importance of digital technology in driving productivity and economic growth, with a goal of building a $1 trillion economy. However, balancing sustainable investment by telecom providers with affordable services for citizens remains a challenge, as highlighted by the recent approval of a tariff hike.
Currently, most Nigerians rely on mobile internet, which lacks the speed and reliability of true high-speed broadband. The fibre-to-home project seeks to address this gap, creating a more connected environment that supports individuals, businesses, and institutions. By improving internet infrastructure nationwide, the initiative aims to foster a more inclusive digital economy, ensuring that more Nigerians benefit from the opportunities offered by high-speed internet.
Why does it matter?
In the long term, the project is designed to scale up, with additional capital being raised and invested to connect more people across Nigeria. As the initiative evolves, it will re-evaluate its targets and expand its reach, ensuring that high-speed broadband becomes accessible to a larger portion of the population.
That effort aligns with the government’s vision of making connectivity a cornerstone of economic development, supporting small businesses and enabling Nigerians to stay connected both at home and on the go. Through this partnership, Nigeria is taking a critical step toward transforming its digital landscape and achieving its economic goals.
Central bank digital currencies (CBDCs) face significant challenges in gaining consumer acceptance, according to a new survey by GlobalData. The findings reveal that users in countries with active CBDC programmes, such as the Bahamas, Jamaica, and Nigeria, are hesitant to switch from traditional payment methods due to a lack of incentives, privacy concerns, and technical complexities.
Blandina Szalay, an analyst at GlobalData, highlighted the slow adoption rates, explaining that CBDCs often complicate payments without offering clear benefits. Convenience and established habits remain strong drivers for consumers, making it difficult for CBDCs to gain traction.
Despite these hurdles, the global push for CBDCs continues, with 134 countries representing 98% of the world’s economy actively exploring the technology. Over 65 countries, including India and Brazil, are advancing their projects, with many in pilot phases. Central banks hope CBDCs can improve cross-border payments, promote financial inclusion, and enhance monetary stability, but achieving widespread adoption remains a formidable task.
Tizeti, a prominent internet service provider in West Africa, has launched its FreeFiber broadband service in Nigeria and Ghana, offering speeds of over 1Gbps, significantly faster than the regional average of 28Mbps. Initially available in Lagos, Port Harcourt, and Accra, the service will expand to more cities within the next year.
A key feature of FreeFiber is its focus on online gaming. Its dedicated fibre port provides ultra-low latency, high bandwidth, and seamless performance even with multiple devices connected. New users can benefit from free installation, a complimentary first month, and a referral program that rewards customers with free setup and subscriptions for referring others.
The service also includes VoIP, free calls to several countries with African populations, and other digital services such as Teleport Services, which offer access to US IP addresses and digital wallets. Tizeti, which serves over four million subscribers and partners with global tech giants like Microsoft and Meta, aims to bridge the digital divide by providing affordable, reliable internet across the region.
With over a decade of experience providing solar-powered, unlimited internet services, Tizeti has grown from a startup to a billion-naira business. Its mission remains focused on delivering accessible internet to millions across West Africa.
The company continues to innovate with new services and expand its network, demonstrating its commitment to improving digital infrastructure in the region. Through strategic partnerships, including collaborations with organisations like the United States Agency for International Development (USAID), Tizeti is positioning itself as a leader in driving digital transformation across West Africa.
The National Information Technology Development Agency (NITDA) has partnered with TikTok under the ‘Safer Together’ initiative to enhance digital safety and literacy in Nigeria. That collaboration, announced at the TikTok Online Safety and Digital Awareness Programme in Abuja, reflects Nigeria’s leadership in Africa’s digital transformation, supported by a growing tech ecosystem and increasing connectivity.
The partnership addresses key challenges such as misinformation, cyberbullying, and digital exploitation while aligning with NITDA’s regulatory framework, emphasising awareness, innovation, and inclusivity. NITDA aims to achieve 70% digital literacy by 2027, fostering digital inclusion and empowering youth to drive the country’s digital economy. TikTok’s safety features, including screen time management and anti-bullying tools, are integral to educating parents, teachers, and stakeholders on safe and responsible digital practices.
The programme highlights the importance of collective efforts in creating a secure digital environment, requiring collaboration between the government, private sector, and civil society. Through initiatives like this, the partnership aims to inspire creativity, build trust, and shape positive digital experiences for millions in Nigeria while addressing the risks associated with technological advancement.
The Federal Government of Nigeria and the World Bank have partnered to develop a National Land Digital System, aiming to address long-standing challenges in land administration. That initiative seeks to improve transparency, efficiency, and accessibility in land transactions by digitising land records, which will streamline the registration process and reduce bureaucratic delays.
Given that over 90% of Nigeria’s land remains unregistered, this system will unlock significant economic potential by formalising land ownership and boosting investor confidence. As a result, the goal is to increase formal land transactions from under 10% to over 50% within the next decade, thereby enhancing property rights protection and promoting economic growth. Moreover, the initiative will focus on collaborating with state governments to register, document, and title land parcels, thus securing land ownership and unlocking new development opportunities.
In addition to these efforts, the Federal Government of Nigeria and the World Bank are finalising the National Urban Development Policy (NUDP), which will provide a strategic framework for long-term urban and rural growth. The policy is designed to guide the development of economically vibrant, climate-resilient, and inclusive cities, aligning with Nigeria’s broader objectives for sustainable development.
Furthermore, the initiative emphasises the importance of streamlining land administration and encouraging private sector investment in housing and infrastructure. That includes promoting eco-friendly construction materials and improving access to mortgage options. Consequently, these combined efforts are expected to lay the foundation for a more efficient and equitable land system, contributing significantly to the nation’s economic and social development.
ProFuturo and American Tower are expanding their digital education initiative to Nigeria, building on the success of a program initially launched in Kenya. The expansion aims to provide nearly 30,000 students in vulnerable communities across Africa and Latin America access to digital learning opportunities, addressing significant educational inequalities.
Central to this initiative is the training and empowerment of over 1,000 teachers, who will receive essential digital resources and innovative teaching methods to integrate technology into their classrooms effectively. By equipping educators with these tools, the collaboration seeks to bridge the digital divide, ensuring that underserved regions have access to the same educational resources as urban areas.
The partnership aligns with the UN’s Sustainable Development Goals, particularly in promoting quality education and reducing inequalities while also aiming to reduce poverty and inequality within local communities. Additionally, American Tower’s Digital Communities initiative will establish technology-driven spaces that promote digital literacy, vocational training, and healthcare access, serving as vital hubs for learning and development.
Looking ahead to 2030, the partnership aspires to create lasting change, ensuring that all children can succeed in the digital economy and laying the groundwork for a more inclusive and equitable educational landscape in Nigeria and beyond.
Nigerian fintech company Moniepoint has raised $110 million in new funding, backed by investors like Google, to expand digital payments and banking services across Africa. Since its 2015 inception as a payment infrastructure provider for banks, Moniepoint has grown to offer personal banking services, becoming a major player in Nigeria’s rapidly growing fintech market.
The funding round, supported by existing investors such as Development Partners International and Lightrock, and new entrants Google’s Africa Investment Fund and Verod Capital, values Moniepoint above $1 billion, marking its entry into “unicorn” status. The company plans to use the funds to develop an integrated business platform offering digital payments, banking, credit, and business management tools.
With a customer base in Nigeria‘s vast, underserved financial market, Moniepoint says it processes over 800 million transactions each month, valued at more than $17 billion. This new funding will help accelerate its mission to provide accessible financial solutions across Africa.
