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FirstBank Celebrates 2021 Corporate Responsibility and Sustainability Week

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FirstBank

The best definition of kindness is not one provided by any of the world’s best dictionaries but one demonstrated by how we treat others on a daily basis.

Kindness is a universal language that does not require any special knowledge, exposure, skills, training or background to understand and appreciate it as a beneficiary or observer of a kind act.

Neither is any special knowledge or training required to show and extend it to others. Just as anyone and everyone can be shown acts of kindness, all persons without exception can and ought to show and extend acts of kindness to others. Kindness flows from deep within us, from the better angels of our nature. Hence, the common idiom “the milk of human kindness”.

This is probably the backdrop to the theme “Kindness…a Way of Life”, which FirstBank has chosen for commemoration of its 2021 Corporate Responsibility and Sustainability Week (CR&S Week). This year’s CR&S Week, scheduled to hold from 26th – 30th July 2021, will feature Kind Comments Days, visits to orphanages/less privilege homes, webinars focused on the kindness theme, SPARK school engagement among other activities – lined up for each of the days. The yearly CR&S Week is a dedicated week designed to offer FirstBank staff, customers and the public opportunities to demonstrate the milk of human kindness that flows in them and give their time and resources to defined causes. It seeks to amplify FirstBank’s innate culture of giving and volunteering as embodied in its Employee Giving and Volunteering programme.

The Corporate Responsibility and Sustainability Week was introduced in 2017 as part of the bank’s longstanding Employee Giving and Volunteering programme created to enable and encourage staff to give back to society through donations and volunteering. Specially designed to reignite acts of random kindness in the society with events that are tailored to reorient people towards the right values, it provides a veritable platform for encouraging the citizenry to intentionally create positive impact in their immediate environment. One of the main highlights of the first CR&S Week was the SPARK Initiative. S.P.A.R.K stands for Start Performing Acts of Random Kindness. But originally the “S” stood for “Staff”. It was changed to “Start” to broaden the initiative beyond just staff and encourage everyone else to be part of the kindness brigade. Also, “P” originally stood for “Promoting” but was changed to “Performing” to convey the sense that participants are equally involved in actually doing kind acts and not only promoting kindness.

Held between 25 – 29 September 2017 with “Promoting Kindness: Putting You First” as theme, the maiden CR&S Week was the first of its kind in Nigeria’s financial services industry. It highlighted the role FirstBank’s corporate citizenship interventions was playing in driving positive impact across various communities – all within one compact week. It was aimed at encouraging people everywhere to step out of their comfort zones, shift attention from themselves and their personal needs to others in society who have not been as fortunate as they have and perform a random act of kindness towards them. The first edition of the CR&S Week provided opportunity for FirstBank staff to give their time and resources to promote acts of random kindness within their communities and contribute to the welfare and well-being of others through giving and visits to orphanages/homes of the less fortunate and internally displaced people (IDPs). Within the same Week the bank held career counselling sessions with secondary school students across the six geo-political regions in Nigeria with FirstBank staff coordinating the impactful sessions that inculcated the values of financial literacy and inclusion in young students. Also, staff had the opportunity to nominate beneficiaries they believe are deserving of random of acts of kindness. Through this activity, Baby Ijeoma was nominated as one of the beneficiary that received corrective heart surgery in India which was in partnership with Vama Wave Foundation. The impact of the first edition went beyond Nigeria as FirstBank’s subsidiaries in sub-Saharan Africa and the UK also participated, benefitting people and at least 22 charities in six countries.

The second edition of the CR&S Week held from 19 – 23 June 2018. Themed “Touching Lives: You First”, the 2018 Week was intended to demonstrate FirstBank brand promise to always put stakeholders first. It focused mainly on five key initiatives/activities. First was the launch of a partnership with VisionSpring to advance social impact by providing vision screening and affordable eyeglasses for 10,000 low-income earners. This aligned with the bank’s financial inclusion and financial literacy approach of promoting accessible and affordable financial products and services to disadvantaged groups with the goal of bringing these marginalised populations into the mainstream economy, improving their chances for resilient livelihoods and financial stability. Second were giving and visits to orphanages/less privilege homes. This was the biggest platform for employee engagement during the week. It followed a needs assessment of the orphanages to be visited to enable employees donate appropriate items, and employees responded generously, donating at a scale that had never been done before.  In all, eight countries witnessed this initiative while more than 26 charities participated.

Celebration of the UN International Widows’ Day on 23rd June 2018, which coincided with the last day of the CR&S Week, was the third activity. Driven by the International Women’s Society (IWS) in Lagos with whom the bank partnered to organise an empowerment outreach for 500 widows in Lagos, it provided start-up capital and capacity building required to successfully run start-ups and small businesses, to the widows. Fourth was a Career Counselling Day for over 10,000 senior secondary school students, as part of the broader FutureFirst programme of the bank aimed at ensuring the youth are empowered to be financially independent through fulfilling careers and the right financial knowledge. Fifth and final was the SPARK (Start Performing Acts of Random Kindness) initiative, which included a SPARK Day set aside in the bank for people to act within their individual spheres of influence to promote kindness. The initiative also saw the bank receiving about 200 internal and external nominations of people deserving of kindness, out of which 24 beneficiaries were to emerge. The 2018 Week was marked across Nigeria’s six geopolitical zones with two states from each zone, totalling 12 states in all. It was also commemorated in the six countries/markets outside Nigeria where FirstBank already had subsidiaries – UK, Ghana, Democratic Republic of Congo (DRC), Guinea, Sierra Leone and Senegal.

In 2019, the CR&S Week held from 1 – 6 July 2019 with the theme “Ripples of Kindness: Putting You First”. The theme was informed by the bank’s belief that every act of kindness (regardless of how little or in whatever form) ignites a ripple effect that goes on without end. The year’s CR&S Week focused mainly on the SPARK initiative, which had gained so much traction since its humble beginnings in 2017. A Kindness Manifesto for both internal stakeholders and external stakeholders was introduced. There were other new activities or initiatives. A Nice Comments Day was introduced for the first time and scheduled to hold on the first day of the CR&S Week. The basis for it, according to the bank’s committee that oversaw the planning and implementation of the 2019 CRS Week, is the important place of words in the “kindness ecosystem”. The committee underlined this point when it noted as follows: “One of the truest reflections of how kind we are is our choice of words. That’s why we have created Nice Comments Day to help build a kinder world [through kind words].”

Another new initiative introduced in 2019 was the SPARK School Engagement, which involved launching the SPARK initiative in schools to promote the 3Cs projected as the pillars of kindness – Compassion, Civility and Charity. The schools – secondary schools across Nigeria – were to be visited to educate students on acts of kindness, encouraging them to make kindness a lifestyle. A crowd-funding initiative was also added in 2019 to enable both employees and external stakeholders donate to defined humanitarian causes, such as supporting widows, sending children (from indigent homes) to school and providing health care for the physically challenged and the old. As at August 2019, nearly N7 million had been raised through the crowd-funding initiative.

The regular initiatives/activities were also retained in 2019. There were visits to orphanages/less privilege homes. Widows’ empowerment was organised in collaboration with International Women’s Society (IWS), Nigeria to empower a select number of widows across Nigeria. The implementation in Nigeria covered the six geopolitical zones with activities held in four states per zone, amounting to 24 states in all. Six subsidiaries of FirstBank also implemented the programme in their markets/countries – UK, Ghana, DRC, Guinea, Sierra Leone and Senegal. In all, 25 schools benefitted with 6,000 students participating in terms of the School Engagement; 50 charities and NGOs, including Leap Africa and IWS, were partnered. Over 20,000 orphans/less privilege people including widows were reached and impacted.

No CR&S Week could take place in 2020 because of the COVID-19 pandemic and its associated restrictions on public gatherings and visits. But FirstBank did not just fold its hand and sit idly. The bank did something absolutely amazing, demonstrating uncommon solidarity with a vulnerable segment of society – children. Realising that the harsh effects of the COVID-19 crisis were borne disproportionally by children, whose education and thus future were being endangered due to the lockdown and prolonged closure of schools, FirstBank embarked on a mission to do something about it. Working with partners, such as IBM, UNESCO, Robert & John, Curious Learning and the Lagos State Government, it launched the bold and ambitious e-Learning Initiative designed to move one million children onto safe online learning platform. The Initiative was to minimise the disruption to children’s education, ensuring that they remained fully engaged during the difficult period and are not left behind by their peers across the (developed) world. There are already over 150,000 students benefitting from the e-Learning initiative in the height of the COVID-19 crises. In addition, the Bank deployed communication material to create more awareness of the SPARK Initiative and to sensitize staff, customers and the public during the unprecedented times.

What greater demonstration of kindness could there have been in 2020 given the circumstances the whole world found itself, especially vulnerable children? So there may not have been a CR&S Week in 2020 but the same kindness narrative that has characterised all activities of the various CR&S Week since 2017 clearly shone through FirstBank’s COVID-19 response, especially its e-Learning Initiative. In future, people would probably easily be forgiven if they assumed the e-Learning Initiative represented FirstBank’s CR&S Week in 2020. FirstBank has demonstrated uncommon consistency over the years to its Corporate Responsibility and Sustainability Week and the ideals it seeks to project through the platform. This has earned the bank the right to make the bold call that is the theme of this year’s CR&S Week.

The question is whether we will heed the clarion call to adopt kindness as a way of life. Will we go out there and extend kindness to others in ways that will make them realise that kindness is not just a word taken from the dictionary but an act that should always be expressed to others? Will we embrace kindness as our new way of life? Will we commit to making our everyday a Kind Comments Day, thus giving others permission and the strength to do the same? Will we Start Performing Acts of Random Kindness towards all and make them feel obligated to start acting kindly towards other people as their new lifestyle?

Culled from Nigerian Tribune

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Why Google Blocked 5.5bn Adverts

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US-based multinational technology corporation Google has blocked over 5.5 billion adverts and suspended 12.7 million others for violating its policies.

The search engine giant also said on Wednesday that it had removed adverts from over 2.1 billion pages.

https://gwg.ng/2024/03/28/see-the-pastor-that-charges-n1-7m-to-teach-people-how-to-perform-miracles/

“Billions of people worldwide rely on Google products to provide relevant and trustworthy information, including ads. That’s why thousands of people are working around the clock to safeguard the digital advertising ecosystem. Today, we are releasing our annual Ads Safety Report to share the progress we’ve made in enforcing our advertiser and publisher policies and to hold ourselves accountable in maintaining a healthy ad-supported internet,” it said.

https://gwg.ng/2024/03/28/man-jailed-6-months-for-stealing-car-battery/

In 2023, it said scams and fraud across all online platforms were on a steady rise.

“Bad actors constantly evolve tactics to manipulate digital advertising to scam people and legitimate businesses. To counter these ever-shifting threats, we quickly updated policies, deployed rapid-response enforcement teams and sharpened our detection techniques”, it added.

https://gwg.ng/2024/03/28/what-i-experienced-in-detention-firstnews-editor-narrates/

Millions of content creators across the globe, including Nigeria, rely on Google Ads to drive revenue.

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Amidst Rumours, Naira Exchanges ₦1,371.170/$1 At Parallel Market For March 28

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Naira dollar exchange for March 28

The Naira is today, Thursday, March 28 2024 exchanging 1,371.170 Naira to 1 US Dollar at the parallel market (black market) in Nigeria according to Naira rate’s Official X handle on Thursday. This means that you can get 1,371.170 Naira for every 1 Dollar that you exchange.

The black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels..

Note that the Black Market Exchange rate is typically higher than the official exchange rate because it is not regulated by the government.

Today, March 28 exchange, indicates that the naira appreciated against dollar with ₦26 difference compared to yesterday, when naira exchanged $1 to ₦1,345.300.

GWG.ng reports that the value of any nation’s currency is determined by aggregate supply and demand.

The forces of Supply and demand are themselves influenced by a number of factors, including interest rates, inflation, capital flow, and money supply.

The most common method to value currency is through exchange rates. The two main exchange rate systems are fixed rate and floating rate systems.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

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Naira Appreciates To N1,350/$ In Parallel Market

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The Nigerian currency, the naira, experienced a notable appreciation in value, reaching N1,350 per dollar in the parallel market, a sharp rise from N1,430 per dollar on Monday.

This trend was mirrored in the Nigerian Foreign Exchange Market (NAFEM), where the naira strengthened to N1,382.95 per dollar, up from N1,408.04, as reported by FMDQ data.

https://gwg.ng/2024/03/27/why-i-dont-win-awards-yemi-alade/

This development has resulted in an increased gap between the parallel market rate and the NAFEM rate, which has expanded to N32.95 from the previous N21.96.

The naira’s value has been on an upward trajectory, with an 18.28 percent increase recorded since February 23, 2024, when it hit a low of N1,665.50.

Analysts attribute the naira’s recent gains to a series of foreign exchange reforms implemented by the Central Bank of Nigeria (CBN).

These reforms, aimed at streamlining the foreign exchange system, include consolidating exchange rate windows, liberalizing the FX market, and clearing foreign exchange backlogs for banks and airlines.

https://gwg.ng/2024/03/27/son-of-ex-president-jailed-in-us/

The CBN’s introduction of a Price Verification System (PVS), revised limits on banks’ Net Open Position, removal of the daily cap on remunerable Standing Deposit Facility (SDF), and the restructuring of the Bureau De Change (BDC) sector, are steps towards fostering a more transparent and efficient market.

Further measures to enhance market dynamics include adjusting margin limits for International Money Transfer Operator (IMTO) remittances, implementing a two-way quote system, and thorough reforms in the BDC segment.

These initiatives are designed to improve market stability, transparency, supply, and price discovery in the Nigeria Autonomous Foreign Exchange Market.

In a recent move, the CBN has set the sale rate of dollars to BDC Operators at N1,251, directing them to offer foreign currency to eligible customers at a margin not exceeding 1.5 percent above this rate.

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See The Lastest Price Of Petrol (Per Litre) In Nigeria For Today

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One of the most essential commodities in the country and all over the world is petrol, also known as Premium Motor Spirit (PMS), as it powers various aspects of the economy and daily life.

However, the price of petrol has been fluctuating over the years, due to various factors such as global oil prices, exchange rates, subsidy policies, and supply and demand.

Current Price of Petrol in Nigeria

According to the regulator of petrol price in the country, the Nigerian National Petroleum Company Limited (NNPCL), the official pump price of petrol (PMS) in Nigeria is N617 per litre.

https://gwg.ng/2024/03/27/why-delta-state-assembly-reverses-sack-of-accountant-after-24-years/

This was after the federal government removed a subsidy on the commodity, which led to a significant increase in the price from N195 per litre.

However, due to logistics and other factors that vary by location, the actual price of petrol may differ across the country.

Naija News understands that petrol presently goes for prices ranging from N600 to N700 per litre across the country, while the over-the-country average price of petrol is presently N630 per litre.

https://gwg.ng/2024/03/27/why-i-granted-full-autonomy-to-local-government-councils-governor-alia/

The table below shows the petrol prices in all 36 states and FCT in Nigeria as of March 27, 2024, as released by NNPCL.

StatePrice (N)
Abia687.50 Per Litre
Abuja632.12 Per Litre
Adamawa671.40 Per Litre
Akwa Ibom677.00 Per Litre
Anambra680.00 Per Litre
Bauchi650.00 Per Litre
Bayelsa673.00 Per Litre
Benue632.84 Per Litre
Borno657.27 Per Litre
Cross River663.33 Per Litre
Delta665.63 Per Litre
Ebonyi638.71 Per Litre
Edo662.00 Per Litre
Ekiti651.33 Per Litre
Enugu673.87 Per Litre
Gombe703.00 Per Litre
Imo687.00 Per Litre
Jigawa679.67 Per Litre
Kaduna670.00 Per Litre
Kano678.27 Per Litre
Katsina680.40 Per Litre
Kebbi796.67 Per Litre
Kogi626.79 Per Litre
Kwara614.90 Per Litre
Lagos663.05 Per Litre
Nassarawa629.32 Per Litre
Niger624.04 Per Litre
Ogun653.11 Per Litre
Ondo653.02 Per Litre
Osun658.77 Per Litre
Oyo662.53 Per Litre
Plateau670.00 Per Litre
Rivers674.55 Per Litre
Sokoto664.80 Per Litre
Taraba704.11 Per Litre
Yobe675.55 Per Litre
Zamfara771.43 Per Litre

Please note that these prices are subject to changes in different stations across the country.

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Eno Neutralises Sharks In Akwa Ibom With N1.5bn Interest-Free Loans

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Akwa Ibom interest-free loans

Governor Umo Eno of Akwa Ibom on Tuesday announced a N1.5 billion interest-free loans to Akwa Ibom traders.

The News Agency of Nigeria (NAN) reports that the loans are to be managed by the Ibom Fadama Micro Finance Bank.

Eno also launched the free-food voucher programme for the vulnerables at the popular Itam market in Itu Local Government Area (LGA) of the state.

“I have heard of how some of you go to some places to get loans with very high interest rates and that has made the cost of food to go up, and before you finish paying the loans, you cannot meet up with your market or trading obligations anymore.

“I have come to tell you not to take such loans again, Consequently, we are releasing N500 million interest-free loans to each of the three senatorial districts making a total of N1.5 billion to help your businesses,” Eno said.

Besides the interest-free loans, the Akwa Ibom governor also promised to construct a car park, provide solar panel light, modern toilet facilities at Itam market for better convenience of the traders.

The Governor, therefore, directed the Transition Chairmen of the remaining 29 councils, excluding Itu and Uyo LGAs, to ensure they launch the free-voucher food programme by April 2.

The free food voucher for the vulnerable, is a key element of the Bulk Agency Bill that was signed into law a week ago, and the Board, equally inaugurated by the Governor, last week.

The key responsibility of the Agency is to provide free staple food items such as Garri, rice and beans to the most vulnerable through the Social Register. (NAN)

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Former DSS Chief, Dennis Amachree: Nigeria Shouldn’t Expel Binance Traders

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Dennis Amachree Binance

Dennis Amachree, a former Assistant Director of Nigeria’s Department of State Services (DSS), has stepped into the fray regarding the pursuit of individuals trading on the Binance cryptocurrency platform. His stance is coming against the backdrop of controversies surrounding the escape of Binance executive Nadeem Anjarwalla from custody, an event that has stirred widespread discussion and concern within the country.

Amachree’s argument revolves around the idea that targeting individual traders on the Binance platform lacks a justifiable basis. Instead, he contends that regulatory and investigative efforts should be directed towards scrutinizing the platform itself and its executives. To illustrate his point, Amachree draws an analogy with the banking sector, explaining that if a bank like UBA were implicated in a crime, authorities would focus on the management responsible for the bank’s operations rather than targeting its customers. He asserts that similar logic should apply to Binance and its users.

The escape of Anjarwalla from a guest house in Abuja, where he was being held alongside colleague Tigran Gambaryan, has raised serious questions about the efficacy of security measures and decision-making processes within the involved authorities. Amachree criticizes the apparent lax security that facilitated the escape, suggesting that Anjarwalla should have been detained by more secure and appropriate agencies such as the Economic and Financial Crimes Commission (EFCC) or the DSS.

This incident has ignited demands for accountability from the security personnel responsible for overseeing the custody of the Binance executives. Amachree’s remarks underscore the need for a thorough investigation into the circumstances surrounding the escape, as well as the enforcement of more stringent security protocols to prevent similar occurrences in the future. The escape has cast a spotlight on the competence and integrity of Nigeria’s security apparatus, prompting calls for swift and transparent action to address any shortcomings and restore public confidence.

In the wake of these developments, the Nigerian public awaits further updates on the investigation and hopes for decisive measures to ensure the accountability of those involved.

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CBN Ups Fight Against Inflation, Raises MPR

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CBN MPR

In a move apparently aimed at curtailing inflation, the Monetary Policy Committee, MPC of the Central Bank of Nigeria, CBN on Tuesday, to hike its benchmark Monetary Policy Rate, MPR by 200 basis points.

The decision came after the two day deliberations of the MPC for the month of March. It was the second time that the MPC now headed by CBN governor Yemi Cardoso and the second time that it would hike the MPR.

GWG.ng reports that the MPC at the end of today’s meeting elected to hike the MPR by 200 basis points.

The Committee voted as follows: Raise the MPR by 200bps to 24.75 from 22.75 per cent

Increase the asymmetric corridor to +100bps/-300 basic points.

Retain the Cash Reserve Ratio of Deposit Money Banks at 45 per cent and Adjust the CRR of Merchant banks from 10 per cent to 14 per cent.

The CBN retained a liquidity ratio of 13 per cent.

GWG.ng reports that the decision of the CBN to raise the MPR could be seen as being overtly cautious as many stakeholders had expected the apex bank to further monitor the steep rate hike it introduced last month.

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Pressure Mounts On Hoarders To Sell Off Dollars As Naira Rebounds

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CBN on dollars

Individuals and businesses holding on to dollars are facing renewed pressure to offload the excess foreign currency in thier possession as the Central Bank of Nigeria (CBN) continues to implement policies that are shoring up the value of the currency.

GWG.ng reports that the Nigerian naira, which recently experienced a significant slide selling up to N1,9000 against the dollar due to heightened demand and outstanding forwards, rebounded and sold below N1,3000 last Monday.

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According to Mallam Yakubu Salisu, a BDC operator, there’s a heightened willingness among people to exchange their dollars amidst fears of further depreciation.

The decision of CBN to sell 20,000 dollars worth of foreign exchange to eligible BDC operators across the nation marks a significant shift, especially after the suspension of such sales three years prior.

Out of the 5,690 registered BDC operators nationwide, approximately 1,373 have been screened for allocation, with specific allocations delineated for various regions including Abuja, Awka, Kano, and Lagos.

The recent circular issued by the CBN reinstating the sale of forex to BDC operators aims to rectify distortions in the retail forex market and bridge the exchange rate gap. The allocated rate of N1,301/$ reflects the lower band rate of executed spot transactions at the Nigerian Autonomous Foreign Exchange Market.

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Why FIRS Filed Charges Against Binance

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Binance charges

The Federal Government has initiated criminal charges against Binance, a cryptocurrency exchange platform for failing to pay statutory taxes to the government of Nigeria.

The charges were filed at the Federal High Court in Abuja, the Special Adviser (Media) to the Chairman of Federal Inland Revenue Service (FIRS), Mr Dare Adekanbi, revealed Monday.

The lawsuit, designated as suit number FHC/ABJ/CR/115/2024, implicates Binance with a four-count tax evasion accusation.

Joining the crypto company as second and third defendants in the suit are Tigran Gambaryan and Nadeem Anjarwalla, both senior executives of Binance currently under the custody of the Economic and Financial Crimes Commission (EFCC).

The charges levied against Binance include non-payment of Value-Added Tax (VAT), Company Income Tax, failure to file tax returns, and complicity in aiding customers to evade taxes through its platform.

In the suit, the Federal Government also accused Binance of failure to register with FIRS for tax purposes and contravening existing tax regulations within the country.

One of the counts in the lawsuit pertains to Binance’s alleged failure to collect and remit various categories of taxes to the federation as stipulated by Section 40 of the FIRS Establishment Act 2007 as amended.

Section 40 of the Act explicitly addresses the non-deduction and non-remittance of taxes, prescribing penalties and potential imprisonment for defaulting entities.

The charges further detailed specific instances where Binance purportedly violated tax laws, such as failing to issue invoices for VAT purposes, thus obstructing the determination and payment of taxes by subscribers.

“Any company that transacts business in excess of N25 million annually is deemed by the Finance Act to be present in Nigeria.

“According to this rule, Binance falls into that category. So, it has to pay taxes like Company Income Tax (CIT) and also collect and pay Value Added Tax (VAT).

“But Binance did not do this properly. So, the company broke Nigerian laws and could be investigated and taken to court for this infraction,” Adekanmbi said.

He added that the Federal Government remained resolute in its commitment to ensuring compliance with tax regulations and combating financial impropriety within the cryptocurrency sector.

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