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March 26, 2024 Federal Government Contacts Interpol To Rearrest Binance Executive Who Escaped From Custody
IFMNEWS

Federal Government Contacts Interpol To Rearrest Binance Executive Who Escaped From Custody

The Federal Government said it has activated all operations, including contacting Interpol to ensure the re-arrest of Binance executive Nadeem Anjarwalla, who escaped from custody.

Earlier, the Head of Strategic Communications at the Office of the National Security Adviser (ONSA), Zakari Mijinyawa, confirmed the escape of Anjarwalla, from lawful custody.

READ ALSO: Binance Executive Escapes Custody While Detained

In a statement, Mijinyawa, said preliminary investigations show that Anjarwalla fled Nigeria using a smuggled passport.

However, addressing the press after the Federal Executive Council (FEC) meeting, the Minister of Information and National Orientation, Mohammed Idris, expressed hope that the manhunt for the Binance executive will be positive.

Also speaking on the Binance executive, Chairman of the Federal Inland Revenue Service (FIRS), Zack Adedeji, assured that all litigations filed against Anjarwalla will be pursued to a logical conclusion.

March 25, 2024 Withheld Salaries: SSANU Ends Warning Strike, To Review Situation
IFMNEWS

Withheld Salaries: SSANU Ends Warning Strike, To Review Situation

The Senior Staff Association of Nigerian Universities (SSANU) has officially concluded its seven-day warning strike, giving the government more time to address the ongoing issues.

Mr. Mohammed Ibrahim, the president of the association, announced the decision during a virtual stakeholders’ forum organized by the Education Writers Association of Nigeria (EWAN) in Lagos on Sunday. The forum, themed "Withheld Salaries vs Labour Crisis," also featured Mr. Ibeji Nwokoma, President of the Non-Academic Staff Union of Educational and Associated Institutions (NASU).

The Joint Action Committee (JAC) of affected university labor unions had instructed members to halt operations on March 18, following the withholding of salaries for four months and the non-fulfillment of agreements made with the Federal Government in 2009.

According to Ibrahim, despite a meeting with government representatives in Abuja where the strike's impact was acknowledged, there were no substantial developments regarding the issues at hand.

He emphasized the vital role played by university staff in various essential services such as providing water, and electricity, and facilitating the mobilization of graduates for NYSC. The strike officially ended at midnight, with plans to reconvene at various branches to assess the outcome and determine the next steps.

Ibrahim issued a stern warning that failure to address the union's concerns would result in further action. The association has granted a window for the government to fulfill its obligations, but failure to do so will prompt "drastic action."

March 25, 2024 FG Files Tax Evasion Charges Against Binance
IFMNEWS

FG Files Tax Evasion Charges Against Binance

In a significant move aimed at upholding fiscal responsibility and safeguarding the economic integrity of the nation, the Federal Government has initiated legal proceedings against Binance, a prominent cryptocurrency exchange platform. The charges, formally filed at the Federal High Court in Abuja, were announced by the Federal Inland Revenue Service (FIRS) on Monday.

This legal action, designated as suit number FHC/ABJ/CR/115/2024, implicates Binance with a four-count accusation of tax evasion. Joining the crypto company as second and third defendants in the suit are Tigran Gambaryan and Nadeem Anjarwalla, both senior executives of Binance, currently in custody by the Economic and Financial Crimes Commission (EFCC).

The charges leveled against Binance include allegations of 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. Moreover, the Federal Government accuses Binance of failing to register with FIRS for tax purposes and violating 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. This section explicitly addresses the non-deduction and non-remittance of taxes, prescribing penalties and potential imprisonment for defaulting entities.

The charges delineate specific instances where Binance purportedly contravened tax laws, such as the failure to issue invoices for VAT purposes, hindering the determination and payment of taxes by subscribers.

In a statement, the FIRS noted, “Any company that conducts business exceeding 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 is obligated to pay taxes like Company Income Tax (CIT) and also collect and remit Value Added Tax (VAT). However, Binance did not adhere to these requirements, thus violating Nigerian laws and potentially facing investigation and legal action for this infraction.”

The Federal Government reaffirms its commitment to ensuring compliance with tax regulations and combating financial impropriety within the cryptocurrency sector. By law, FIRS is empowered to assess, collect, and account for revenue accruing to the Federation and administer relevant tax laws.

It's noteworthy that Binance previously admitted to violating anti-money laundering laws in the United States in late 2023, reaching a plea bargain agreement that resulted in the company paying a hefty fine of $4.3 billion.

March 22, 2024 Federal Government Requires Evidence Of Approval From Employees On Study Leave
IFMNEWS

Federal Government Requires Evidence Of Approval From Employees On Study Leave


The Federal Government has issued a directive requiring federal civil servants who are on study leave to provide evidence of approval obtained from the Office of the Head of Civil Service of the Federation. This directive comes from Folashade Yemi-Esan, the Head of Civil Service of the Federation, who emphasized the implementation of a new system for routine verification of workers to confirm their actual whereabouts.

In a memorandum circulated to all permanent secretaries in Abuja, Yemi-Esan highlighted the government's concerns regarding civil servants obtaining admission letters from questionable foreign universities while applying for study leave, dating back to August 2021. Additionally, in 2022, measures were taken by the government to address this issue, including requiring such employees to sign bonds to prevent the misuse of study leave privileges.

The memo stressed the importance of physical verification alongside the new measures, stating, "As part of the efforts to sustain the gains of the Integrated Personnel Payroll and Information System, it has become imperative to emplace a mechanism for regular physical verification of officers in the service."

To ensure compliance, all ministries are instructed to conduct a physical verification exercise for all staff members, with specific attention to confirming the location of each officer. Those on study leave must present evidence of approval from the Office of the Head of the Civil Service of the Federation, clearly indicated in the remark column.

The memorandum concludes by directing permanent secretaries to submit a report of the exercise, signed by them, to the Office of the Head of the Civil Service by April 2nd, 2024.

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