The federal government is seeking $79.51 billion and N231 million in compensation from Binance Holdings Limited over alleged economic losses linked to its operations in Nigeria.

According to Nairametrics, the federal government claimed that Binance deliberately operated in secrecy despite having a significant economic presence in Nigeria.

The suit, marked FHC/ABJ/CS/1444/2024, was brought before Inyang Ekwo of the federal high court in Abuja on February 11.

The federal government alleged that the company violated several financial and tax regulations, including the Companies Income Tax Act, the Federal Inland Revenue Service (Establishment) Act 2007, the Central Bank of Nigeria’s Regulatory Framework for Mobile Money Services, and the Significant Economic Presence (SEP) Order, which applies to foreign companies earning at least N25 million annually from digital services in Nigeria.

In an affidavit deposed to by Jimada Yusuf, a member of the special investigation team in the office of the national security adviser (ONSA), Binance is said to have been operating in Nigeria for over six years without registration.

Yusuf stated that Binance executives Tigran Gambaryan and Nadeem Anjarwalla, admitted this fact during a 2024 meeting with the Securities and Exchange Commission (SEC).

He further claimed that in a letter dated February 20, 2024, Binance acknowledged having 386,256 active Nigerian users, a trading volume of $21.6 billion, and a net revenue of $35.4 million for the 2023 calendar year.

The FIRS, represented by its lead counsel Kanu Agabi, a senior advocate of Nigeria (SAN), argued that Binance is liable to pay corporate income tax in Nigeria and must file income tax returns for 2022 and 2023.

The agency is seeking a court order compelling Binance to pay $2,001,000,000 in outstanding income taxes for the two years and imposing a 10 percent penalty per year on unpaid taxes.

The FIRS also wants Binance to pay an annual interest rate of 26.75 percent, based on the CBN’s lending rate, from January 1, 2023, and January 1, 2024, respectively, until full payment is made.

Additionally, the FIRS is requesting that Binance be held responsible for economic losses amounting to $79.51 billion and N231 million.

At the latest court proceedings, Inyang Ekwo, the presiding judge, granted a motion for substituted service on Binance, allowing legal documents to be served through alternative means.

The case has been adjourned to March 3, marking another significant step in Nigeria’s intensified regulatory scrutiny of cryptocurrency platforms and their financial dealings within the country.

The Chief of Defence Staff, CDS, Gen. Christopher Musa on Wednesday said the military met all the requirements and passed through all the processes in respect of the recent visa application to the Canadian High Commission.

Musa made this known in Abuja when he received the Armed Forces of Nigeria Contingent who won medals at the just concluded Invictus Games in Vancouver, Canada.

He said that most people who made comments against Nigeria’s participation in the sporting event spoke from the point of ignorance.

“On the issue of the denial of the visa, we must not travel abroad. Nigeria is good enough for all of us.

“We had an agreement, we were invited, a programme was sent, we followed our requirements and the process.

“Everybody knows members of the Armed Forces will never take shortcuts. The Minister of Foreign Affairs, the NSA and everybody is aware of this journey and we followed the process.

“But for reasons best known to them, the team captain did not go, the medical doctor was not there, the physiotherapist did not go.

“All those that were important for the team were not given visas. The question is why?

“Well, I’m happy that the Federal Government is also looking that aspect,’’ he said.

The Nigerian Senate reacting to the alleged funding of terrorism in Nigeria by the United States Agency for International Development USAID, Wednesday summoned Security Intelligence Chiefs for investigation and veracity of the allegation by Perry Scott of the United States parliament.

The resolution followed an Order of Urgent National Security through Order 41 by Senator representing Borno South Senatorial District, Mohammed Ali Ndume.

Ndume urged the Senate to consider the revelation as too weighty to gloss over, given the devastation that terrorists have done to the country, particularly the Boko Haram fighters, stressing that the investigation would put paid to speculations on how the non-state actors have been surviving over the years.

The heads of security intelligence agencies summoned by the Senate are, National Intelligence Agency, NIA, Directorate of Intelligence Agency, DIA, Department of State Services, DSS, and the National Security Adviser, NIA.

Senate President, Godswill in sustaining the resolution remarked that security issues should not be discussed in the market, noting that the head of security intelligence will offer the Senate better perspective in a close door meeting with them.

A prominent political critic in Kano, Abdulmajid Danbilki Commander, has accused President Bola Ahmed Tinubu of neglecting the North, claiming his policies have worsened economic hardship in the region.

In a viral TikTok video, Danbilki, who is a popular figure in the APC and staunch supporter of former president, Muhammadu Buhari, slammed Tinubu’s administration for its handling of the economy, particularly the soaring cost of living.

He pointed out that staple food prices have skyrocketed, noting that a bag of rice, which cost N26,000 under former President Muhammadu Buhari, now sells for N96,000.

Danbilki urged Tinubu to urgently tackle these economic challenges before the 2027 elections, warning that the worsening conditions could erode public trust.

He also criticized Northern politicians in Tinubu’s government, accusing them of prioritizing personal interests over regional development.

According to him, despite their significant presence in the administration, they have failed to advocate for policies that benefit the North.

Reminding them that power is temporary, he called on these officials to push for meaningful progress before their tenure ends.

Controversial singer Habeeb Okikiola, popularly known as Portable, has arrived at the Ogun State Police Command.

The spokesperson for the command, Omolola Odutola, confirmed this in a statement on Wednesday.

PUNCH Online earlier reported that the singer surrendered himself at the Lagos State Criminal Investigation Department, Yaba, on Wednesday.

The Lagos State Police Public Relations Officer, Benjamin Hundeyin, stated in a text message to our correspondent that the Ogun command had been contacted to take custody of the singer.

“Portable just turned himself in at the SCID, Yaba. We have contacted the Ogun State Police Command to come and pick him up,” Hundeyin stated.
Confirming his arrival, Odutola noted that the singer reached the command at 1:23 pm.

She said, “The Ogun State Police Command wishes to inform the public that Habeeb Okikiola, also known as Portable, arrived at the State Criminal Investigation Department, Eleweran, Abeokuta, at exactly 13:23 hours today, February 19, 2025.

“His presence at the SCID is connected to an ongoing investigation. The command assures the public that due process will be followed in handling this matter, and updates will be provided as necessary.”

She urged the public to remain calm and avoid spreading unverified information.

“We urge members of the public to remain calm and refrain from spreading unverified information. The Ogun State Police Command remains committed to upholding justice and maintaining public order,” Odutola stated.

Portable came under scrutiny after allegedly assaulting three officials from the Ogun State Ministry of Physical Planning and Urban Development, Ota Zonal Office: TPL Onabanjo Abidemi, TPL Raymond Lateef, and TPL Ridwan Oyero Akinlesi. The officials were conducting an enforcement exercise at Oke-Osa, Tigbo Ilu, Ota, Ogun State, when the alleged incident occurred.

Following the assault, nine of his accomplices were arrested and arraigned before a Magistrates’ Court in Isabo on five counts, including felony, assault, and conduct likely to cause a breach of peace. The suspects, accused of using cutlasses and guns, pleaded not guilty.

After Portable failed to honour police invitations, the Ogun State Police Command declared him wanted.

Speaking in multiple videos on Tuesday, Portable described himself as a
“madman undergoing treatment” at the Federal Neuropsychiatric Hospital, Aro, Abeokuta.

He also appealed to Nigerians and the Ogun State Government for leniency after being declared wanted by the state police command.

The ousted Speaker of the Lagos State House of Assembly, Mudashiru Obasa, has denied reports linking him to some firearms allegedly uncovered at his office.

Online reports on Tuesday alleged that 47 pump-action guns were discovered by officials of the Department of State Services during a visit to the assembly on Monday.

Some versions of the reports claimed the weapons were found in Obasa’s office, while others suggested they were in the former Chief Security Officer’s office.

In a statement released by his aide and signed by Obasa on Wednesday, the former Speaker described the report as a “concoction.”

The statement was titled Re: “DSS Uncovers Arms Cache In Obasa’s Office Day After Lagos Assembly Drama.”

He said, “The ill-conceived story, apart from being a complete concoction, clearly exposes its author and paymasters as maliciously of low intelligent quotient, only out to malign my hard-earned reputation spanning decades of political leadership and legislative hard work.

“The discovery, according to the story’s specious account, led to immediate notification of ‘the State Security Service, who in turn sent in their men to take inventory of the arms and also take them into custody while an investigation is scheduled on the development.

“From the foregoing, it is obviously discerning that my traducers are furtively attempting to call a dog a bad name just to hang it.”

He said it was of public knowledge that he travelled abroad around the end month of December and returned in January, by which time he had been removed, “a matter that is currently before the court of law for adjudication.”

“Immediately their sinister act was carried out while the House was on recess, my office (the Speaker’s Office), and the Assembly Chamber were forcefully broken into, and thoroughly ransacked by their assigned officers.

“I consider their purported sudden discovery of ‘cache of arms ammunition in the Speaker’s Office as nothing but an afterthought, having sensed the futility of their illegal actions,” Obasa added.

A source in the DSS had on Tuesday told PUNCH Online that the report that the agency uncovered weapons at the assembly was false.

The Speaker of the Lagos State House of Assembly, Mojisola Meranda, has denied rumours suggesting that she has resigned.

Meranda’s Chief Press Secretary, Segun Ajiboye, debunked the rumour on Wednesday.

“I’m in the office. The speaker is in the office. I don’t know where that is coming from.

“This is the handiwork of mischief makers working for the impeached Speaker Mudashiru Obasa, who have been commissioned to spread fake news on social media to mislead the public and maintain pressure on the current leadership of the House. We are aware of this, and it will not succeed,” the aide stated.

The aide further explained that the latest resignation rumour stems from a “fake resignation letter” originally circulated on Monday by “paid bloggers.”

“I urge members of the public to ignore such reports, as they are fake, unfounded, and without any iota of truth,” Ajiboye said in a chat with PUNCH Online.

The clarification is coming on the heels of viral reports alleging that the newly appointed speaker had resigned.

A circular dated February 17, 2025, allegedly released by Meranda had also been trending for two days, with the content claiming she had resigned.

However, checks on the letter circulating on social media showed it wasn’t signed by anyone.

Recall that the Lagos State Assembly had been rocked with a leadership crisis since the former Speaker, Obasa, was removed by the majority of the lawmakers at the House.

Reacting to the removal, Obasa dared his colleagues, insisting that he remains the speaker of the state assembly.

Addressing a crowd of his supporters at his official residence at the GRA, Ikeja, Obasa, who represents Agege, insisted that his impeachment did not follow due process.

According to him, Meranda’s election as the new Speaker did not follow the law, declaring his removal null and void.

The embattled lawmaker alleged that a fake mace was used to install Meranda as Speaker, adding that hundreds of policemen invaded the assembly on the day of his removal to intimidate his loyalists.

Obasa also alleged that some policemen invaded his official residence on the same day and prevented members of his family in the house from coming out.

While vowing to resume as Speaker, Obasa also said he would challenge his removal in court.

But the state lawmakers asked the residents of the state to ignore the rantings of the former speaker, warning him not to heat up the polity.

Ayra Starr has made history as the first woman in 16 years to win Best African Music Act at the 2025 MOBO Awards.

The Nigerian star also took home the Best International Music Act award at the ceremony held in Newcastle.

Ayra Starr clinched the award, by beating co-Nigerians Asake and Tems and also South Africa’s Tyla.

She also beat stars like Beyoncé, Kendrick Lamar, Nicki Minaj, Megan Thee Stallion, GloRilla, and Latto.

Ayra Starr (2025) joins Wizkid (2017, 2021) and Burna Boy (2020, 2022) as the only Nigerian artists to have won the MOBO Award for Best International Act.

The event, hosted by Indiyah Polack and Eddie Kadi, celebrated the best of Black music and culture.

A post on the official MOBO X account read: “Global star, unstoppable force! ?✨ @ayrastarr took home Best African Music Act at the #MOBOAwards – repping African music at the highest level! ??”

Best African music act

Asake (Nigeria)

WINNER: Ayra Starr (Nigeria)

Bnxn & Ruger (Nigeria)

King Promise (Ghana)

Odumodublvck (Nigeria)

Rema (Nigeria)

Shallipopi (Nigeria)

Tems (Nigeria)

Tyla (South Africa)

Uncle Waffles (South Africa)

Ayra Starr’s Speech

In her acceptance speech, the visibly emotional singer said: “Okay, this is my first MOBO. And this is the first time I’m winning a MOBO Award—make some noise! I am actually shaking right now. I am actually nervous.

“Thank you so much to everybody who supported me. Thank you to my team—my amazing MOB-STARS.

“My amazing brothers who make music with me—the producers in the studio—my studio partners in crime; my label—MAVINS record, Embryo, my mummy…

“Thank you so much. Thank you, MOBOs.”

Other Big Winners

According to PUNCH Online, other notable winners at the 2025 MOBO Awards included Bashy, Darkoo, and Odeal.

Darkoo also secured the Best Female Act award.

Another celebratory post from the MOBO X account read: “From bangers to big wins! ?? @Darkoo takes home the Best Female Act award at the #MOBOAwards – a well-deserved victory! ?”

MOBO Awards

The MOBO Awards (Music of Black Origin Awards) is an annual British music ceremony that honours excellence in music of Black origin, spanning genres such as hip-hop, R&B, soul, reggae, jazz, gospel, and African music.

Founded in 1996 by Kanya King, the awards have been instrumental in celebrating and recognizing Black artists in the UK and globally, providing a platform that has helped shape the careers of many.

With Ayra Starr’s historic win, the MOBOs continue to showcase the undeniable influence of African music on the global stage.

The Ogun State Police Command has dismissed claims by controversial singer, Habeeb Okikiola, popularly known as Portable, of being in psychiatric treatment, insisting that he remains a wanted man.

Portable, in a video on Tuesday, declared that he is a “madman” and undergoing treatment at the Federal Neuropsychiatric, Aro, Abeokuta.

He said this while appealing to Nigerians and the Ogun State Government after being declared wanted by the state police command.

Speaking to PUNCH Metro on Tuesday, the state Police Public Relations Officer, Omolola Odutola, maintained that Portable remained wanted and would turn himself in for investigation.

She said, “Portable will come and submit himself. He cannot be in the psychiatric hospital in Aro. Everybody knows that he is a wanted person. So, if he is going to be in anybody’s facility, the police will not accept that. He is a wanted man.”

The singer was reportedly involved in a violent altercation with three officials from the Ogun State Ministry of Physical Planning and Urban Development, Ota Zonal Office—TPL Onabanjo Abidemi, TPL Raymond Lateef, and TPL Ridwan Oyero Akinlesi—during an enforcement exercise at Oke-Osa, Tigbo Ilu Ota, Ogun State.

According to the officials, they initially encountered Portable’s father at Odogwu Bar, where he informed them that his son was unavailable. Moments later, the controversial singer allegedly arrived armed with a firearm and, along with nine thugs, launched an attack on the unarmed officials.

The police reported that the enforcement officers sustained injuries but managed to escape and report the incident to the Ota Area Command, which escalated the case to the State Criminal Investigation Department. While nine of Portable’s alleged accomplices were arrested, the singer reportedly fled the scene and has since gone into hiding.

Odutola had in the statement declaring him wanted stated that multiple formal invitations were sent to Portable, requesting his presence at the command’s headquarters but deliberately ignored them without offering any legal representation.

“Following his repeated evasion, the Ogun State Police Command has obtained a valid court order declaring him wanted,” she added.

Reacting to the allegations, Portable took to Instagram on Tuesday in a series of rants, claiming that he was being set up because he wore a vest featuring the image of the lawmaker representing Ogun West, Senator Adeola Solomon, popularly known as Yayi. He also reiterated that he is mentally unstable and has a medical history at the psychiatric hospital.

“I fear government. I am Federal Government liability. I am a madman; I have medications that I usually take. You can confirm from Aro Hospital. I have a card that certifies me as one of their patients.

“I am from Abeokuta, and they are taking care of me there. I am not a thief; I help people around me without even looking at their background,” he added.

Meanwhile, the Special Assistant to Senator Adeola on New Media, Damilare Oloyede, has distanced the lawmaker from Portable’s predicament.

Oloyede who spoke to our correspondent on Tuesday urged the singer to take responsibility for his actions, adding that name-dropping won’t help him evade justice.

He said, “Portable should be responsible for once. Senator Yayi won’t help him in this predicament that’s purely a result of his irresponsibility, lack of decorum, and sheer display of lunacy (as confirmed by himself). How does one think name-dropping of Senator Yayi would help him evade justice after being declared wanted by law enforcement agencies?”

“For the umpteenth time, Senator Yayi is a law-abiding public servant. He is a responsible leader to his constituents, followers, and admirers. Hence, he won’t, can’t, and will never tolerate irresponsible acts around him,” Oloyede concluded.

Operatives of the Nigeria Immigration Service have arrested 40 illegal immigrants at different locations in the Akinyele Local Government Area of Oyo State.

A breakdown of the migrants shows that 27 are Cameroonians, two are Ghanaians, 10 are Beninese, and one is a Togolese.

Of the 40 arrested, eight are female and 32 are male, all between the ages of 18 and 35.

A statement on Tuesday by the Oyo State Comptroller, Tayo Dada, revealed that 10 of them are farmers, while 30 claim to be involved in online marketing.

Dada added that none of the foreigners possessed residence cards or travel documents.

The statement read, “Following credible intelligence, 40 illegal migrants were arrested at their hideouts in different locations within the Akinyele Local Government Area of Oyo State.

“Their profiling revealed that 27 are Cameroonians, two are Ghanaians, 10 are Beninese, and one is a Togolese. Of the 40 arrested, eight are female and 32 are male, all between the ages of 18 and 35. While 10 of them are farmers, 30 others claim to be involved in online marketing.

“All 40 foreigners entered the country through unauthorised routes, and none could present residence cards or any travel documents during interrogation.

“The Comptroller General of the Nigeria Immigration Service, Kemi Nandap, has ordered that necessary actions be taken to repatriate the foreigners to their countries of origin.”

In January, the Minister of Interior,Olubunmi Tunji-Ojo, disclosed that the Federal Government deported 828 illegal immigrants in 2024 as part of its intensified efforts to combat irregular migration and enhance national security.