$79.5bn loss: FIRS urges court to dismiss Binance’s move to vacate order

The Federal Inland Revenue Service (FIRS) on Wednesday asked the Federal High Court in Abuja to dismiss an application by the cryptocurrency trading company, Binance Holdings Limited, seeking to vacate the ex-parte order made in its favour.

Justice Inyang Ekwo had on February 11, granted leave to FIRS to serve its originating summons and accompanying documents on Binance through substituted means.

The agency, through its lawyer, Kanu Agabi (SAN), had in an ex-parte motion informed the court about its inability to effect service of court papers on the firm.

Binance lawyer, Chukwuka Ikwuazom (SAN), filed a motion on notice on April 4 and urged the court to set aside the ex-parte order.

He also sought an order setting aside the purported substituted service of the originating processes on Binance through the electronic email.

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Giving a nine-ground argument, Ikwuazom submitted that Binance is a company registered under the laws of the Cayman Islands and is resident in the Cayman Islands.

He said:  “By the Rules of this Honourable Court, service of originating processes outside jurisdiction can only be made in accordance with the provisions of Order 6 Rule 18 of the Rules of this Honourable Court (in the absence of a service convention) or in accordance with Order 6 Rule 20 of the Rules of this Honourable Court (where a service convention exists) and only after the leave of the Court to serve outside jurisdiction has been sought and granted.”

But FIRS disagreed with Binance’s submission.

In its counter-affidavit filed on April 14 and deposed to by Ishaya Isuwa, a litigation officer, the agency argued that the depositions in the affidavit of Binance were false and concocted in an attempt to mislead the court.

Isuwa submitted that Binance was not registered under the laws of the Cayman Islands and is also not resident in the Cayman Islands as claimed.

He said the company’s registration status and residence were shrouded in secrecy.

Justice Ekwo adjourned the matter till May 12 for hearing of the motion on notice.

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