The Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso said Nigeria’s current Consumer Price Index is reflective of the reality of consumption patterns.

Cardoso made this known on Thursday during a press briefing at the end of the 299th Monetary Policy Meeting in Abuja.

His comments came as Nigeria’s inflation rate dropped to 24.48 percent after the CPI was rebased.

Reacting to the development, Cardoso insisted that the apex bank will continue to work with data to drive its decisions.

He noted that the recent CPI rebase is good for the country’s economy.

“As far as the Central Bank is concerned, we are data-driven. That will continue. Our decision matrices will be focused accordingly.

“Of course, what we have is a CPI which is more reflective of the reality of consumption patterns. And that is a good thing.

“The previous one took account of black and white television, for example, we all know it is no longer relevant,” he stated.

The Federal Government has asked an Abuja Federal High Court to compel cryptocurrency platform, Binance, to pay N79.51 billion and N231 million, which is equivalent to $81.5 billion, as penalty for alleged economic losses caused by its operations in Nigeria.

The plaintiff, the Federal Inland Revenue Service, in a charge seen by DAILY POST on Wednesday, marked FHC/ABJ/CS/1444/2024, is also seeking payment of $2.001 billion in income taxes for 2022 and 2023.

In the lawsuit, Binance and two of its executives, Tigran Gambaryan and Nadeem Anjarwalla, are accused of contravening Nigerian laws, including failing to register with the country’s tax agency, FIRS, for tax compliance and allegedly causing economic losses to the country during the review period.

The FIRS and the Economic and Financial Crimes Commission had charged the company with tax evasion, money laundering, and foreign exchange violations before Justice Emeka Nwite of the Federal High Court in Abuja.

The monetary claims in the lawsuit include a 10 percent penalty for non-payment of taxes for 2022 and 2023, a 26.75 percent interest rate (the prevailing Central Bank of Nigeria lending rate) per annum from January 1, 2023, and January 1, 2024, respectively, among other penalties.

In the latest lawsuit, FIRS alleged that Binance concealed its business activities in Nigeria, despite having a significant economic presence in the country.

The Federal Government also accused Binance of breaching Nigeria’s Companies Income Tax Act, the Federal Inland Revenue Service (Establishment) Act 2007, the CBN Regulatory Framework for Mobile Money Services, and the CIT Significant Economic Presence (SEP) Order.

The SEP Order, signed by former Finance Minister Zainab Ahmed and gazetted in May 2020, defines significant economic presence as foreign companies deriving at least N25 million annually from digital services in Nigeria.

An affidavit deposed to by Jimada Yusuf, a member of the Special Investigation Team from the Office of the National Security Adviser, revealed that Binance had been operating in Nigeria for over six years without registration.

Yusuf stated that during a 2024 meeting with the Securities and Exchange Commission, Binance executives (Anjarwalla and Gambaryan) admitted to having 386,256 active Nigerian users on its platform, with a trading volume of $21.6 billion and net revenue of $35.4 million for 2023.

Accordingly, the affidavit also accused Binance of operating without required licences and permits, non-compliance with the Money Laundering Act, offering unauthorised financial services, and providing currency speculation services.

The NSA said that Binance unlawfully listed and traded the Nigerian Naira on its platform, even after claiming it had delisted the currency following investigations.

The affidavit also alleges that Binance refused to provide detailed business records spanning six years, despite a Federal High Court order mandating disclosure to FIRS via the EFCC.

The FIRS, represented by lead counsel Kanu Agabi, SAN, was present in court on February 11, 2025, when the suit was called upon for a hearing before Justice Inyang Ekwo; however, Binance’s legal team was absent.

Agabi informed the court that attempts to serve Binance directly had been unsuccessful, and he had filed a motion for substituted service on them.

Justice Ekwo granted the motion and directed that substituted service be carried out within seven days. The case was adjourned to March 3, 2025.

FIRS is seeking the following reliefs in the suit: “A declaration that Binance is liable to pay annual corporate income tax for having a significant economic presence in Nigeria.

“A declaration that Binance and its executives must file income tax returns for 2022 and 2023. An order compelling Binance to pay $2.001 billion in taxes for 2022 and 2023.

“Penalties, including 10 percent annual interest and a 26.75 percent CBN lending rate, until the taxes are fully paid. Compensation of $79.51 billion and N231 million for economic losses.”

DAILYPOST

Lafarge Africa Plc, a leading innovative and sustainable cement producer and building solutions provider, has successfully concluded a capacity building training for Geoscientist & Mining Engineers at its Training Center in Ewekoro Ogun State. The three-day program, held in collaboration with the Ogun State Ministry of Industry, Trade, and Investment, provided participants with in-depth knowledge, technical exposure, and hands-on learning.

The training brought together 25 participants from various sectors and featured expert-led sessions on mining best practices, safety protocols, raw materials management, community engagement, and sustainability initiatives. Participants were also taken on a tour of the Lafarge Ewekoro Quarry, gaining first-hand experience of mining operations and environmental conservation practices.

In his opening speech, Engr. Philip Anaobi, Plant Manager, welcomed participants and emphasized Lafarge Africa’s dedication to operational excellence and capacity development in Nigeria’s mining sector. He reiterated the company’s vision of equipping industry professionals with the necessary skills to drive sustainable growth.

One of the guest trainers, Prof. Jimoh Ajadi of the Department of Geology, Kwara State University, Malete Nigeria, who facilitated a session on Mining Global Best Practices, provided insights into internationally recognized standards in mining operations, including safety regulations, environmental sustainability, and technological advancements in the sector. He highlighted the importance of continuous learning and adaptation in the evolving landscape of mining.

In his lecture on Lafarge’s Commitment to Sustainability, Gabriel Pollyn, Head of Sustainability and Sponosorships, highlighted the company’s focus on climate and energy, circular economy, nature conservation, and people-centric initiatives. He emphasized the importance of sustainable resource extraction and Lafarge’s pioneering efforts in developing eco-friendly cement solutions, waste recycling, and carbon footprint reduction.

Speaking on community engagement and stakeholder relations, the Community Relations Manager, Engr. Oluyomi Owolabi, detailed the company’s Community Relations Committee (CRC) model, which fosters inclusive partnerships with 14 host communities. He noted that Lafarge’s investment in education, healthcare, and infrastructure has strengthened its long-term relationship with local stakeholders.

While appreciating Lafarge Africa Plc and the Ogun State Ministry of Industry, Trade, and Investment, one of the participants, Emmanuel Okechukwu, said the training is full of hands-on learning experience and was grateful for the opportunity to partake in the training. He noted that the insights gained would significantly contribute to improving operations and fostering sustainability in mining and geoscience practices. He charged all the delegates to ensure that the insights gained are used to drive operational excellence in their respective organizations.

Over the years, Lafarge Africa has championed knowledge-sharing, innovation, and sustainable practices within Nigeria’s mining and construction industry across all its locations pan Nigeria. The programme’s impact is expected to enhance industry standards and contribute to more responsible and efficient mining operations across the country.

Lafarge Africa Plc is renowned for the production of a wide range of cement solutions designed to meet all building and construction needs from small projects like individual home buildings to major construction projects.

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About Lafarge Africa Plc

Lafarge Africa Plc, a leading Nigerian building solutions company, is a member of Holcim Limited, a global leader in innovative and sustainable building solutions. Listed on the Nigerian Exchange Group, Lafarge Africa is actively participating in the urbanization and economic growth of Nigeria, the largest economy in Africa.

Lafarge Africa has the widest footprint in Nigeria with cement operations in the South West (Ewekoro and Sagamu in Ogun State), North East (Ashaka, in Gombe State), South East (Mfamosing, Cross Rivers State) with Ready-Mix operations in Lagos, Abuja and Port Harcourt. Lafarge Africa has a current installed cement production capacity of 10.5Mtpa.

Lafarge Africa leverages on its innovative expertise to provide value-added products and services solutions in the building and construction industry in Nigeria. Lafarge Africa Plc is renowned for the production of a wide range of cement solutions designed to meet all building and construction needs from small projects like individual home buildings to major construction projects. Additional information is available on the web site at www.lafarge.com.ng

About Holcim

Holcim builds progress for people and the planet. As a global leader in innovative and sustainable building solutions, Holcim is enabling greener cities, smarter infrastructure and improving living standards around the world. With sustainability at the core of its strategy Holcim is becoming a net zero company, with its people and communities at the heart of its success. The company is driving the circular economy as a world leader in recycling to build more with less. Holcim is the company behind some of the world’s most trusted brands in the building sector including ACC, Aggregate Industries, Ambuja Cement, Disensa, Firestone Building Products, Geocycle, Holcim and Lafarge. Holcim is 70,000 people around the world who are passionate about building progress for people and the planet through four business segments: Cement, Ready-Mix Concrete, Aggregates and Solutions & Products.