Nigerian Court Postpones Arraignment of Binance Company’s Executive, Sets New Date

The legal proceedings against Binance Holdings Limited, a key executive of the company faced a delay in arraignment as Justice Emeka Nwite of the Federal High Court, Abuja, moved the session to April 8.

The case, under the watchful eyes of the Economic and Financial Crimes Commission (EFCC), involves serious charges including tax evasion, currency speculation, and a substantial allegation of money laundering amounting to $34.4 million.

The crux of the day’s argument revolved around the proper service of charges. The defense, led by Senior Advocate Mark Mordi, argued vehemently against the arraignment of the second defendant, asserting that charges were not appropriately served to Binance, the primary defendant. Mordi highlighted that the accused executive does not hold any official capacity or representation within Binance that would enable him to receive charges on the company’s behalf in Nigeria.

This defense was built on the premise that without direct and proper service to Binance, proceeding with the arraignment was legally untenable. The defense pointed out the absence of any physical presence or representation of Binance within the Nigerian jurisdiction, which further complicates the matter of proper service.

On the other side, EFCC’s counsel, Ekele Iheanacho, countered with the argument that the second defendant effectively serves as Binance’s representative in Nigeria. Iheanacho cited the Administration of Criminal Justice Act, specifying the various means through which service can be effected on a corporation, which includes delivering the summons to a company’s chief agent within the jurisdiction. Despite the defense’s objections and claims of refusal to accept the service, the prosecution maintained that serving the executive in question was both legal and within procedural bounds.

As the debate heated up, the courtroom saw a rigorous exchange on the interpretation of the law, especially regarding service of summons and representation. Iheanacho urged the court to dismiss the defense’s arguments as lacking in merit, emphasizing the procedural correctness of serving the second defendant on behalf of Binance.

After careful consideration of the arguments from both sides, Justice Nwite decided to adjourn the case, postponing the ruling and further proceedings until April 8.