The Bola Ahmed Tinubu-led administration, on October 23rd, 2024, dismissed criminal charges against Tigran Gambaryan, a Binance executive who had been arrested in February 2024 and prosecuted alongside his company for allegations of money laundering, tax evasion, and currency speculation.
During the court session, prosecutor R.U. Adaba, representing the Economic and Financial Crimes Commission (EFCC), requested Judge Emeka Nwite to discontinue Mr. Gambaryan’s trial, citing “some critical international and diplomatic reasons” for the decision. While the prosecutor did not provide further details, she attributed the withdrawal of charges primarily to concerns over Mr. Gambaryan’s deteriorating health in detention. Following his release from Kuje Correctional Centre, American officials in Nigeria promptly arranged an emergency flight, swiftly transporting the Binance executive to the United States.
Sources disclosed that this development was the result of months of intense diplomatic negotiations between Nigerian and U.S. government officials. Reliable sources revealed that in the lead-up to the court hearing, high-ranking American officials, including then-President Joe Biden, actively advocated for Mr. Gambaryan’s release. Their efforts involved formal letters, urgent phone calls, and a series of virtual meetings, culminating in a negotiated agreement.
Mr. Gambaryan, who served as Binance Holdings Limited’s head of financial crime compliance, was arrested alongside Nadeem Anjarwalla, the company’s Africa regional manager, on February 26, 2024. Their detention stemmed from their alleged failure to cooperate with Nigerian authorities investigating how crypto exchange platforms, including Binance, were adversely affecting the country’s economy.
According to Nigerian authorities, Binance processed transactions worth $21.6 billion within the country in 2023 alone. Official documents reviewed by this publication indicate that despite this, the company failed to comply with a court order requiring it to share critical data with regulators. “By refusing to cooperate with Nigerian authorities, the platform has not only evaded its tax obligations but has also raised significant concerns about its potential in facilitating illicit financial activities,” the document stated. “The implications of such activities directly threaten Nigeria’s financial integrity and national security.”
Consequently, the EFCC and the Federal Inland Revenue Service (FIRS) initiated separate legal proceedings against the Binance executives and their company. Authorities framed the prosecution as a critical step toward enforcing regulatory compliance, combating financial crimes, and preventing the misuse of digital platforms for illicit transactions.
However, soon after legal proceedings commenced, the U.S. government exerted pressure on Nigerian officials, urging them to release Mr. Gambaryan. The initial lobbying efforts were led by U.S. Ambassador to Nigeria, Richard Mills Jr., who formally requested the Nigerian Ministry of Foreign Affairs to facilitate Mr. Gambaryan’s release on humanitarian grounds.
Ambassador Mills also engaged with Nigeria’s Office of the National Security Adviser, the Ministry of Finance, and the Presidency in pursuit of the Binance executive’s freedom. “It didn’t matter to the ambassador that Gambaryan and his employers were being tried for several crimes, including tax evasion and money laundering,” a source familiar with the situation disclosed. “They just wanted us to let him go because he is an American citizen. They showed no regard for our country’s legal processes.”
When Nigeria refused to yield, the U.S. Embassy escalated the matter to Washington, D.C., enlisting the support of senior American officials. In May 2024, then-U.S. Secretary of State Anthony Blinken discussed the issue with Nigeria’s Foreign Minister, Yusuf Tuggar. Similarly, Deputy Secretary of State Kurt Campbell raised the matter in April during a meeting with Nigeria’s National Security Adviser, Nuhu Ribadu.
Other U.S. officials involved included Jake Sullivan, the National Security Adviser; Molly Phee, Assistant Secretary of State for Africa; and Christopher Wray, the FBI Director, who visited Nigeria from June 12 to 14, 2024. While Mr. Wray met with Nigerian President Bola Tinubu, it remains unclear whether the Binance case was part of their discussions.
As diplomatic efforts intensified, U.S. lawmakers also joined the campaign. On June 4, 2024, a group of U.S. Congress members wrote to President Biden, Secretary Blinken, and Roger D. Carstens, the Presidential Envoy for Hostage Affairs, urging them to prioritize Mr. Gambaryan’s release. They framed his detention as a hostage situation, advocating for immediate repatriation.
A week later, on June 21, two U.S. legislators, French Hill and Chrissy Houlahan, traveled to Nigeria, meeting with officials and visiting Mr. Gambaryan in detention. On July 10, Representatives Richard McCormick and French Hill submitted a resolution in Congress demanding Nigeria’s immediate release of the Binance executive and urging the U.S. government to leverage all available resources to secure his freedom.
Despite these persistent efforts, Nigeria stood firm. Officials reminded their American counterparts that the country had sovereign laws that must be respected. They also dismissed claims that Mr. Gambaryan was being treated as a hostage. “He (Mr. Gambaryan) and his company offered financial services without the necessary licences, conducted operations without the required permits, failed or refused to comply with the Money Laundering Act, and provided speculative services without any proper authorization,” one official wrote in a communication seen by this publication. “It is worthy of observation that Gambaryan is being legally held in the country, not as a hostage but for various crimes committed by him and his company.”
To reinforce its stance, Nigeria instructed prosecutors to vigorously oppose Mr. Gambaryan’s latest bail application. In May 2024, Judge Emeka Nwite of the Federal High Court in Abuja had already denied him bail, citing him as a flight risk. While he appealed the ruling, he submitted a fresh bail application on October 11, which the prosecution again contested. The court subsequently dismissed the request, ruling that it constituted an abuse of process. Justice Nwite further noted that Mr. Gambaryan failed to prove that the Nigerian Correctional Service lacked adequate healthcare facilities for his treatment. The trial was then adjourned to October 18, November 22, and November 25.
That October 11 court decision reaffirmed Nigeria’s commitment to enforcing its laws, despite mounting U.S. pressure. Observers noted that this turning point prompted the U.S. to shift its approach and pursue a more conciliatory negotiation strategy. More details on subsequent developments and the final agreement that led to the charges being dropped will be released by Premium Times.
