The Federal Government of Nigeria has expressed strong concerns over what it described as “outrageous allegations, misinformation, and defamatory statements” being circulated by Tigran Gambaryan, an American executive of the cryptocurrency exchange, Binance.
Gambaryan, who was recently tried in Nigeria for alleged financial crimes, had accused high-ranking Nigerian officials of seeking bribes during the investigation into Binance’s activities in the country.
Recall that Gambaryan and his colleague, Nadeem Anjarwalla, were detained by Nigerian authorities on February 26, 2024, over allegations of money laundering and currency manipulation. While Anjarwalla later escaped from custody, Gambaryan remained in detention and faced legal proceedings initiated by the Economic and Financial Crimes Commission (EFCC). The charges followed revelations by the Central Bank of Nigeria (CBN) that over $26 billion had been funneled through Binance without traceable records.
However, the government subsequently dropped the charges, and in October 2024, a court ordered Gambaryan’s release.
Despite his release, Gambaryan has publicly accused Nigeria’s National Security Adviser, Nuhu Ribadu, of soliciting bribes to fund political ambitions. Additionally, he alleged that Philip Agbese, a member of the House of Representatives, alongside two other lawmakers, demanded a $150 million bribe, with instructions to pay the amount into cryptocurrency wallets.
Reacting to the allegations, Agbese, who represents Ado/Okpokwu/Ogbadibo Federal Constituency in Benue State, challenged Gambaryan to provide credible evidence to substantiate his claims. He also threatened legal action if Gambaryan failed to issue a public apology within seven days.
In a statement released by the Minister of Information and National Orientation, Mohammed Idris, the Nigerian government categorically denied the claims, describing them as “unsubstantiated and lacking in credibility.”
“The first visit by Mr. Gambaryan and his colleagues to Nigeria was discretionary on their part and Government was not officially involved,” the statement noted.
“However, when the attention of the Government was called to an alleged bribery demand during that trip, an investigation was immediately opened into it, though there was no formal complaint by anyone.”
The minister further clarified that Gambaryan’s subsequent visit to Nigeria was linked to an ongoing investigation into alleged currency manipulation through peer-to-peer platforms like Binance. He stated that the investigators faced significant challenges due to what he described as obstructionist tactics by Gambaryan and his team.
Idris also disclosed that Binance had offered a $5 million settlement in exchange for Gambaryan’s release, but the Nigerian government rejected the offer in favor of a more beneficial resolution reached with the U.S. government.
“We categorically deny the retaliatory claims made by Mr. Gambaryan against Nigerian officials involved in his case, and we urge the public to disregard these false accusations in their entirety,” the statement added.
The government reaffirmed its commitment to upholding due process, expressing confidence that both the Nigerian and American judicial systems would provide Gambaryan with a fair opportunity to present his claims in court.
“Until then, we advise the public to exercise caution and not be swayed by Mr. Gambaryan’s unfounded and malicious claims,” the statement concluded.
The situation continues to generate public interest, particularly regarding the regulation of cryptocurrency platforms and the broader implications for financial security in Nigeria.
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