In a dramatic turn of events, the Bola Ahmed Tinubu-led administration dismissed criminal charges against Tigran Gambaryan, a Binance executive arrested on allegations of money laundering, tax evasion, and currency speculation. This decision came on October 23, 2024, after intense diplomatic negotiations between Nigerian and U.S. officials.
The saga began in February 2024, when Gambaryan, along with Nadeem Anjarwalla, Binance’s Africa regional manager, was arrested for allegedly failing to cooperate with Nigerian authorities. The authorities accused Binance of processing $21.6 billion worth of transactions in Nigeria in 2023 without complying with regulatory requirements. The Economic and Financial Crimes Commission (EFCC) and the Federal Inland Revenue Service (FIRS) launched legal proceedings to enforce regulatory compliance and combat financial crimes.
As Gambaryan’s trial progressed, U.S. government officials, including then-President Joe Biden, actively lobbied for his release. Their efforts included formal letters, urgent phone calls, and virtual meetings. This diplomatic push was driven by concerns over Gambaryan’s health in detention and the potential negative impact on U.S.-Nigeria relations.
Despite Nigeria’s initial resistance, the mounting pressure led to a breakthrough. On October 11, 2024, the Federal High Court in Abuja dismissed Gambaryan’s bail application, reaffirming Nigeria’s commitment to its laws. However, behind the scenes, negotiations continued, resulting in a conciliatory agreement.
Following his release, Gambaryan was swiftly transported to the United States. This outcome marked a significant moment in international diplomacy and highlighted the intricate balance between national sovereignty and diplomatic pressure.
Stay tuned for more updates on this evolving story.
