Emmanuel OchayiThe Federal Government of Nigeria has affirmed its adherence to due process in the ongoing legal proceedings against the cryptocurrency platform, Binance and one of its top executives, Tigran Gambaryan.
On 28th February, the government detained Nadeem Anjarwalla, a 37-year-old British-Kenyan and Binance’s regional manager for Africa; and Tigran Gambaryan, a 39-year-old US citizen and Binance’s head of financial crime compliance.
Join our WhatsApp ChannelBoth are accused of illegal cryptocurrency trading in Nigeria.
The Minister of Information and National Orientation, Mohammed Idris, emphasised the legal adherence during a statement signed by his media aide, Rabiu Ibrahim, on Wednesday.
“Due process has been followed at all stages, and prosecutors are confident in their case based on the evidence gathered,” Idris said. He added, “Binance will have the opportunity to defend itself against these severe financial crime charges. The next hearing is scheduled for June 20, 2024.”
The minister also confirmed that Binance had been provided with consular access and necessary care in line with diplomatic protocols and the rule of law. This statement follows after U.S. lawmakers requested President Joe Biden expedite the release of Gambaryan, who has been detained in Nigeria for over three months on allegations of money laundering and tax evasion.
READ ALSO: Just In: Court Denies Bail For Binance Executive Amid Money Laundering Charges
In a letter dated 4th June, the lawmakers addressed President Biden, Secretary of State Antony Blinken, and Presidential Envoy for Hostage Affairs Roger Carstens, emphasizing the need for urgent intervention. The 12 lawmakers who signed the letter argued that Gambaryan was being held unjustly, stating that the allegations against him were “baseless” and represented a coercive tactic to pressure Binance.
“Clearly, Mr. Gambaryan is a U.S. citizen being wrongfully detained by the Government of Nigeria per 22 U.S.C. 1741 (a)(9) and (10). On behalf of Mr. Gambaryan, his family, and concerned Americans, we, the undersigned, urgently request and strongly encourage the transfer of his case to the Office of the Special Presidential Envoy for Hostage Affairs,” the letter read.
Some of the lawmakers who signed the letter include Rich McCormick, Michael T. McCaul, Barry Loudermilk, Austin Scott, and Keith Self.
In February, the Nigerian government arrested Gambaryan and Nadeem Anjarwalla on suspicion of money laundering and tax evasion. Anjarwalla evaded custody and fled to Kenya, while Gambaryan continues to remain in the Kuje correctional centre.
Gambaryan’s health deteriorated last month when he collapsed in a Federal High Court in Abuja during his money laundering trial. The incident occurred as Judge Emeka Nwite was about to resume proceedings. After being denied bail and missing a court hearing, Gambaryan’s whereabouts were unknown until he appeared in court the next day, looking significantly worse.
Justice Nwite had dismissed Gambaryan’s bail application on the grounds that the Economic and Financial Crimes Commission (EFCC), established that he posed a flight risk similar to Anjarwalla. According to the lawmakers, the prison had not fully complied with the court order to ensure Gambaryan received adequate health care. “Mr. Gambaryan’s health and well-being are in danger, and we fear for his life. Immediate action is essential to ensure his safety and preserve his life. We must act swiftly before it is too late,” they stated.
The lawmakers asserted that Gambaryan’s detention meets the criteria for being “wrongfully detained by a foreign government,” as defined in the Robert Levinson Hostage Recovery and Hostage-Taking Accountability Act. They urgently request that his case be transferred to the Office of the Special Presidential Envoy for Hostage Affairs, emphasising the need for swift action to ensure his safety.
Last month, Binance CEO,Richard Teng, described the detention of Gambaryan by the Nigerian government as “unjust” and called it a “dangerous precedent” for international businesses. Teng claimed that despite Binance’s repeated efforts at constructive engagement and cooperation with Nigerian authorities, Gambaryan remained in detention for “spurious” reasons. “The message from the Nigerian government is clear: we must detain an innocent, mid-level employee, a former U.S. federal agent, and place him in a dangerous prison to control Binance. This regrettable turn of events contradicts the spirit of cooperation and transparency that Binance has consistently demonstrated in its interactions with the regulatory authorities,” Teng added.
The Nigerian government stepped up its cryptocurrency crackdown after it banned peer-to-peer trading last month. The Central Bank of Nigeria initially prohibited financial institutions from providing services to cryptocurrency businesses in 2021 but reversed this decision in December 2023. However, concerns resurfaced in February about Binance’s activities, including imposing a price cap on USDT trading, which reportedly led to the naira’s devaluation and economic instability in Nigeria.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
Follow Us