The Federal Government has rejected the allegations made by Binance executive Tigran Gambaryan, describing them as false, defamatory, and a deliberate attempt to mislead the public. Gambaryan, a U.S. citizen who was recently tried in the country for financial crimes, had accused Nigerian officials of bribery and misconduct, but the government insists his claims lack credibility. In a statement released on Friday by the Minister of Information and National Orientation, Mohammed Idris, the government expressed its concern over what it called a Misinformation campaign by the former Binance executive.
Furthermore, the statement emphasised that the Cryptocurrency company’s official accusations were baseless and urged the public to disregard them entirely. Likewise, addressing the bribery allegations made by the executive, the federal government clarified that no government entity had sanctioned his initial visit to the country. Instead, it was a discretionary trip on his part. However, once reports surfaced about an alleged bribery demand, the government promptly investigated the claims despite no formal complaint being filed.
Humanitarian release and rejection of Binance’s offer.
In addition, the government further detailed that Gambaryan’s second visit was tied to an extensive probe into the suspected manipulation of the national currency through Binance’s peer-to-peer trading platform. Authorities claimed that investigators encountered significant obstacles due to what they described as obstructionist tactics that Gambaryan and his team deployed. The Nigerian government also shed light on the circumstances surrounding his release in October 2024. They stated that his release was a goodwill gesture based on humanitarian grounds and came after high-level diplomatic negotiations with the U.S. government.
Contrary to reports that the country accepted financial incentives for his release, the government insisted that it had rejected the company’s offer of a $5 million down payment in favour of a more beneficial settlement with the United States. This assertion counters claims made by the cryptocurrency company official, who alleged that three Nigerian lawmakers had demanded a $150 million bribe from him. The government dismissed this accusation, emphasising that the nation remains committed to transparent governance and due legal process.
Background of the executive detention and legal battle in Nigeria.
Accordingly, the statement from the federal government also described the official latest accusations as a desperate attempt to discredit Nigerian officials and evade accountability for his alleged financial misconduct. Officials claimed his actions were intended to tarnish the country’s image and intimidate those who ensured he faced justice. Reaffirming confidence in the Nigerian and American legal systems, the government stated that Gambaryan would have the opportunity to prove his claims in court. Until then, the public was advised to disregard what the government termed his unfounded and malicious claims.
Gambaryan’s troubles in Nigeria began in February 2024 when he was arrested and charged with Money Laundering and Tax Evasion alongside fellow Binance executive Nadeem Anjarwalla. The government accused the company of contributing to the country’s economic instability, particularly concerning currency manipulation. The case attracted global attention, with international organisations raising concerns over his health and the fairness of his trial. His prolonged detention and legal battle fueled diplomatic discussions between Nigeria and the United States, culminating in his eventual release in October 2024.
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However, even after leaving the country, Gambaryan has continued to challenge the government’s actions, denying allegations made by The Central Bank of Nigeria (CBN) that Binance facilitated the outflow of $26 billion from the country. Despite the ongoing controversy, Nigerian authorities remain steadfast in their stance that the company activities contributed to financial instability in the country. They argue that the cryptocurrency platform’s peer-to-peer transactions played a role in currency speculation and capital flight, ultimately weakening the naira.