FG Dismisses Gambaryan’s Allegations, Claims Binance Offered $5M Settlement

The Federal Government has dismissed claims by Binance executive Tigran Gambaryan, stating that his allegations are false and revealing that Binance allegedly offered a $5 million settlement.

On Friday, the Federal Government rejected allegations made by Tigran Gambaryan, Binance’s Head of Financial Crime. Gambaryan had spent eight months in a Nigerian detention facility due to accusations of corruption.

Gambaryan, a U.S. citizen, recently faced trial in Nigeria for financial crimes. His release was secured after the United States government intervened with Nigerian authorities.

In a post on X, he asserted that his illegal arrest by the Nigerian government led former US President Joe Biden to cancel a planned meeting with President Bola Tinubu at the 2024 UN General Assembly (UNGA).

He held National Security Adviser Nuhu Ribadu responsible for the situation and mentioned that the US government had also curtailed the number of Nigerian delegates allowed at the annual global assembly. Additionally, a Binance executive accused three Nigerian lawmakers of allegedly requesting a $150 million bribe from him.

Nonetheless, the Federal Government encouraged the public to completely ignore these allegations.

Mohammed Idris, the Minister of Information and National Orientation, characterized Gambaryan’s allegations as a deliberate effort to spread misinformation.

“The Nigerian Federal Government has expressed concern over the alarming allegations, misinformation, and defamatory comments being spread by Tigran Gambaryan, an American employee of Binance who recently faced trial in Nigeria for financial crimes,” according to the statement.

The government declined Binance’s proposal of a $5 million down payment for Mr. Gambaryan’s release, opting instead for a more favorable agreement with the American authorities.

Idris mentioned that the government claimed it had to clarify the situation to stop falsehoods from spreading.

The minister also responded to Gambaryan’s allegations of a bribery attempt, emphasizing that his initial visit to Nigeria was completely discretionary and not authorized by any government agency.

He stated that the government promptly initiated an investigation after being informed of the alleged incident.

Mr. Gambaryan and his colleagues chose to visit Nigeria independently, without official involvement from the government on their initial trip.

He stated, “When the government became aware of an alleged bribery demand during that trip, they promptly initiated an investigation despite there being no formal complaint from anyone.”

The Federal Government detained Gambaryan and his colleague, Nadeem Anjarwalla, a 37-year-old British Kenyan who is the regional manager for Africa at Binance.

The Economic and Financial Crimes Commission charged both individuals with money laundering activities involving $35 million.

On March 22, 2024, Anjarwalla successfully broke free from custody.