Key Notes

Key Notes:

Binance’s former Executive Tigran Gambaryan said Nigeria detained him to hide its corruption.He called out the National Security Adviser, NSA, in this allegation.Gambaryan was held in detention for months until Congressional intervention helped him regain his freedom.

Tigran Gambaryan, a former Binance executive detained in a Nigerian prison almost a year ago, has revealed why the West African country made such a move. He recently took to X to accuse Nigeria of being involved in economic scandals. During an audio interview with the Click Here podcast, Gambaryan again criticized the Nigerian government.

Rather than focus on addressing this challenge, the ex-Binance executive claimed that the country used Binance as a scapegoat.

Gambaryan positioned Nigeria’s National Security Advisor (NSA) Nuhu Ribadu in the spotlight, citing that he targeted the cryptocurrency exchange when he should have addressed the corruption allegations involving government officials. He suggested that this was a case of misplaced priorities.

“Ribadu was more interested in shaking down billions from a crypto company to cover for terrible economic decisions than in going after corrupt legislative members,” the Binance former Head of Financial Crime Compliance noted. “Whatever honor [Ribadu] had is gone. He has brought shame to the badge.”

I already reported this to the EFCC and ONSA. I told them several times. Ribadu was more interested in shaking down billions from a crypto company to cover for terrible economic decisions than in going after corrupt legislative members.

— Tigran Gambaryan (@TigranGambaryan) February 11, 2025

It is worth noting that this is the first time Gambaryan has spoken publicly about the events since his release in Nigeria in October 2024.

Tigran Gambaryan was arrested alongside another Binance executive, Nadeem Anjarwalla, in Nigeria in February 2024. Their arrest was based on allegations of money laundering and tax violations. In March, Anjarwalla managed to escape while Gambaryan remained in custody.

Several advocates pushed for the release the exchange executive, but for months, all efforts proved abortive.

In July, two US congressmen, Representatives Rich McCormick and French Hill, called for immediate action on Gambaryan’s detention. They specifically requested that the US government treat the executive’s detention as a typical hostage situation. After some behind-the-scenes negotiations, the Nigerian government dropped all charges against the Binance executive in October.

Mark Mordi, a senior advocate of Nigeria (SAN) who represented the foreigners, stated that Gambaryan has no ties to illicit activities.

Complementing the latest revelations from Gambaryan, Binance CEO Richard Teng accused the Nigerian government of intentionally prolonging the case to extort money from the company. To substantiate his claim, Teng highlighted that the Nigerian government officials handling the case had sought $150 million in bribes to resolve the issue.

These allegations subtly give credence to Gambaryan’s recent revelation of Nigeria’s economic scandal.

Noteworthy, the funds were supposedly requested to be paid in crypto and intended for officials’ digital wallets. However, the Nigerian government refuted the allegation, claiming it is an attempt to sway Nigerians from the heinous financial crimes leveled against it.

Meanwhile, Binance and its executives still believe the government should be blamed for the foreign exchange woes that befell the local Naira currency. They cited that it was a result of market manipulation from the government.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.

Godfrey Benjamin on X

Marco T. Lanz on X