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In a significant development, the Federal Government of Nigeria has withdrawn the money laundering charges against Tigran Gambaryan, a senior executive at Binance Holdings Limited. The charges, amounting to $35 million and brought forth by the Economic and Financial Crimes Commission (EFCC), were dismissed due to Gambaryan’s health issues and diplomatic considerations.
During a court hearing on Wednesday, EFCC counsel R. U. Adagba informed Justice Emeka Nwite of the government’s decision to discontinue the charges against Gambaryan, citing his deteriorating health as a key factor. Adagba indicated that the government remains committed to pursuing the case against Binance Holdings Limited.
“The government has conducted a thorough review of the case,” Adagba explained. “Taking into account that Gambaryan is an employee of Binance, whose position carries greater implications, and considering important international and diplomatic factors, we have decided to discontinue proceedings against him.”
She further elaborated, “Gambaryan’s health has been a persistent issue at the correctional facility, where he is being managed under the care of the National Security Adviser. A surgical procedure has been recommended, and the recovery may prolong the trial process.”
Mark Mordi (SAN), Gambaryan’s legal representative, urged the court to expedite matters to facilitate his client’s release from custody. Citing Section 108 of the Administration of Criminal Justice Act, Mordi sought an acquittal alongside Gambaryan’s discharge.
The prosecution, however, contested the acquittal request, maintaining that the case remains active and can be revisited. They clarified, “The discharge is based solely on Gambaryan’s health, not on a lack of evidence. The matter has yet to be fully adjudicated, and we are still in the process of calling witnesses.”
After considering arguments from both sides, Justice Nwite formally discharged Gambaryan from the money laundering charges and set the next hearing date for the cryptocurrency firm for November 22 and 25.
“I hereby order the immediate release of the second defendant from the correctional facility,” Justice Nwite stated.
During a previous court session on October 18, the proceedings had been postponed to October 25 for updates on Gambaryan’s health, as requested by Mordi. At that time, Gambaryan was notably absent, raising concerns among the court, the defense, and the prosecution about his whereabouts. Justice Nwite ordered an immediate check on his status, leading to confirmation that he was receiving medical treatment at a hospital.
The charges against Gambaryan, along with Nadeem Anjarwalla, the regional manager for Africa at Binance, stemmed from allegations filed by the EFCC. While both executives were initially detained by the office of the National Security Adviser, Anjarwalla escaped custody on March 22, 2024. Gambaryan was subsequently arraigned in April and remanded at Kuje Correctional Facility.
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