The Federal High Court in Abuja has scheduled May 17, 2024, as the date to decide on the bail application of Tigran Gambaryan, a detained executive of Binance, amidst opposition from the Federal Government.
Justice Emeka Nwite set the date after Gambaryan’s legal team and the Nigerian government’s lawyers presented arguments regarding Gambaryan’s plea to be released from the custody of the Kuje Correctional Centre, where he has been held for over 40 days.
Previously, Gambaryan pleaded not guilty to money laundering charges brought against him by the Economic and Financial Crimes Commission (EFCC), resulting in his being remanded by the trial judge.
The EFCC accused Binance, Gambaryan, and Nadeem Anjarwalla, who is reportedly on the run, of conspiring to conceal the origin of financial proceeds from alleged unlawful activities in Nigeria, including $35,400,000.
However, the bail application hearing was delayed due to further affidavits requiring a formal response from the legal teams.
During the recent court session, Gambaryan’s lawyer, Mark Mordi (SAN), urged Justice Emeka Nwite to grant bail, arguing that the EFCC failed to provide credible evidence opposing the application. He disputed the allegation that Gambaryan intended to escape custody.
In response, EFCC counsel E. Iheanacho cautioned against granting bail, stating that Gambaryan lacked ties to any Nigerian community or a competent person to stand as his surety. He also highlighted Gambaryan’s attempt to apply for a new United States passport despite his Nigerian passport being seized.
Following the arguments, Justice Emeka Nwite scheduled May 17 for the ruling.
In addition to the ongoing legal proceedings, Binance and its executives are facing lawsuits from the FIRS and EFCC involving allegations of tax evasion and financial crimes. The executives have also filed a fundamental rights case against Nigerian government agencies, alleging a violation of their constitutional right to liberty.
Nigerian authorities detained Gambaryan and Nadeem Anjarwalla on February 28. Their visit to Nigeria followed the Federal Government’s ban on cryptocurrency channels, part of an effort to combat currency speculation.
The devaluation of the Naira, which lost 70% of its value against the dollar due to foreign exchange reforms exacerbated by a local dollar shortage, has contributed to the economic backdrop of these events. Although reports initially suggested Nadeem had fled the country, recent sources indicate he has been apprehended in Kenya.
