The Nigerian government has officially dropped all charges against Tigran Gambaryan, a senior executive at Binance Holdings, according to a report by Business Insider Africa.
Charges and Detention
Gambaryan, a U.S. citizen and former IRS agent, had been detained in Nigeria since April on charges of money laundering and operating an unlicensed financial institution. However, the Economic and Financial Crimes Commission (EFCC) has now formally withdrawn all charges during a session at the Federal High Court in Abuja.
Arrest and Detention Circumstances
Gambaryan was arrested in February 2024 while visiting Nigeria to discuss regulatory matters related to Binance. His arrest occurred alongside the detention of his colleague, Nadeem Anjarwalla, who managed to escape custody.
Following his arrest, Gambaryan was held at the Kuje Correctional Facility, where his health reportedly deteriorated. Attempts to secure bail were unsuccessful, with Judge Emeka Nwite denying the bail request due to concerns about potential flight risk.
Diplomatic Efforts Leading to Charges Being Dropped
The decision to drop the charges came after months of intense diplomatic negotiations between Nigerian and U.S. officials. U.S. lawmakers also lobbied for Gambaryan’s release, emphasizing the importance of a fair trial for foreign nationals.
This diplomatic pressure led the EFCC to announce the withdrawal of all charges during Wednesday’s court session. Gambaryan’s lawyer, Mark Mordi, confirmed that the prosecution acknowledged his client was not involved in Binance’s broader financial decisions, which was crucial in resolving the case.
International Impact and Public Reaction
The case garnered international attention due to Binance's involvement and its potential implications for global business relations. Binance CEO Richard Teng previously criticized Nigeria’s decision to detain Gambaryan, warning that such actions could harm Nigeria's reputation as a trusted business partner.
In June, the Nigerian Federal Tax Authority also dropped Gambaryan and Anjarwalla from a separate tax evasion case.
Health Concerns and Public Reaction
During his detention, concerns were raised about Gambaryan’s health, with reports indicating that he had become "seriously ill" while at the Kuje facility. These health issues and his prolonged detention further fueled diplomatic efforts to secure his release.
With the charges now dropped, Gambaryan’s legal team is focused on ensuring his safe return to the United States. It remains to be seen how the remaining charges against Binance will be handled, but this diplomatic resolution may set a precedent for future negotiations between Nigeria and international business leaders.
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