In a surprising turn of events, the Nigerian government, under the administration of President Bola Tinubu, has officially withdrawn all criminal charges against Tigran Gambaryan, an executive at Binance Holdings, who had been facing a money laundering trial since his detention in April 2024.
The decision was announced on Wednesday morning at the Federal High Court in Abuja by a lawyer representing the Economic and Financial Crimes Commission (EFCC).
Gambaryan, a U.S. citizen, had been at the center of an international financial crime investigation. However, during the court session, the EFCC’s legal representative clarified that Gambaryan, who served as an employee of Binance, did not hold decision-making powers over the company’s broader financial operations.
This revelation appeared to have influenced the government’s decision to drop the charges, as the court was informed that Gambaryan’s role was limited to his position within the organization.
The move to withdraw the charges comes just days after a scheduled court session on Friday, October 18, where Gambaryan’s trial was adjourned to October 25. His absence in court that day was due to his critical health condition, according to a statement by the Nigeria Correctional Service (NCS) to Justice Emeka Nwite.
The NCS informed the court that Gambaryan was too ill to be produced for trial, prompting Justice Nwite to inquire about the reasons for his absence. Both his lawyer, Mark Mordi, SAN, and the EFCC’s lawyer, Ekele Iheanacho, SAN, expressed surprise at Gambaryan’s non-appearance.
During Wednesday’s session, the EFCC’s lawyer further elaborated that Gambaryan’s role within Binance did not extend to the company’s upper-tier financial decisions, reinforcing the argument for his limited involvement. His legal team, led by Senior Advocate of Nigeria Mark Mordi, expressed agreement with the EFCC’s stance, emphasizing that Gambaryan had no influence over the company’s financial operations.
This development marks a significant shift in the trial, as Gambaryan had been embroiled in a high-profile case linked to money laundering allegations.
With the charges now dropped, his legal team is expected to work towards his release, while further clarity on the case’s implications for Binance’s operations in Nigeria remains to be seen.
The EFCC has yet to make an official statement regarding the broader context of the investigation into Binance Holdings, but the withdrawal of charges against Gambaryan signals a potential de-escalation of the case.
This decision may also prompt further discussions on Nigeria’s regulatory approach to cryptocurrency exchanges and financial technology companies operating within its jurisdiction.