A Federal High Court in Abuja has ordered the immediate release of Tigran Gambaryan, an executive of Binance Holdings Limited, who had been held at Kuje Correctional Centre since his arrest earlier this year.
The order was issued on Wednesday by Justice Emeka Nwite after the Economic and Financial Crimes Commission (EFCC) announced the Federal Government’s decision to withdraw the charges against him.
Gambaryan, a U.S. citizen, had been detained alongside Binance Holdings Ltd, which was also charged, in connection with allegations of tax evasion, currency speculation, and money laundering amounting to $34.4 million. The EFCC had arraigned them on April 8, 2024, on a 5-count charge before Justice Nwite.
However, during Wednesday’s hearing, EFCC’s counsel, R. U. Adagba, informed the court that the decision to withdraw the charges was based on his deteriorating health and diplomatic interventions.
Adagba explained that the Binance Executive condition had worsened, with the National Correctional Service (NCoS) reporting that he now required the use of a wheelchair and was in need of surgery. These health concerns, coupled with the fact that Gambaryan’s role in Binance was limited as an employee, led the Federal Government to reconsider its stance.
Adagba also cited the need to prioritize ongoing diplomatic discussions and international meetings as part of the government’s rationale for discontinuing the case. She urged the court to discharge him in accordance with Section 108(1), (2)(a) of the Administration of Criminal Justice Act (ACJA), 2015.
While his legal counsel, Mark Mordi, SAN, did not oppose the withdrawal, he requested that his client be acquitted, rather than simply discharged, given that he was only an employee of Binance. However, Justice Nwite granted the EFCC’s application, striking out the charges and ordering his immediate discharge from custody.
In his ruling, Justice Nwite stated:
“It is hereby ordered as follows:
- That the application of the prosecution’s counsel is granted as prayed, having reviewed the circumstances of the charge.
- That this charge is hereby struck out against the 2nd defendant (Gambaryan).
- That the 2nd defendant is hereby discharged.
- That an order of this honourable court is hereby made for the immediate release of the 2nd defendant from Nigerian Correctional Service, Kuje.”
He is expected to be released immediately following the court’s ruling. Despite the dismissal of the charges against him, Binance Holdings Ltd may still face further scrutiny from Nigerian authorities over its operations.
