Binance Executive's bribery and scapegoating charges against Nigerian officials lack believability - FG

 Recent bribery and "scapegoat" claims made by Tigran Gambaryan, an American executive of Binance, have been characterized by the

Federal Government of Nigeria as "outrageous allegations, misinformation, and defamatory statements" that lack credibility.

Mohammed Idris, Minister of Information and National Orientation, revealed the refutation in a statement on February 14, 2025.

Gambaryan's comments regarding four Nigerian politicians who allegedly wanted a $150 million bribe from the bitcoin exchange site prompted his response.

Gambaryan also accused some Nigerian security officials of allegedly making monetary demands on Binance.

Gambaryan’s Claims 

Posting via his X account on Friday, Gambaryan stated that he visited Nigeria to meet with lawmakers and relevant authorities.

He alleged that he was told to comply with whatever the House members “instructed us to do.”

According to him, those at the House meeting demanded the alleged bribe.

Three members were present at the House meeting. Under Ginger Obinna Onwusibe's direction, two of them were Philip Agbese and Peter Akpanke. I can't remember the name of the third House member. To give the impression that the meeting was legitimate, they set up phony cameras and media, although the cameras weren't even turned on. They ultimately demanded a $150 million bribe, which was delivered in cryptocurrencies into their personal accounts, as you may already be aware. "It's like a Mickey Mouse operation," Gambaryan said.

Gambaryan further argued that Binance's involvement in currency swings was not the cause of the naira's devaluation, but rather President Tinubu's monetary policy, which fixed the naira to the dollar.

He asserted, "I'm not saying this policy decision was incorrect, but everyone knew that eliminating government intervention would result in severe devaluation."

He went on to say that relevant authorities allegedly utilized Binance as a scapegoat rather than admitting this.


FG's Rebuttal
Mohammed responded to the accusations by saying that although the Federal Government of Nigeria is reluctant to work with Mr. Gambaryan, the ministry must correct the record in order to "stop his falsehoods from gaining ground," especially considering the high-level diplomatic intervention that resulted in his dismissal from FG's money laundering case.

*Mohammed clarified that the government was not formally involved in Mr. Gambaryan and his colleagues' initial trip to Nigeria; rather, it was entirely up to them.

 
*However, he noted, even though no formal complaint was filed, an investigation was started right away when the government became aware of an alleged bribery demand made during that trip.

*He added that the second trip to Nigeria by Mr. Gambaryan was a component of a larger investigation into the illicit manipulation of the Nigerian currency by peer-to-peer platforms such as Binance.

*He emphasized that Gambaryan and his team's tactics had frustrated investigators.

 
"In October 2024, the Nigerian government freed Mr. Gambaryan on humanitarian grounds after a high-level diplomatic effort that produced noticeable results for Nigeria. 

"In favor of a more advantageous settlement with the American government, the government rejected Binance's offer of a $5 million down payment in exchange for Mr. Gambaryan's freedom," he continued.

Mohammed states that the ministry strongly refutes Mr. Gambaryan's retaliatory allegations against Nigerian officials involved in his case and urges the public to ignore these unfounded charges in their totality.

Given his evident goal to intimidate and undermine those who made sure he received justice, Mohammed continued, "it is important to note that Mr. Gambaryan's allegations are not only unsubstantiated but also lack credibility."

The minister said he was certain that Mr. Gambaryan would be given a fair chance to prove his claims in court under both the Nigerian and American legal systems.

Things You Need to Know
Because of the ongoing legal battle over the Federal Government's accusations against Binance in Nigerian courts, Gambaryan's most recent claim on the devaluation of the naira is still unresolved.


Nigeria's Ministry of Information and National Orientation insisted that the Binance bribery claims were a part of a coordinated global effort by Binance to discredit the Nigerian government when they were made public nine months ago.

 
The Federal Government further declared that it would not cave in to "blackmail," requiring the cryptocurrency company to submit to Nigerian authorities for legal review and inquiry in compliance with both Nigerian and international standards.

 

Everyone is waiting for the courts to render decisions in the ongoing lawsuit.

As previously reported by Nairametrics, on October 23, 2024, Binance executive Tigran Gambaryan was exonerated by the Federal High Court in Abuja of charges of money laundering and foreign exchange violation brought by the Economic and Financial Crimes Commission (EFCC).

His removal from the EFCC case against Binance was due to health issues that the commission confirmed.  

The Federal High Court in Abuja is accusing Binance of tax evasion, money laundering, and foreign exchange violations.