Binance executive detained in Nigeria accuses top officials of seeking bribe

Binance executive Tigran Gambaryan who was detained for months by the Nigerian government has spoken directly about what his ordeal, accusing top Nigerian officials of seeking hundreds of millions of dollars in bribes.

Gambaryan was held alongside his colleague Nadeem Anjarwalla after they visited the country to negotiate with the government over concerns the crypto exchange company was facilitating money laundering in Nigeria and fuelling the devaluation of the naira.

Anjarwalla later escaped and Gambaryan was charged with money laundering – charges he denied – in a case that escalated to a diplomatic faceoff between Nigerian and the United States.

Gambaryan was eventually released in October after eight months in detention, and the charges against him dropped. Shocking details of the behind-the-scene negotiations while his detention lasted were revealed last week by the American magazine, Wired.

In a post on X on Friday, Gambaryan confirmed those details and providing additional information about his ordeal.

Here are some of the things he said:

1. Binance team met with a House of Representatives committee, including Peter Akpanke and Philip Agbese, both working under the leadership of Ginger Obinna Onwusibe, and the lawmakers demanded a $150 million bribe, paid in cryptocurrency into their personal wallets. The House denied when Binance first made this claim last year.
2. He dismissed the claim by the Central Bank of Nigeria that $26 billion passed through Binance in 2023 from unknown sources as “BS” – bullshit. “This information was provided in response to their request and was simply cumulative trade data for Nigerians on the platform. This money didn’t leave Nigeria—it was just people buying and selling crypto. For example, if you trade $100 a hundred times, that’s $10,000 in trade volume, but in reality, you only used $100. Again, just another example of them lying to cover up their BS investigation.”
3. He had no idea how his colleague escaped till now. “They lied about Nadeem escaping during mosque prayers. In reality, he returned and escaped afterward. I don’t know exactly how he managed to flee. He emailed me in November, but we haven’t discussed the details of his escape. It’s possible he paid someone off, but I have no proof.”
4. He said the government tried to “use us to violate international privacy laws by demanding user data on all Nigerians to target opposition members allegedly ‘manipulating the price of the naira.’ However, they all knew that the naira’s devaluation was a direct result of Tinubu’s monetary policy, which depegged the naira from the dollar. I’m not saying this policy decision was wrong, but everyone understood that removing government intervention would lead to extreme devaluation. Instead of acknowledging this, they used Binance as a scapegoat.”
5. He claimed NSA Nuhu Ribadu “emphasized that he wanted billions in payouts to fund his future political ambition. However, when the corruption scandal came to light, he was trapped—because any settlement would now be perceived as a bribe. I guess he really wanted his boss’ job :)” The presidency could not be immediately reached for comment.
6. He said Ribadu “overstepped his authority and embarrassed Nigeria in front of U.S. National Security Advisor Jake Sullivan.” As a result, the U.S. limited visas to the Nigerian delegation for UNGA, and Biden refused to meet with President Bola Tinubu until his situation was resolved.