Former Binance executive Tigran Gambaryan has openly criticized Nigerian authorities, accusing them of scapegoating the exchange to divert attention from economic scandals and governmental corruption.
Gambaryan’s Allegations Against Nigerian Officials
In a February 12 statement on X, Gambaryan—recently released from eight months of detention in Nigeria—alleged that Nigeria’s National Security Advisor (NSA), Nuhu Ribadu, targeted Binance instead of addressing corruption within the government.
He claimed that Ribadu and his associates prioritized pressuring the exchange over investigating misconduct allegations involving government officials.
“Ribadu was more interested in shaking down billions from a crypto company to cover for terrible economic decisions than in going after corrupt legislative members.”
Gambaryan further criticized Ribadu, stating that his actions stripped him of integrity.
“Whatever honor [Ribadu] had is gone. He has brought shame to the badge.”
These remarks mark Gambaryan’s first public comments since his release in October 2024. Nigerian authorities detained the Binance executive on money laundering allegations, also blaming Binance for foreign exchange volatility affecting the local Naira currency.
US Diplomatic Pressure Leads to Release
Gambaryan’s release followed significant pressure from the US government, with high-level diplomatic discussions playing a crucial role. FBI Director Christopher Wray reportedly addressed his case during a visit to Nigeria, urging authorities to resolve the situation.
Bribery Allegations Against Nigerian Officials
Gambaryan’s criticisms coincide with revelations from a recent Wired interview, where he described his detention in Nigeria as life-threatening. He detailed severe health deterioration and extreme weight loss during his time in custody.
The Wired report also alleged that Nigerian officials demanded a $150 million bribe to resolve Binance’s regulatory issues. The funds were allegedly requested in crypto and intended for officials’ digital wallets.
However, the Nigerian government denied these allegations, dismissing them as false and an attempt to undermine legal proceedings.
Gambaryan countered by stating that he had already reported the bribery attempt to the Economic and Financial Crimes Commission (EFCC) and the NSA.
“I already reported this to the EFCC and ONSA. I told them several times.”
The allegations made by Gambaryan add further scrutiny to Nigeria’s regulatory and financial landscape, raising concerns over government accountability. As Binance navigates ongoing regulatory challenges, the case continues to highlight tensions between global crypto firms and national governments in emerging markets.
