The federal government has officially dropped all charges against Tigran Gambaryan, a senior executive at Binance Holdings, who has been detained since April on allegations of money laundering.
This decision was announced on Wednesday morning by the Economic and Financial Crimes Commission (EFCC) during proceedings at the Federal High Court in Abuja.
It should be noted that Gambaryan’s case has been under close scrutiny since his arrest, particularly after the presiding judge, Emeka Nwite, denied him bail on two separate occasions. Judge Nwite’s rulings were largely influenced by concerns that Gambaryan, an American citizen, posed a flight risk if released.
During his time in detention, Gambaryan’s health reportedly worsened, with prison authorities describing his condition as “very sick.”
His prolonged incarceration raised concerns about his well-being, especially given the nature of the charges against him.
Gambaryan, a former Internal Revenue Service (IRS) agent from the United States, was initially apprehended in February when he traveled to Nigeria to engage with regulatory authorities about Binance’s operations in the country.
He was accused of being involved in money laundering activities and running an unlicensed financial institution.
However, the case against him has seen various developments, culminating in the EFCC’s decision to withdraw the charges.
During the court session, the prosecuting counsel clarified that Gambaryan was simply an employee of Binance and not involved in its broader financial decisions.
This statement seemed to align with the defense’s argument, led by Mark Mordi, a Senior Advocate of Nigeria, who also emphasized that Gambaryan’s role within the company did not extend to the alleged criminal activities.
Behind the scenes, diplomatic channels between the Nigerian and U.S. governments were reportedly active throughout Gambaryan’s detention.
Intense negotiations and discussions reportedly took place, with efforts to secure his release.
Furthermore, U.S. lawmakers had been calling for Gambaryan’s freedom, with several officials reportedly writing letters to Nigerian authorities to urge intervention in the case.
This withdrawal of charges brings an end to a months-long ordeal, which had become a point of concern for both countries and drew significant international attention.
