A Federal High Court in Abuja has dismissed a suit by former Binance Head of Financial Crime Compliance, Tigran Gambaryan, against the Economic and Financial Crimes Commission (EFCC) and the Office of the National Security Adviser (NSA). The suit claimed unlawful and prolonged detention in Nigeria.
In delivering judgment, Justice Umar Mohammed stated that the court would not interfere with the prosecutorial functions of Nigerian authorities.
Overview of the Case
Gambaryan filed the suit citing fundamental rights violations, seeking damages and an apology from the NSA and EFCC. The case, FHC/ABJ/CS/356/2024, was initiated in June 2024 by his lawyers, Tonye Krukrubo (SAN) and Sunday Agaji.
The court emphasized that Nigerian security agencies are constitutionally empowered to investigate foreign exchange violations and alleged money laundering involving Binance. Gambaryan provided no proof of immunity from prosecution under Nigerian law.
EFCC’s Defense
EFCC counsel Olanrewaju Adeola maintained that Gambaryan’s detention was lawful, citing charges of money laundering and forex infractions. The suit was described as an abuse of court processes, a position upheld by the judge.
Background: Binance and Regulatory Scrutiny in Nigeria
After the Nigerian currency crash in May 2023, the federal government accused Binance of contributing to naira instability. Both the EFCC and FIRS filed suits against Binance for tax evasion, money laundering, and forex violations.
Gambaryan was detained at Kuje Correctional Centre, Abuja, in April 2024. Another executive, Nadeem Anjarwalla, was held alongside him but later escaped. Gambaryan was released in October 2024 due to health concerns and diplomatic efforts.
Contested Allegations and Government Response
Gambaryan alleged that Nigerian lawmakers demanded $150 million in crypto for his release. The government, through Information Minister Mohammed Idris, denied the claims, calling them “outrageous” misinformation. Idris confirmed that Binance offered a $5 million initial payment, which was refused.
Binance expressed relief at Gambaryan’s release and reaffirmed its commitment to regulatory compliance. Gambaryan resigned from Binance in June 2025, closing a turbulent chapter.
Conclusion
The dismissal of Gambaryan’s suit reinforces Nigeria’s position that prosecutorial actions against financial crimes are legally supported. The case underscores ongoing scrutiny of cryptocurrency platforms and Nigeria’s commitment to anti-money laundering enforcement.
