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BREAKING: FG drops money laundering charges against Binance executive Gambaryan

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The Federal government of Nigeria has dropped all charges against Tigran Gambaryan, an executive at Binance Holdings, who has been on trial for money laundering and currency speculations at the Federal High Court in Abuja.

The trial judge, Emeka Nwite, ordered Mr Gambaryan, a US citizen, to be immediately released from Kuje prison in Abuja, following a request by the prosecution during Wednesday morning’s proceedings.

The development, coming two days ahead of the previously scheduled hearing set for 25 October, which had been announced in open court last Friday, appears to be planned to avoid attracting widespread attention.

Meanwhile, the judge sustained the money laundering charges against Binance, a cryptocurrency firm, which now stands as the sole defendant in the case.

The firm is accused of money laundering and currency speculation involving as much as $34.4 million to the detriment of the Nigerian forex market and economy.

A lawyer, R.U. Adaba, representing the Economic and Financial Crimes Commission (EFCC) – the prosecuting agency – applied on Wednesday morning to the court to stop the prosecution of Mr Gambaryan.

She cited diplomatic interventions and the extent of the defendant’s involvement in the alleged crimes as the key reasons for the decision.

“The government has reviewed the case and, taken into consideration that the second defendant (Mr Gambaryan) is an employee of the first defendant (Binance Holdings Limited), whose status in the matter has more impact than the second defendant’s, and also taking into consideration some critical international and diplomatic reasons, the state seeks to discontinue the case against the second defendant,” Ms Adaba said.

She also cited Mr Gambaryan’s worsening health in custody.

She noted that “the health of the defendant has been a recurrent issue which the state has managed well at the correctional centre facility through NSA (the National Security Adviser.”

But despite the Nigerian government’s best efforts at caring for him, Ms Adaba said “the second defendant can barely walk without a wheelchair or crutches and in addition with other ailments.”

“A surgery had been recommended,” she added, and the recovery process “may take some time that may impact on the pace of the trial.

”Mark Mordi, a Senior Advocate of Nigeria (SAN) representing Mr Gambaryan, agreed with the prosecution, saying that his client was not involved in the company’s broader financial decisions.

“We ask the court to expedite everything to ensure Mr Gambaryan leaves the facility of the correctional centre,” the senior lawyer said.

In addition to seeking his client’s discharge, Mr Mordi asked for full acquittal, citing Section 108 of the Administration of Criminal Justice Act (ACJA) for the second defendant to be “discharged and acquitted.

Wednesday’s hearing marked the culmination of months of intense, behind-the-scenes diplomatic talks between Nigerian and US government officials, aimed at securing the release of Mr GambaryanIn the weeks leading up to the hearing, some US lawmakers had campaigned for the release of Mr Gambaryan, writing to relevant Nigerian and American authorities to intervene.

The pressure on the Nigerian government intensified after the trial court twice denied the defendant’s bail requests.

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Business

MTN Group says it’s under US investigation

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South African mobile operator MTN Group said Monday it was under US investigation over its activities in Iran and Afghanistan, at a time of icy ties between Washington and Pretoria.

Africa’s biggest telecoms company is already facing court challenges in South Africa by Turkey’s Turkcell, which accuses it of winning the Iranian market through corruption.

In 2006, MTN was chosen over Turkcell to become the 49 percent minority shareholder in Iranian government-controlled mobile phone carrier Irancell.

MTN had been made aware of a US Department of Justice (DoJ) grand jury investigation relating to its former subsidiary in Afghanistan and Irancell, the company said in a statement.

“MTN is cooperating with the DoJ and voluntarily responding to requests for information,” said the statement accompanying the group’s financial results.

Grand juries typically decide whether or not to formally lay charges in a case and take it to trial.

The South African multinational is also facing a court case in the United States from US veterans wounded in Iraq and Afghanistan, as well as relatives of soldiers killed in action, the statement said.

“The plaintiffs’ complaints allege that MTN supported anti-American militias in Iraq and Afghanistan .

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UBA Secures N5bn BoI MSME fund for disbursement to key sectors

The facility provides a maximum loan amount of N5 million per obligor, with a three-month moratorium on principal repayments, ensuring businesses have ample time to stabilise before they begin to service the loans.

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•GMD/CEO UBA), Oliver Alawuba.

United Bank for Africa (UBA) Plc, has secured a N5 billion loan facility from the Bank of Industry (BOI), to boost key sectors of the economy and support the growth of sustainable and viable businesses in the country, especially the micro, small, and medium enterprises (MSMEs) owned by women.

The facility disbursed through the Federal Government’s MSME Fund, is designed to stimulate key sectors of the economy, while offering affordable financing to support businesses, with a primary focus on Green Energy, Education, Healthcare, and Women-Owned Enterprises.

UBA’s Group Managing Director/CEO, Oliver Alawuba, who spoke about the facility emphasised the bank’s commitment to fostering economic growth by empowering MSMEs, which he described as the “livewire of any developing economy.

He said, “At UBA, we recognize the pivotal role MSMEs play in driving economic development, and how they make up a sizeable portion of what drives our economic growth.

It is in this vein that we have decided not to rest on our oars by facilitating initiatives dedicated to empowering businesses with the financial support they need to thrive.”

Alawuba maintained that, “by offering loans at a competitive 9% interest rate with a three-year tenor, we are removing the traditional barriers that hinder SME growth in Nigeria and Africa. And by this, our message to business owners is simple: Don’t let this once-in-a lifetime-opportunity elude you.

”The facility provides a maximum loan amount of N5 million per obligor, with a three-month moratorium on principal repayments, ensuring businesses have ample time to stabilise before they begin to service the loans.

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CPPE Proposes Policy Action to Reduce Food Prices

Dr Muda Yusuf, the Director/CEO of CPPE, noted that while progress has been made in moderating headline and core inflation, the persistence of food and month-on-month price increases highlights unresolved structural weaknesses.

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The Centre for the Promotion of Private Enterprise (CPPE) says that a coordinated mix of monetary, fiscal, and structural interventions will be required by the Central Bank of Nigeria, and the Ministry of Finance to consolidate recent drops in inflation and steer the economy toward sustained stability.

CPPE suggested in reaction to the July 2025 inflation reported by the NBS

The headline inflation declined for the fourth consecutive month, easing from 22.22% in June to 21.88% in July, a deceleration of 0.34%Month-on-month food inflation also moderated, falling from 3.25% in June to 3.12% in July, while core inflation posted marginal declines year-on-year (-0.03%) and a sharp slowdown month-on-month, from 3.46% to 0.97%.

Dr Muda Yusuf, the Director/CEO of CPPE, noted that while progress has been made in moderating headline and core inflation, the persistence of food and month-on-month price increases highlights unresolved structural weaknesses.

“The July 2025 inflation figures present a mixed outlook for the Nigerian economy, with notable improvements in key indicators but lingering risks that demand policy attention,” he said.

These developments reflect a gradually stabilising macroeconomic environment, supported by exchange rate stability, improved investor confidence, and the lingering impact of import duty waivers on key staples such as rice, maize, and sorghum.

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