Business
BREAKING: FG drops money laundering charges against Binance executive Gambaryan
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.
Business
Naira Exchange Rates Thursday, 5 Nov 2026
BLACK/ PARALLEL MARKET RATES
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₦1830POUND (GBP)
₦1515 EURO (EUR)
₦950 CANADIAN DOLLAR (CAD)
₦70 SOUTH AFRICAN RAND (ZAR)
₦350 UAE DIRHAM (AED
₦190 Chinese YUAN (CNY)
₦100 Ghanaian CEDI (GHS)
West African CFA ₦2240 (XOF)
Central African CFA ₦2180 (XAF)
₦820 Australian Dollar AUSSIE (AUD)
Business
NNPCL wants to sell 10% equity via IPO on NGX, LSE
NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.
The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.
The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.
The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.
NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.
Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.
The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.
Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.
Business
Naira Exchange Rates Wednesday, 4 Nov 2026
BLACK/PARALLEL MARKET RATES
1390DOLLAR (US
₦1835POUND (GBP)
₦1510EURO (EUR
₦970 CANADIAN DOLLAR (CAD)
₦65 SOUTH AFRICAN RAND (ZAR)
₦350 UAE DIRHAM (AED)
₦190 CHINESE YUAN (CNY)
₦100 GHANAIAN CEDI (GHS)
₦2300 West African CFA F.(XOF)
₦2200 Central African CFA F.(XAF)
₦850 Australian Dollar AUSSIE (AUD)
OFFICIAL CBN EXCHANGE RATES
DOLLAR (USD)₦1346.93
POUND (GBP)₦1807.72
EURO (EUR)₦1512.26
SWISS FRANC (CHF)₦1644.21
JAPANESE YEN (JPN)₦8.52
West African CFA FRANC (XOF)₦2.30
WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1825.03
CHINESE YUAN (CNY)₦201.92
SAUDI RIYAL (SAR)₦359.15
SOUTH AFRICAN RAND (ZAR)₦81.37
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