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 Friday, October 16
BLACK/ PARALLEL MARKET RATES
₦1370 DOLLAR (USD)
₦1800 POUND (GBP)
₦1510 EURO (EUR)
₦970 CANADIAN DOLLAR (CAD)
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₦350 UAE DIRHAM (AED)
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POUND (GBP)₦1764.26
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CFA FRANC (XOF)₦2.27
WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1802.33
CHINESE YUAN (CNY)₦199.01
SAUDI RIYAL (SAR)₦354.83
SOUTH AFRICAN RAND (ZAR)₦80.49
Business
WEF could appoint Lagarde as its next chair, sources say
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
•European Central Bank President Christine Lagarde
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.
Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
No final decision has been taken yet, they said.
A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.
Business
Germany plans tax on sugary drinks
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.
If passed by the German Bundestag, the tax will take effect on 1 July 2027.
The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.
The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.
According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
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