Business

BREAKING: FG drops money laundering charges against Binance executive Gambaryan

Published

2 years ago

October 23, 2024

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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.

Business

China Woos Nigeria To Join WAICO Memberships For Technology Advantages

African countries on the memberships list include South Africa, Kenya, Cameroon, Sudan, Ethiopia, Senegal, Zambia and Algeria.

Published

4 hours ago

September 24, 2026

OCHEFA

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The Chinese Ambassador to Nigeria, Yu Dunhai, has emphasised the need for Nigeria to join the World Artificial Intelligence Cooperation Organisation (WAICO) to share in global tech development.

The World Artificial Intelligence Cooperation Organization (WAICO) is an international organization focused on artificial intelligence (AI) established in July 2026. Proposed by China before its 2026 World Artificial Intelligence Conference, it is headquartered in Shanghai and oriented toward the Global South.

Twenty-nine countries signed the founding agreement on 16 July 2026 in Shanghai, followed by eight additional signatories later that month, bringing the total membership to 37 countries.

African countries on the memberships list include South Africa, Kenya, Cameroon, Sudan, Ethiopia, Senegal, Zambia and Algeria.

WAICO is believed to have been set up to rival the US-led Pax Silica initiative, aiming to counterbalance Western influence across global supply chains for rare-earth elements, semiconductors, and AI governance.

Ambassador Yu made the call on Wednesday in Abuja during an event celebrating the 77th anniversary of the founding of the People’s Republic of China, which shares its October 1st National Day with Nigeria.

Speaking at the evening reception, Ambassador Yu said, ” Those who walk the same path go far. Let us empower development through innovation, openness, and sincere cooperation to continuously enrich China-Nigeria friendship and write a new chapter in China-Africa relations.”

Regarding 55 years of diplomatic ties with Nigeria, Yu noted that both nations have grown closer through mutual respect and shared success.

“Under the strategic leadership of President Xi Jinping and President Bola Ahmed Tinubu, our relationship has entered the fast lane,” he said.

Business

Otedola bypasses seven African billionaires as fortune hits $2 billion

The rise also ends his old tag as Africa’s poorest billionaire.

Published

9 hours ago

September 24, 2026

OCHEFA

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Femi Otedola’s fortune has risen to $2 billion, lifting the First HoldCo chairman above eight other African billionaires on Forbes’ real-time wealth index.

The new valuation is a $700 million jump from the $1.3 billion attributed to him at the start of 2026.

Forbes’ real-time billionaires index now ranks Otedola 2,115th globally, up from $1.8 billion in August.

The rise also ends his old tag as Africa’s poorest billionaire.

Based on the wealth estimates supplied for September 2026, Otedola’s $2 billion places him ahead of eight African billionaires.

They are South Africa’s Christoffel Wiese at $1.9 billion and Egypt’s Youssef Mansour at $1.8 billion.

Morocco’s Othman Benjelloun and family are valued at $1.7 billion, the same as South Africa’s Paul van Zuydam. Morocco’s Aziz Akhannouch and family sit at $1.6 billion.

Egypt’s Samih Sawiris and Yasseen Mansour, alongside Morocco’s Anas Sefrioui and family, complete the eight, each estimated at $1.4 billion.

The comparisons rest on the supplied valuations and can shift with share prices and other assets.