Business
FG Dismisses Gambaryan’s ‘False Allegations,’ Says Binance Offered $5m Payment
The Federal Government on Friday dismissed the claims by Binance’s Head of Financial Crime, Tigran Gambaryan, who spent eight months in a Nigerian detention facility over alleged corruption.
Gambaryan, a U.S. citizen, was recently tried in Nigeria for financial crimes. He was released by the Nigerian authorities following intervention by the United States government.
In a post on X, he claimed that his unlawful arrest by the Nigerian government made former US President Joe Biden avoid a meeting he planned to have with President Bola Tinubu during the 2024 UN General Assembly (UNGA).
He blamed National Security Adviser Nuhu Ribadu for the situation and said the US government also reduced the size of the Nigerian delegation that could attend the annual global assembly.
The Binance executive also identified three Nigerian lawmakers who allegedly demanded a bribe of $150m from him.
However, the Federal Government urged the public to disregard the allegations entirely.
The Minister of Information and National Orientation, Mohammed Idris, described Gambaryan’s claims as a deliberate misinformation campaign.
“The Federal Government of Nigeria notes with concern the outrageous allegations, misinformation, and defamatory statements being disseminated by Tigran Gambaryan, an American personnel of Binance who was recently tried in Nigeria for financial crimes,” the statement read.
“The government rejected Binance’s offer of a $5 million down payment in exchange for Mr. Gambaryan’s freedom, in favour of a more beneficial settlement with the American government.”
Idris said the government stated that it was compelled to set the record straight to prevent falsehoods from gaining traction.
The minister also addressed Gambaryan’s claims of bribery attempt, stressing that his initial visit to Nigeria was entirely discretionary and not sanctioned by any government entity.
According to him, an investigation was promptly initiated after the alleged incident was brought to the government’s attention.
“The first visit by Mr. Gambaryan and his colleagues to Nigeria was discretional on their part and the government was not officially involved.
“However, when the attention of the government was called to an alleged bribery demand during that trip, an investigation was immediately opened into it though there was no formal complaint by anyone,” he stated.
The Federal Government detained Gambaryan and his colleague, Nadeem Anjarwalla, a 37-year-old British Kenyan who serves as the regional manager for Africa at Binance.
Both were charged with money laundering involving $35 million, as initiated by the Economic and Financial Crimes Commission.
Anjarwalla managed to escape from custody on March 22, 2024.
Business
Illicit Financial Flows Draining National Resources – Adedeji
He emphasized the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.
•Chairman of FIRS, Zacch Adedeji
On July 22, 2025, the Executive Chairman of FIRS, Zacch Adedeji, delivered the welcome address at the National Conference on Illicit Financial Flows in Abuja.
He emphasizied the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.
He cited the recent tax reforms as a major step forward and highlighted the following as key points in his welcome address:
* Illicit Financial Flows through tax evasion, profit shifting and money laundering are draining national resources and threatening fiscal stability.
- The recent signing of four tax reform bills marks a critical step toward transparency, system overhaul, and stronger institutions.
- FIRS is responding with a multi-dimensional strategy: promoting voluntary compliance, embracing digital intelligence and enhancing enforcement under the Proceeds of Crime Act.
- * A need for unified, data-driven, and globally coordinated action to close fiscal gaps and protect Nigeria’s economic future.
Business
Just in: CBN Retains July Interest Rate at 27.5% , Says 8 banks meet recapitalisation target
The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.
The Central Bank of Nigeria (CBN) has maintained the July Monetary Policy Rate (MPR) of 27.5 percent with all policy parameters.
The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.
Mr Cardoso explained that the asymmetric corridor was retained at +500/-100 basis points around the MPR, leaving the Cash Reserve Ratio at 50 per cent for Deposit Money Banks and a general Liquidity Ratio of 30 percent.
He said that the decision to maintain the current MPR was premised on the need to continue to ensure the ongoing inflation reduction while vigorously ensuring declining prices.
The CBN boss revealed that as of July 18, the nation’s foreign reserve stood at 40.1 billion, which could provide import cover of nine and a half months.
He also disclosed that eight banks had achieved the new recapitalisation requirements.
The governor said the monetary and fiscal authorities would continue to work together to reduce the nation’s inflation rate to a single digit.
Business
NCS Replacing 4% import charges with 1% CISS import levy
Adeniyi explained that the one percent CISS levy has been in place for several years and has been instrumental in facilitating trade and generating revenue for the government.
The Nigerian Customs Service (NCS) has announced that it will be replacing the proposed 4 percent import levy with the existing 1 percent Comprehensive Import Supervision Scheme (CISS) levy.
The Comptroller -General of Customs (CGC), Adewale Adeniyi, made the revelation at an engagement held in Lagos to sensitize stakeholders in the B’Odogwu platform.
The CGC who is also the Chairperson of the World Customs Organization (WCO) explained that, though the introduction of the 4 percent FOB had been enshrined in the constitution.
He noted that the decision to reintroduce the levy was made after careful consideration and consultation with relevant stakeholders.
Adeniyi explained that the one percent CISS levy has been in place for several years and has been instrumental in facilitating trade and generating revenue for the government.
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