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.
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Chinese Yuan Buy ₦190 Sell ₦205
Ghana Cedi (GHS) Buy ₦95 Sell ₦110
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Central African CFA Buy ₦2,150 Sell 2,250
Australian Dollar Buy ₦800 Sell ₦900
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Business
NAICOM Revokes Nigeria Reinsurance’s Licence, Freezes Operations Over Capital Shortfall
Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.
The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory Minimum Capital Requirement (MCR) and appointed Senior Advocate of Nigeria, Dr. Muiz Banire, SAN, as Receiver/Provisional Liquidator to wind up the company’s affairs.
The appointment took effect on August 3, 2026, following the cancellation of the company’s certificate of registration by the insurance regulator.
In a public notice dated August 4, 2026, Banire said NAICOM appointed him, in exercise of its statutory powers, to oversee the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002).
In the notice, the company’s licence was revoked after it failed to comply with the prescribed Minimum Capital Requirement applicable to its category of licence within the stipulated compliance period, in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other extant laws, regulations and guidelines.
Banire said his appointment authorises him to immediately trace, recover, secure and take possession of the company’s assets, collate and settle its liabilities in line with the NIIRA 2025, liaise with NAICOM on matters relating to the liquidation, and submit periodic reports to the Commission.
Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.
Source: ThisDay
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