Tigran Gambaryan, a high-ranking official at Binance, has recently found himself entangled in a legal battle with the Office of the National Security Adviser (NSA) and the Economic and Financial Crimes Commission (EFCC) in Nigeria. In a Fundamental Rights suit, Gambaryan, who holds American citizenship, has accused Nigerian authorities of wrongfully detaining him. The detainment is believed to be an attempt by the Nigerian government to exert pressure on Binance by holding Gambaryan hostage.
The legal proceedings, presented in the Federal High Court in Abuja by Gambaryan’s lawyer, T.J. Krukrubo SAN, shed light on the events that unfolded during a meeting on February 26, 2024. Invited by Saad Abubakar of the NSA and Olalekan Ogunjobi of the EFCC, Gambaryan, along with Nadeem Anjarwalla, attended the meeting. Subsequent to the gathering, Nigerian authorities apprehended both Gambaryan and Anjarwalla. While Anjarwalla managed to escape, Gambaryan continues to remain in custody, despite his lawyer’s insistence that he did not commit any offense during the meeting or at any other time in Nigeria.
Violation of Rights and Legal Actions
The core argument put forth in Gambaryan’s legal suit is that Binance, as a cryptocurrency exchange platform, has consistently cooperated with Nigerian law enforcement. Providing information in response to over 600 requests since 2020 has resulted in significant seizures and recoveries. Despite this cooperation, Gambaryan asserts that his ongoing detention constitutes a violation of his fundamental rights as enshrined in the Nigerian Constitution. Seeking legal recourse, Gambaryan has petitioned the court for a declaration of the breach of his personal liberty, an immediate release from custody, a perpetual restriction against further detainment related to Binance investigations, and a public apology from the Nigerian authorities.
During the court proceedings, Krukrubo informed Justice Inyang Ekwo that the respondents, NSA and EFCC, had not yet responded to the application. As a result, the judge decided to postpone the case until April 8, allowing the respondents time to address the allegations leveled against them. This delay prolongs Gambaryan’s ordeal, adding to the uncertainty surrounding his situation.
Context of the Legal Battle
The backdrop against which this legal battle unfolds is one of heightened scrutiny on cryptocurrency exchanges in Nigeria. In the wake of allegations of manipulating foreign exchange rates, the Nigerian government has imposed stricter regulations on crypto trading platforms. The detention of Gambaryan and Anjarwalla coincided with the prohibition of cryptocurrency channels, part of a broader initiative to curb currency speculation. These developments have exacerbated economic challenges in Nigeria, with the Naira witnessing significant devaluation against the dollar. The scarcity of dollars locally further compounds the country’s economic woes, creating a ripple effect that impacts various sectors of the Nigerian economy.
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