A FEDERAL High Court in Abuja has set March 20, 2025, to hear a compensation lawsuit filed by Binance executive Tigran Gambaryan against Nigeria’s National Security Adviser (NSA) and the Economic and Financial Crimes Commission (EFCC).
Gambaryan alleges he was unjustly detained in Nigeria and is seeking compensation for the hardship he endured while in custody.
Background: Binance crackdown in Nigeria
The dispute dates back to early 2024, when the Nigerian government accused Binance of manipulating foreign exchange rates and launched a crackdown on crypto platforms.
Gambaryan and fellow Binance executive Nadeem Anjarwalla flew to Nigeria in February 2024 for a meeting with officials but were unexpectedly detained.
While Anjarwalla later escaped custody, Gambaryan remained imprisoned, leading to an international outcry over his prolonged detention.
Allegations against Binance and detention conditions
Nigerian authorities charged Binance and its executives with:
- Tax evasion
- Money laundering
- Foreign exchange violations
However, Gambaryan’s legal team argues that he was merely an employee, not a decision-maker, and that Nigeria was holding him as a bargaining chip in its broader crackdown on crypto firms.
After months in custody, his health reportedly deteriorated, and by October 2024, a judge dismissed the money laundering charges against him.
Even the EFCC admitted his condition had worsened, noting he struggled to walk without assistance.
Despite this, Binance remains under investigation in Nigeria, and Gambaryan’s detention continued beyond the expiration of a court order, prompting his lawsuit for compensation.
Legal battle over compensation
Gambaryan’s legal team insists his detention was illegal, both before and after a court ordered his release.
Meanwhile, Nigeria’s NSA and EFCC deny wrongdoing, arguing they acted within the law and requesting more time to present additional evidence.
The judge has granted both parties time to finalise filings, scheduling the next hearing for March 20, 2025.
