Binance: Due process applied in trial, says minister

U.S. lawmakers seek release of detained executive

Minister of Information and National Orientation, Mohammed Idris, has said due process is applied in every stage of the trial of the online financial platform, Binance, by the laws of Nigeria.

Meanwhile, United States (U.S.) lawmakers have requested President Joe Biden to expedite the release of Binance executive, Tigran Gambaryan, who has been detained in Nigeria for over three months on allegations of money laundering and tax evasion.

In a statement, yesterday, Special Assistant (Media) to the Minister, Rabiu Ibrahim, noted vested interests in the ongoing trial of Binance and one of its chief executives, who traded in cryptocurrency in the country.

“At all stages, due process has been followed, and prosecutors are confident of their case, based on the facts and evidence gathered. Binance will have every opportunity to defend itself in court against these charges of financial crimes against Nigeria. The next hearing is on June 20, 2024,” Idris said.

The minister explained that Binance, the defendant, received consular access and all due care, following normal diplomatic protocols and the rule of law, adding that the judge in the case sufficiently posited that bail was denied because of the flight risk, after a co-accused, now the subject of an Interpol warrant, illegally absconded.

Binance had a turnover in Nigeria of over $20 billion in 2023 alone, far above the federal budget for health and education, fuelling currency speculation and the cost-of-living crisis. In addition, it is not registered in Nigeria and never ever paid any tax within the country’s jurisdiction, having all the while operated without oversight or any of the normal guard rails to flag criminal activity.

According to Idris, Binance must be prefaced as an entity whose representatives have been variously imprisoned, fined, sanctioned and banned in North America, Europe and Asia, in recent years.

ACCORDING to a letter dated June 4, the lawmakers addressed Biden, Secretary Antony Blinken, and Presidential Envoy for Hostage Affairs, Roger Carstens, emphasising the need for urgent intervention.

The 12 lawmakers, who signed the letter argued that Gambaryan was being held unjustly, adding that the allegations against him were “baseless” and represented a coercive tactic to pressure Binance.

“Mr Gambaryan is a U.S. citizen being wrongfully detained by the government of Nigeria per 22 U.S.C. 1741 (a)(9) and (10). On behalf of Gambaryan, his family and concerned Americans, we, the undersigned, urgently request and strongly encourage the transfer of his case to the Office of the Special Presidential Envoy for Hostage Affairs,” the letter reads.

Lawmakers who signed the letter include House Foreign Affairs Committee, Michael McCaul; and members of Congress, Rich McCormick, Barry Loudermilk, Austin Scott, and Keith Self.

In February, the Federal Government arrested Gambaryan, a U.S. citizen, and Nadeem Anjarwalla, on suspicion of money laundering and tax evasion. The latter evaded arrest and fled to Kenya, while his colleague remained in Kuje Correctional Centre, Abuja.