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The Federal High Court in Abuja has declined to grant bail to an executive of Binance Holdings Limited, Tigran Gambaryan, on the ground of high risk of flight.
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Gambaryan and Binance were arraigned on a five-count charge bordering on money laundering. Both pleaded not guilty.
During the bail application, defence Counsel, Mark Mordi, argued that the court has power to grant bail with conditions to ensure Gambaryan attends trials.
However, the prosecution counsel, Ekele Iheanacho, opposed the application, labeling Gambaryan a flight risk.
Iheanacho stated: “The defendant attempted to obtain a new passport, claiming his old one was stolen, which is suspicious given the recent escape of his colleague.”
He highlighted Gambaryan’s dual citizenship in the United States and Armenia, emphasising that he lacked ties to any community in Nigeria.
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“The fact that the passport of the defendant is with the complainant does not guarantee that he will remain in Nigeria,” Iheanacho asserted.
Justice Emeka Nwite, considering the nature and severity of the offence, sided with the prosecution.
He ruled that the applicant would jump bail if bail is granted to him, ordering that he should be remanded in the custody of the Economic and Financial Crimes Commission (EFCC).
Consequently, the trial was adjourned for accelerated hearing with the EFCC calling its first witness, who is a staff from the Securities and Exchange Commission (SEC).
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