Court rejects Binance executive’s fresh bail bid

The Federal High Court in Abuja on Friday refused the bail application for detained Binance Holdings executive, Tigran Gambaryan.

Gambaryan’s lawyer, Mark Mordi (SAN), previously argued on September 4 that his client’s health was “perilous.” He stated that Gambaryan required surgery for a herniated disc and psychiatric care due to depression and anxiety.

Mordi requested a six-week bail for Gambaryan to seek proper medical attention outside of prison, citing inadequate care in custody.

The Economic and Financial Crimes Commission’s lawyer, Ekele Iheanacho, objected to the defense’s claims, arguing that they exaggerated the severity of Gambaryan’s condition.

He contended that the second defendant could receive treatment while detained at Kuje Correctional Facility, asserting that his health was not serious enough to warrant bail.

Iheanacho noted that Gambaryan had been taken to top medical institutions, including the State House Clinic and Nizamiye Hospital, and that a medical report from the State House Clinic indicated he had refused medication and treatment.

He further stated that reports from Nizamiye Hospital showed Gambaryan received comprehensive care and had exhibited no health deterioration.

Iheanacho reiterated that it had not been demonstrated that Gambaryan’s health condition could not be managed by the Nigerian Correctional Service.

He stated, “Experts have been engaged, and the NCS is taking care of him. The results so far show no serious illness. Complaints have been sent to the National Security Adviser.”

In his ruling on the motion for bail on medical grounds, Justice Nwite rejected the request, noting that “renowned Nigerian medical experts are already managing the second defendant’s health.”

However, he ordered the Nigerian Correctional Service “to refer Gambaryan to a standard hospital in Abuja for treatment for three days to two weeks under security supervision.”

The matter was subsequently adjourned until October 18, 2024, and November 22 and 25, 2024, for the continuation of the trial.

Gambaryan is facing $35.4 million in money laundering charges brought against him by the EFCC.

Tigran Gambaryan, along with the exchange’s British-Kenyan regional manager for Africa, Nadeem Anjarwalla, were charged with laundering more than $35 million. Gambaryan has been in custody since February 2024.