Just In: Court Makes Final Judgement on Ex-Binance Chief, Gambaryan Vs EFCC, NSA
- The Federal High Court in Abuja dismissed Tigran Gambaryan’s suit against the EFCC and NSA for lacking merit
- Justice Mohammed Umar ruled that Gambaryan failed to prove his rights were violated and acted within Nigerian law
- The court described the suit as an abuse of judicial process and confirmed ongoing investigations into Binance and its officials
The Federal High Court sitting in Abuja on Thursday, Novermber 27, dismissed a suit filed by former Binance Head of Financial Crime Compliance, Tigran Gambaryan, against the Economic and Financial Crimes Commission (EFCC) and the National Security Adviser (NSA), ruling it lacked merit.
Gambaryan had claimed that his detention by Nigerian authorities was unlawful. The case, marked FHC/ABJ/CS/356/2024, also cited the NSA as a respondent.
Source: Twitter
Justice Umar issues ruling
Delivering the judgement, Justice Mohammed Umar held that Gambaryan failed to demonstrate that his rights had been infringed.
The court stated that he could not invoke fundamental rights to obstruct the statutory powers of Nigerian authorities investigating alleged foreign exchange violations and money laundering linked to Binance.
“The applicant cannot hide under the guise of enforcing his fundamental rights to prevent legitimate investigations by Nigerian authorities,” Justice Umar said.
The high court further noted that criminal charges against Binance Holdings Limited remain pending, adding that Gambaryan was duly arraigned before trial Justice Emeka Nwite and remanded at a correctional facility. His bail request was refused due to concerns that he posed a flight risk. This Day reported.
NSA acted on intelligence reports
Source: Twitter
Justice Umar affirmed that the NSA’s office acted based on intelligence suggesting unlawful transactions by Binance and its officials.
He stressed that fundamental rights are not absolute and may be restricted in the interest of national security.
“Both the EFCC and the NSA acted within their statutory mandates. No court has the power to stop the investigative powers of the police or EFCC. The applicant presented no evidence to prove immunity from prosecution in Nigeria," the judge said.
Gambaryan sought public apology and compensation
Gambaryan had approached the court insisting his rights were violated and prayed for a public apology and monetary compensation.
He and his colleague, Nadeem Anjarwalla, were arrested over alleged involvement in money laundering and terrorism financing.
While Gambaryan remained in custody, Anjarwalla, Africa Regional Manager of Binance, fled to Kenya despite the seizure of his passport.
Separate criminal charges were filed against both men and the company, though Gambaryan’s personal charges were later withdrawn, leaving only Binance as the defendant.
FG's investigations into Binance continue
Binance, a cryptocurrency exchange listing over 350 digital currencies, had been ordered to provide the EFCC with comprehensive records of Nigerian users and six months of transaction history, Vanguard reported.
The move followed concerns raised by the Central Bank of Nigeria that around $26 billion passed through the platform from unidentified sources.
The federal government investigated the possibility that Binance was used for money laundering and terrorism financing.
Negotiations reportedly failed after the government demanded $10 billion from the company, prompting Binance to suspend all naira transactions on 8 March 2024.
Court describes suit as abuse of judicial process
Justice Umar described Gambaryan’s suit as an abuse of judicial process, dismissing it entirely.
The court reinforced that investigations into financial crimes must proceed without obstruction and that regulatory authorities acted within the law in pursuing Binance and its officials.
Shehu Sani reacts as crypto boss disappears from custody
Earlier, Legit.ng reported that a former federal lawmaker and social critic, Senator Shehu Sani, said if Anjarwalla is seen in a suit, “you cannot believe he can jump through the window and run”.
The Peoples Democratic Party (PDP) member shared his thoughts via his verified X (formerly Twitter) handle.
Source: Legit.ng
