BREAKING: Nigerian court rejects second bail request for ‘ill’ Binance executive Gambaryan

A Federal High Court in Abuja has rejected the fresh bail application of detained Binance executive Tigran Gambaryan.

Justice Emeka Nwite made the decision during his judgment on October 11, 2024.

On September 4, 2024, the Federal High Court, Abuja, heard arguments on Gambaryan’s fresh bail application between his lawyer, Mark Mordi, SAN, and the Economic and Financial Crimes Commission (EFCC) lawyer , Ekele Iheanacho.

What happened during the last procedure

Nairametrics previously reported that a medical report (an exhibit filed in court) from the State House Annex Clinic in Asokoro, Abuja, alleges that detained Binance executive Tigran Gambaryan refused prescribed medicines and food when he was treated by a neurosurgeon in July 2024.

The EFCC has disputed health claims made by the family and legal team of the detained leader, who faces money laundering charges in Nigeria.

Despite the family’s insistence that Gambaryan “can no longer walk” due to a health issue involving a disc problem, the EFCC disputed these claims.

Mark Mordi, SAN, asked the court to admit the accused on bail on liberal conditions, or alternatively, admit him on bail for six weeks due to ill health.

He argued that the EFCC would have denied that the accused suffered from a serious health problem, but the exhibits, including medical reports, show that he was in need of medical attention, citing surgery heavily recommended for its client.

He argued that the defendant’s health problems cannot be adequately managed in Nigeria.

On behalf of Ekele Iheanacho, he urged the court to reject the fresh bail application, stating that Gambaryan had appealed the first bail application which was rejected by the court.

He explained that the national security adviser wrote to the correctional services to request the accused’s medical records.

He added that a response from the correctional center was received by the NSA on August 29, 2024, as well as a report from Nizamiye Hospital, among others.

The judge adjourned until today to rule.

What the judge says

On Friday, Nwite ruled that it was not in dispute that Gambaryan’s first bail application, which concerns health, had been appealed.

Nwite said the current bail application amounts to an abuse of court process as Gambaryan has an ongoing appeal against the denial of the first bail.

He added that there was no new fact in the new bail application regarding medical treatment as the EFCC showed that Nigerian authorities and hospitals are capable of treating Gambaryan.

He said that since an appeal has been filed, a lawyer cannot argue again, especially if he has not withdrawn his appeal.

“On this stage alone, this bail application is doomed to failure,” he said.

Furthermore, Nwite, drawing on medical records available to him, noted that renowned Nigerian medical experts are already looking after Gambaryan’s health.

However, the court ordered the Nigerian Correctional Service to remand Gambaryan to any standard hospital in Abuja under security guard.

More information

A director of the Securities and Exchange Commission (SEC) informed the court that the Binance platform had become a reference point for determining Nigeria’s exchange rate. The SEC is a federal government agency responsible for registering all capital market participants, instruments traded in the market, and all trading platforms. Additionally, the SEC develops rules and regulations for the capital market, conducts investigations, ensures compliance, and monitors the market.

Nairametrics reports that a popular method of buying and selling crypto is through peer-to-peer (P2P) transactions. In a P2P transaction, the seller and buyer are connected in what can be likened to a marketplace.

Binance and its executives face two separate lawsuits from the Federal Inland Revenue Service (FIRS) and the EFCC; the first is linked to tax evasion and the second to money laundering and exchange rate violations.

FIRS discharged the executives from its case, isolating Binance.

Nairametrics recalls that the leaders also filed a fundamental rights lawsuit against Nigerian government agencies, citing violation of their constitutional right to liberty.

On February 28, Nigerian authorities arrested two senior Binance executives: Nadeem Anjarwalla, a 37-year-old Anglo-Kenyan who is regional director for Africa, and Tigran Gambaryan, a 39-year-old American who heads the sector. financial. crime compliance at Binance.

However, Gambaryan’s family raised the alarm over his health condition while urging the EFCC to release him and continue its case against Binance.