By Kolawole Ojebisi
The Federal Government on Wednesday dropped all charges levelled against Binance Holdings Executive, Tigran Gambaryan.
Gambaryan has been in detention facility over a case bordering on money laundering since April this year.
The decision to let the Finance executive off the hook was announced the Economic and Financial Crimes Commission (EFCC), the prosecuting body, at the Federal High Court in Abuja today.
The hearing, held discreetly two days ahead of the scheduled 25 October court date, appeared to be arranged to avoid public attention.
During the session, the EFCC’s lawyer explained that Mr. Gambaryan, a U.S. citizen, was merely an employee of Binance and not directly involved in the activities for which he was being prosecuted.
Mark Mordi, Senior Advocate of Nigeria (SAN) and Mr. Gambaryan’s defense attorney, agreed, stating that his client had no involvement in the broader financial decisions of the company.
Gambaryan’s path to freedom was a tortuous one, filled with twists and turns within six months.
The unexpected decision to drop the charges followed months of behind-the-scenes diplomatic efforts between Nigerian and U.S. officials, who had been lobbying for Mr. Gambaryan’s release
. U.S. lawmakers had also advocated for his freedom, appealing to both Nigerian and American authorities.
Despite this, Mr. Gambaryan had been denied bail twice, with the judge ruling him a flight risk.
Most recently, Judge Emeka Nwite had rejected a bail application on 11 October, citing insufficient grounds for release based on ill health.
He set a new trial date for 18 October, but Mr. Gambaryan did not appear, prompting a rescheduled hearing for 25 October, which has now been overtaken by Wednesday’s developments.
Gambaryan had been held at the Kuje Correctional Centre in Abuja since his arraignment in April.
Alongside Binance, he faced charges related to money laundering and currency speculation involving $34.4 million.
Binance, in his own case, is also facing a separate tax evasion case in another court.
The government tightened his hold on Gambaryan following the purported escape of his colleague, Nadeem Anjarvalla from custody in March
Despite Mr. Gambaryan’s deteriorating health, the court consistently rejected his bail applications, most recently on 11 October.
Judge Nwite dismissed the second bail request, ruling that the application was an abuse of court process, as Mr. Gambaryan was still appealing the earlier denial.
Though the judge did not grant bail, he ordered the Nigerian Correctional Service (NCoS) to transfer Mr. Gambaryan to a hospital in Abuja for medical care.
