Binance Executive’s Bail Application Hearing Adjourned by Federal High Court

Justice Emeka Nwite of the Federal High Court, Abuja, has deferred the hearing of the bail application for Tigran Gambaryan, a detained Binance executive, until Tuesday.

Gambaryan, along with his company, Binance Holdings Limited, and colleague Nadeem Anjarwalla, who is currently evading authorities, faces allegations from the Economic and Financial Crimes Commission (EFCC). They are accused of offenses under the Money Laundering (Prevention and Prohibition) Act, 2022, including conspiracy to conceal the origin of financial proceeds amounting to $35,400,000 from alleged unlawful activities in Nigeria.

During the resumed hearing, EFCC counsel Ekele Iheanacho requested more time to respond to a further affidavit served by Gambaryan’s lawyer, Mark Mordi, (SAN). Mordi contested this, urging the court to proceed with the bail plea immediately due to his client’s detention.

Emphasizing the importance of fairness, Mordi expressed concern for Gambaryan’s liberty and suggested immediate action on the bail application. However, Justice Nwite decided to adjourn the matter to ensure both parties could respond within the constitutionally stipulated time frame.

Previously, Justice Nwite ordered Gambaryan’s remand in Kuje Correctional Centre after he pleaded not guilty to the money laundering charges. Efforts are underway by the Nigerian government to rearrest Anjarwalla and bring him back to the country to face charges before the EFCC and the Federal Inland Revenue Service.