Court Orders Release of Binance Executive Gambaryan from Kuje Prison After FG Drops Charges

The Federal High Court in Abuja has ordered the immediate release of Mr. Tigran Gambaryan, an executive with Binance Holdings Limited, from Kuje Correctional Centre. This follows the decision by the Federal Government to withdraw all charges against him.

Justice Emeka Nwite issued the order on Wednesday after R.U. Adagba, counsel for the Economic and Financial Crimes Commission (EFCC), informed the court of the government’s decision. Adagba, representing Ekele Iheanacho, SAN, cited Gambaryan’s worsening health condition and diplomatic interventions as the key reasons for withdrawing the charges.

Gambaryan, who had been detained since April, was facing charges alongside Binance Holdings Ltd in a case involving alleged tax evasion, currency speculation, and money laundering amounting to $34.4 million. The charges were brought by the EFCC, which had twice successfully opposed his bail application.

Adagba explained that Gambaryan’s health had deteriorated significantly while in detention, with recent reports from the Nigerian Correctional Service (NCoS) indicating that he required a wheelchair and needed urgent surgery. She also noted that the government had considered his role as an employee of Binance and the impact of international diplomatic factors before deciding to drop the case against him.

In response, Gambaryan’s counsel, Mark Mordi, SAN, requested that his client be acquitted, rather than simply discharged. However, Justice Nwite ruled in favor of the prosecution’s request and ordered Gambaryan’s immediate release from custody.

The case against Binance Holdings Ltd will continue, with further hearings scheduled for November 22 and 25.

Gambaryan, a U.S. citizen, was not present in court for the ruling.