Nigerian Government Reacts to Binance CEO’s Bribery Allegation, Vows Legal Pursuit

The Federal Government of Nigeria has vehemently denied allegations of bribery made by Binance CEO, Richard Teng, against Nigerian officials. In response to Teng’s claims of a $150 million cryptocurrency bribe demand, top officials of the President Bola Tinubu administration labeled the accusations as false and baseless. The government reiterated its commitment to pursuing the criminal case against Binance and its executives to its conclusion.

The allegations surfaced following a blog post by Teng published in the New York Times, where he detailed an alleged demand for a hefty cryptocurrency payment within 48 hours to settle criminal charges against the firm. The request, supposedly made during a trip to Nigeria in January, was perceived by Binance’s compliance officer, Tigran Gambaryan, as a bribe solicitation from a Nigerian government entity.

Gambaryan and his colleague, Nadeem Anjarwalla, were reportedly arrested and detained on orders from the National Security Adviser, with Anjarwalla later fleeing to Kenya. Gambaryan has since been held at the Kuje Correctional Facility. Binance and Gambaryan are facing charges of tax evasion and money laundering, with their trial postponed until May 17.

In his defense, Teng highlighted Binance’s engagement history in Nigeria, emphasizing its significance in the crypto industry, particularly in a country with one of the highest rates of crypto adoption globally. He recounted a contentious meeting with Nigerian lawmakers where accusations, including tax violations, were aired, culminating in purported bribery solicitations from unidentified individuals.

The Nigerian government, through spokespeople from the Office of the National Security Adviser (ONSA) and the Economic and Financial Crimes Commission (EFCC), refuted Teng’s claims, labeling them as baseless and frivolous. They challenged Teng to provide names of individuals involved in the alleged bribery attempt.

Furthermore, civil society organizations (CSOs) weighed in on the matter, urging Teng to name the individuals or organizations implicated in the bribery allegation for decisive action. They emphasized the importance of thorough investigations and prosecution to uphold Nigeria’s integrity and deter corruption.

Despite email queries seeking clarification from Binance regarding the identities of the individuals behind the alleged bribery attempt, the crypto exchange remained silent on the matter.