The spat between Binance and the Nigerian government has escalated further as Tigran Gambaryan, a senior executive of the cryptocurrency exchange, revealed three Nigerian lawmakers who demanded a $150 million bribe from the crypto company last year.
The revelation comes months after his detention by Nigerian authorities on allegations of money laundering and economic sabotage. The Nigerian government, however, has dismissed the claim as a “diversionary tactic”, accusing Binance of attempting to evade justice.
On Friday, Gambaryan, Binance’s Head of Financial Crime Compliance, identified Peter Akpanke, Philip Agbese, and Ginger Obinna Onwusibe as the lawmakers who allegedly demanded the massive bribe in cryptocurrency in exchange for halting investigations into Binance’s operations in Nigeria. Ironically, Onwusibe chairs the House of Representatives Committee on Anti-Corruption, while Agbese serves as the Deputy Spokesperson of the House.
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Gambaryan claimed the lawmakers orchestrated a sham meeting to make the process seem legitimate.
“They set up fake cameras and media to make the meeting appear official, but the cameras weren’t even plugged in. As you may already know, this ended with them asking for a $150 million bribe, paid in cryptocurrency into their personal wallets. A Mickey Mouse operation at its best.”
The revelation comes after months of speculation that high-ranking officials may have tried to extort Binance under the guise of regulatory enforcement. Gambaryan further alleged that Nigeria’s Department of State Services (DSS) was aware of the bribery attempt.
“The DSS was involved in the House of Representatives matter. We met with them at their office on Friday, January 5, 2024, as a prerequisite to our meeting with the House of Representatives. They alluded to the fact that we had to comply with whatever the House members instructed us to do,” he said.
The House of Representatives had previously denied any demand for bribes from Binance or its officials.
Gambaryan did not stop at the bribery allegations. He also accused the Nigerian government of using Binance as a scapegoat for the naira’s dramatic fall in the foreign exchange market. He said that the administration of President Bola Tinubu knew the depreciation was a direct result of its monetary policy but shifted blame onto Binance.
“They tried to use us (Binance) to violate international privacy laws by demanding user data on all Nigerians to target opposition members allegedly ‘manipulating the price of the naira’,” he said.
Gambaryan explained that the root cause of the naira’s depreciation was the decision by the Tinubu administration to unpeg the currency from the dollar, removing government intervention in the foreign exchange market.
“I’m not saying this policy decision was wrong, but everyone understood that removing government intervention would lead to extreme devaluation. Instead of acknowledging this, they used Binance as a scapegoat,” he said.
The Alleged Escape of Binance Executive, Nadeem Anjarwalla
Gambaryan also addressed another controversial incident—the escape of Binance’s regional manager for Africa, Nadeem Anjarwalla. Nigerian authorities had claimed that Anjarwalla escaped from custody during mosque prayers. However, Gambaryan dismissed this account as false, revealing that Anjarwalla had actually returned before making his escape.
“They lied about Nadeem escaping during mosque prayers. In reality, he returned and escaped1 afterward. I don’t know exactly how he managed to flee,” he said.
Gambaryan further criticized the Nigerian Economic and Financial Crimes Commission (EFCC) for mishandling the case, claiming that innocent EFCC detectives were detained while the actual security lapses went unpunished.
“If anyone should have been detained, it was Belloji (an EFCC operative) for multiple basic law enforcement failures and incompetence.”
Nigerian Government Responds: “Binance Is Engaging in Blackmail”
In response to these explosive allegations, the Nigerian government has denied the bribery claims and accused Binance of trying to manipulate public perception.
In a statement released by Rabiu Ibrahim, Special Assistant to the Minister of Information and National Orientation, the government dismissed the bribery claims as part of a coordinated international campaign to undermine Nigeria’s authority.
“In a blog post that has now been published by many international media organizations, in an apparent well-coordinated public relations effort, Binance CEO Richard Teng made false allegations of bribery against unidentified Nigerian government officials who he claimed demanded $150m in cryptocurrency payments to resolve the ongoing criminal investigation against the company,” he said.
The Nigerian government insisted that Binance is under legitimate investigation for its alleged role in money laundering, terrorism financing, and foreign exchange manipulation.
“The facts of this matter remain that Binance is being investigated in Nigeria for allowing its platform to be used for money laundering, terrorism financing, and foreign exchange manipulation through illegal trading,” he said.
The Nigerian government also highlighted that Binance is facing criminal charges in multiple countries, including the United States.
“Just a week ago, the founder and former CEO of Binance, Changpeng Zhao, was sentenced to prison in the United States, after pleading guilty to charges very similar to what Binance is being investigated for in Nigeria.”
The statement referenced the $4.3 billion fine Binance was ordered to pay to U.S. authorities, as well as Zhao’s $50 million personal fine for violations of U.S. financial laws.
Nigeria to Press Forward with Binance Investigation
Despite the international media attention on Binance’s bribery allegations, the Nigerian government vows to continue its legal proceedings against the crypto giant.
“We would like to remind Binance that it will not clear its name in Nigeria by resorting to fictional claims and mudslinging media campaigns. The only way to resolve its issues will be by submitting itself to an unobstructed investigation and judicial due process.”
“The Nigerian government will continue to act within its laws and international norms and will not succumb to any form of blackmail from any entity, local or foreign,” he said.