Connect with us

Business

Nigeria Government Drops Charges Against Binance Executive Gambaryan For Money Laundering

Published

on

Spread the love

Tigran Gambaryan

 

The chapter on dramatic trial of Binance executive Tigran Gambaryan on money laundering charges by the Nigerian government seemed to have been closed on Wednesday.

 

This is with the withdrawal of all charges against Gambaryan by the Nigerian government in court on Wednesday.

 

The executive of Binance Holdings been in detention at Kuje prison, Abuja from where he has been facing money laundering trial since April.

 

However at a hearing held two days to the October 25 adjourned date for his next appearance in court, a lawyer representing the Economic and Financial Crimes Commission (EFCC) announced the withdrawal of the charges against Gambaryan, a United States citizen.

 

The lawyer noted that Gambryan was merely an employee of Binance, whose activities he was being prosecuted for.

 

Mark Mordi, a Senior Advocate of Nigeria (SAN) representing Gambaryan, agreed with the prosecution.

 

He said his client was not involved in the company’s broader financial decisions.

 

Gambaryan, was conspicuously absent in court during the last hearing of his case on Friday Oct. 11.

 

This was after rejection of Gambaryan’s second bail application by Justice Emeka Nwite.

 

When the matter was called on Friday, all the counsel to the parties in the case were in court except the 2nd defendant, Gambaryan.
However, it was later confirmed that the Binance executive could not come to court because he was very sick.

 

Mordi, who appeared for Gambaryan, prayed the court for an adjournment.

 

“I urge for a date next week if only to report on the 2nd defendant’s state of health.

 

“This will allow parties to take necessary steps to ensure that the defendant is given the medical care required,” he said.

 

Iheanacho did not opposed Mordi’s oral application.

 

The lawyer said though he would have wanted the matter to proceed since their witness was in court, “we are also of concern about the defendant’s health status.”

 

“We are very concerned about the issues of health.”

 

The judge subsequently adjourned the matter until Oct. 25 for a report about Gambaryan’s health.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Trade Fair Board Backs NAFDAC Crackdown

Published

on

Spread the love

 

The Lagos International Trade Fair Complex Management Board (LITFCMB) has condemned the use of its facility for the production of counterfeit products and other illegal activities, pledging to work with regulatory and law enforcement agencies to rid the complex of such practice

 

The board also commended the National Agency for Food and Drug Administration and Control (NAFDAC) for its recent enforcement operation, which led to the arrest of two persons allegedly linked to the illegal revalidation of expired drinks and the production of counterfeit consumables within the complex.

In a statement issued on Wednesday, the Executive Director and Chief Executive Officer of LITFCMB, Veronica Safiya Ndanusa, said the activities were contrary to the board’s commitment to promoting legitimate trade and ethical business practices.

She disclosed that relevant authorities had commenced investigations to establish the facts surrounding the incident and identify measures to prevent a recurrence.

Ndanusa warned that individuals and businesses found culpable of engaging in activities that endanger public health or undermine the integrity of local manufacturing would face the full weight of the law.

“As a body rooted in the principles of ethical business practices, transparency and genuine trade, we strongly condemn any activity that threatens public safety or brings the reputation of the Lagos International Trade Fair Complex Management Board into disrepute,” she said.

“Our facility exists to provide a conducive environment for legitimate businesses to thrive, not to serve as a breeding ground for the production or distribution of counterfeit and substandard products.”

The board chief assured members of the public that the management would collaborate with relevant regulatory and law enforcement agencies to ensure that the complex remained free of illegal activities.

She also urged traders and business operators within the facility to comply with established standards, stressing that the pursuit of profit must never come at the expense of consumers’ health and safety.

Continue Reading

Business

Not The Right Time To Impose New Taxes , Oyedele Warns Governments

Published

on

Spread the love

 

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has cautioned governments against introducing new taxes or increasing existing tax burdens on vulnerable citizens and productive sectors, warning that such measures could deepen economic hardship.

 

Oyedele spoke on the sidelines of the 2026 annual meetings of the International Monetary Fund (IMF) and World Bank in Bangkok, Thailand, where he presented a communiqué on behalf of the Intergovernmental Group of Twenty-Four (G24), which he chairs.

“This is the wrong time to impose new taxes or increase the burden of tax, particularly on the vulnerable population and productive sectors of the economy,” he said.

Responding to questions on how developing countries could reduce debt-servicing costs without cutting essential public spending,report quoted Oyedele as urging governments to identify waste, find savings and improve revenue collection before placing additional financial pressure on citizens and businesses.

He said borrowing remained necessary to finance economic growth but stressed that governments must ensure that debt supports job creation and inclusive development.

“Borrowing and debt financing is a necessary condition for growth, and every country emerging, developing must be able to apply debt financing in a way that is overall of positive impact, particularly to stimulate job-rich and inclusive growth,” he said.

The minister also called for available public funds to be prioritised for essential services, including healthcare and education, while private capital could help finance other areas of investment.

On the choice between taxation and borrowing, Oyedele said both options carried consequences and should be considered in the context of their impact on household welfare.

“If you collect taxes, you raise the money now, and that itself has a lot of trade-offs. What taxes are you collecting? You collect taxes from the most vulnerable, and this will deprive them of money to provide food, health, education,” he said.

He argued that excessive taxation could leave low-income households with less money for basic needs, while borrowing also carried future obligations.

“Debt is future taxes, so it’s not one or the other. It’s to strike a balance, bearing in mind ultimately that the essence of tax and of debts is to cater for the people,” Oyedele said.in the report.

Continue Reading

Business

Fayemi Explains Why America Must Have Nigeria As Partner

Published

on

Spread the love

 

 

Former Governor of Ekiti State and ex-Minister of Mines and Steel Development, Dr Kayode Fayemi, has warned the United States against slipping into isolationism in its engagement with Africa, insisting that Nigeria remains a must-have strategic partner in the evolving global order.

 

Fayemi maintained this position in Lagos while speaking as a panelist at the Nigeria Moment, a Nigeria–United States Strategic Dialogue organised by the American Business Council in collaboration with the Heritage Foundation.

In his presentation, which focused on why Nigeria is a must-have partner in the changing world order, Fayemi,former chairman of the Nigeria Governors’ Forum (NGF) stressed the need for a more holistic relationship between both countries grounded in transparency, mutual benefit and shared prosperity.

He insisted that Nigeria must be treated as a strategic partner in the emerging world order.

“While welcoming the growing American interest in Nigeria’s vast mineral endowment, Fayemi warned that the partnership must go beyond resource extraction.

“Nigeria must be engaged as a strategic actor and a co-creator in shaping the future of global energy and resource governance, rather than as a testing ground for experiments. A partnership built on mutual respect, shared interests and long-term cooperation offers the strongest foundation for an enduring relationship between Nigeria and the United States,” Fayemi said.

Describing the engagement as a pleasure, Fayemi said the dialogue brought together a distinguished group of policymakers, business leaders and strategic thinkers to reflect on the future of Nigeria-US relations.

He commended the convener of the dialogue, Mr Ayo Otuyalo,for an excellent convening and for bringing together such high-level participants for the important strategic conversation.

The conference featured Governor Babajide Sanwo-Olu of Lagos State as keynote speaker, alongside senior representatives of the Federal Government, including the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole; Minister of Power,

Also st the event were : Engr Joseph Tegbe; Minister of Solid Minerals Development, Mr Dele Alake, represented by Engr Simon Nkom; and the Head of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyinwa Eyesan among others.

Continue Reading

Trending

Copyright © 2026 TheColumn NG