Tigran Gambaryan, the former Binance executive who was detained in Nigeria for nearly eight months in 2024, says the Economic and Financial Crimes Commission (EFCC can not detect widespread fraud if it “came with a name tag”.
On January 22, the EFCC accused banks, fintech companies and
microfinance institutions of enabling large-scale fraud, culminating in N18.7
billion, by failing to carry out basic customer due diligence.
In a post reacting to EFCC’s disclosure on Friday,
Gambaryan, who was head of financial crime compliance at Binance, said even if
the fraud is waving at them, the anti-graft agency can not detect it.
“EFCC couldn’t detect widespread fraud if it came with a
name tag and waved at them. Why bother investigating when you can just peddle
BS? Billion this, billion that. Give me a break,” he said.
The executive, also a former United States Internal Revenue
Service agent, was arrested in Nigeria in February 2024, following a clampdown
on Binance over an alleged manipulation of the Nigerian currency.
In April 2024, the EFCC arraigned Binance and Gambaryan (who
joined the company in 2021) on allegations of money laundering.
On May 17, the court refused Gambaryan’s first bail request,
but the Binance executive later collapsed in court due to “ill-health”.
Gambaryan’s legal team and his family raised alarm that he
could die in Kuje prison if his health continues to deteriorate.
Yuki, Gambaryan’s wife, claimed his health was getting
worse, stressing the need for a “highly specialised and risky surgery”.
Gambaryan’s health had led Emeka Nwite, a judge, to issue an
arrest warrant against Abraham Ehizojie, a medical doctor at the health
facility in Kuje correctional centre, over his failure to produce the
executive’s medical report.
On September 2, the EFCC objected to the health claims made
by the former Binance executive after Ekele Iheanacho, the EFCC counsel, filed
a counter-affidavit application.
However, on October 23, 2024, the EFCC told the court the
anti-graft agency was dropping its case against Gambaryan due to some reasons,
including critical international and diplomatic relations.
In June 2025, Gambaryan exited the crypto exchange.
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