Nigeria Rejects Binance CEO's Bribery Claim

FG rejects the CEO of Binance's claim of bribery to resolve legal action against company

On Tuesday, the Federal Government reiterated that it will keep pursuing the criminal case against Binance and its representatives until a settlement is reached.

The statement addresses a claim made by Richard Teng, the CEO of Binance, that certain government officials sought a $150 million bitcoin bribe to resolve the company's legal issues.

Tigran Gambaryan, a compliance officer at Binance, allegedly got an SMS demanding the cash within 48 hours while traveling to Nigeria in January.

Former US law enforcement officer Gambaryan saw this as an attempt at bribery from a Nigerian government official.

Soon after, the National Security Advisor ordered the arrest and detention of him and his colleague Nadeem Anjarwalla.

Gambaryan is still being held in custody, while Anjarwalla has since fled and is currently believed to be in Kenya.

Charges of tax evasion and money laundering are at the center of the lawsuit against Binance and Gambaryan.

The court rescheduled their trial for May 17 instead of last Thursday, as originally scheduled.

The company's substantial decision-making authority under Gambaryan has been refuted by Binance. He allegedly informed connections in the government and recorded the payment request in a three-page report that he provided to Binance's attorneys in the interim.

Teng stated that Binance was given guarantees regarding Gambaryan's safety when he returned to Nigeria; however, EFCC prosecutor Ekele Iheanacho refuted this assertion and upheld the prosecution's intention to pursue the case.

Speaking under anonymity, government representatives pressed Teng to identify the people who they claimed demanded the money, stressing that the accusations are meaningless without specific names.

Senior authorities responded by accusing Teng of trying to extort the Federal Government.

They described his statements as being in line with the strategies used by international companies that are being sued in Nigeria and other African nations.

Civil society organizations have emphasized the need for a full inquiry and accountability, and have encouraged Teng to identify the person or parties implicated in the suspected bribery attempt.

Requests for clarity regarding the identities of the individuals who proposed the payment to resolve the claims, as well as the precise sum asked, have not yet received a response from Binance.