Tigran Gambaryan, a senior executive at Binance, has made explosive allegations against certain Nigerian lawmakers and government officials, claiming they demanded millions in bribes from the cryptocurrency exchange. He further accused National Security Adviser (NSA) Nuhu Ribadu of attempting to extract billions in payouts to support his future political ambitions.
In a social media post, Gambaryan, who was detained for eight months, disclosed that Binance executives held a private meeting with members of Nigeria’s House of Representatives in 2024. He alleged that three lawmakers sought a $150 million bribe, payable in cryptocurrency.
According to Gambaryan, the meeting was staged to appear official, with fake cameras and media presence, but the cameras were never actually plugged in. He named Peter Akpanke, Philip Agbese, and Ginger Obinna Onwusibe as those involved, adding that a fourth, unidentified member was also present.
These claims align with earlier allegations by Richard Teng, Binance’s CEO, who in May 2024 stated that the company had been pressured to pay $150 million to settle its legal troubles in Nigeria. Teng revealed that Gambaryan was given 48 hours to comply during a business trip to Nigeria in January 2024.
However, the Nigerian Federal Government has strongly denied these allegations. Rabiu Ibrahim, Special Assistant to the Minister of Information and National Orientation, dismissed the claims as baseless and diversionary, accusing Binance of using them as a tactic to deflect attention from the criminal charges it faces in Nigeria.
Gambaryan further alleged that Nuhu Ribadu, Nigeria’s NSA, played a pivotal role in facilitating meetings between Binance and government agencies, including the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC). The Binance executive claimed that Ribadu worked through Sa’ad Abubakar and was part of discussions concerning the House of Representatives’ bribery request.
He also challenged the CBN’s assertion that $26 billion had flowed through Binance Nigeria within a year, clarifying that the amount represented total trading volume, not money leaving Nigeria.
Gambaryan accused Ribadu of abusing his office, which reportedly led to diplomatic tensions between Nigeria and the United States. He alleged that Ribadu’s actions resulted in the U.S. limiting visas for Nigeria’s delegation to the United Nations General Assembly (UNGA) and president Joe Biden refusing to meet with President Bola Ahmed Tinubu until Gambaryan’s case was addressed.
Furthermore, Gambaryan claimed that Nigerian authorities misrepresented his detention by informing the U.S. Embassy and the British High Commission that he and Nadeem Anjarwalla, Binance’s Africa manager, were voluntarily participating in strategic discussions rather than being held in custody.
Following mounting diplomatic pressure from the U.S., Gambaryan was eventually released in October 2024.
Prior to his release, he granted an exclusive interview to Andy Greenberg of Wired, detailing his ordeal and interactions with Nigerian officials. As investigations continue, these allegations have sparked debates over corruption, regulatory transparency, and Nigeria’s handling of cryptocurrency businesses.
