Court Denies Binance Executive Tigran Gambaryan Bail

Justice Emeka Nwite of the Federal High Court in Abuja has declined to grant bail to an executive of Binance Holdings Limited, Tigran Gambaryan, on the ground of high risk of flight.

Gambaryan and Binance were arraigned on a five-count charge bordering on money laundering. Both pleaded not guilty.

During the bail application, Defense Counsel, Mark Mordi argued for the court’s power to grant bail with conditions to ensure Gambaryan’s court attendance.

However, the Prosecution Counsel, Ekele Iheanacho opposed the application, labeling Gambaryan a flight risk.

Iheanacho stated, “The defendant attempted to obtain a new passport, claiming his old one was stolen, which is suspicious given the recent escape of his colleague.”

He highlighted Gambaryan’s dual citizenship in the United States and Armenia, emphasising that he lacked ties to any community in Nigeria.

“The fact that the passport of the defendant is with the complainant does not guarantee that he will remain in Nigeria,” Iheanacho asserted.

Justice Nwite, considering the nature and severity of the offense, sided with the prosecution.

He ruled, “The applicant will jump bail if bail is
granted to him,” and ordered Gambaryan’s remand in the custody of the Economic and Financial Crimes Commission (EFCC), in ensuring his safety and preventing potential flight.

Following the ruling, the trial was scheduled for accelerated hearing, with the EFCC calling its first witness who is a staff from the Securities and Exchange Commission (SEC).