By Eric Elezuo

The show of shame playing out between the Federal Government of Nigeria and a Binance Executive, Tigran Gambaryan, over allegations of demand for $150 million bribe by certain lawmakers, including financial infractions leveled against the National Security Adviser, Malam Nuhu Ribadu, has become more worrisome.

While the Nigerian government has consistently make clarifications on what exactly transpired between them, the Binance organization has insisted that the Nigerian officials made spurious demands of them to the tune of $150 million.

In the wake of the accusations, the Chairman, House of Representatives Committee on Financial Crimes, Mr. Ginger Obinna Onwusibe, who is among officials named in the financial fraud, has risen stoutly to deny the allegations of bribery made against him by the senior executive of Binance, Gambaryan. describing the claims as false, malicious, and defamatory.

His response follows a statement by Binance’s Head of Financial Crime Compliance, Mr. Gambaryan, who took to social media to accuse the lawmaker and his committee of demanding bribes during an investigative hearing on the company’s activities in Nigeria.

The accusations were also echoed in international publications, including NPR and Wired, painting a picture of Binance executives being subjected to political and legal harassment in Nigeria.

Reacting to these claims, Onwusibe said he initially chose not to respond, as the matter was already before the court. But, given the widespread public reactions and what he described as the “unfair demonization” of his person, his political party, and even his ethnic group, he felt compelled to address the allegations.

Providing a detailed account of events, Onwusibe said that his committee began investigating Binance after receiving a petition from the Empowerment for Unemployed Youth Initiative, a civil society organisation.

“The petition alleged that Binance had engaged in financial and economic crimes that posed a threat to the Nigerian economy. In response, the committee invited Binance’s CEO, Richard Teng, to appear before a public hearing scheduled for January 10, 2024.

”However, before that date, Binance requested a pre-hearing meeting to better understand the allegations against them. Onwusibe explained that the committee agreed to the request and scheduled the meeting for January 8, 2024, at the National Assembly complex,” he said.

The lawmaker said that he was unable to attend due to other official engagements, so he delegated three committee members and a clerk to meet with Binance’s six-member team, which included legal counsel.

According to Onwusibe, the meeting was professional, transparent, and ended on a cordial note, with no demands for bribes.

“Despite agreeing to attend the public hearing, Binance’s CEO, Richard Teng, failed to appear on multiple occasions. Instead, the company sent legal representatives, a move the committee rejected.

The hearing was postponed several times to accommodate Binance’s requests, but neither Teng nor any other senior Binance executive ever attended,” Mr. Onwusibe said.

This, he said, raised serious concerns about Binance’s willingness to cooperate with Nigerian authorities.

As the controversy grew, Onwusibe said he was surprised to discover, through a May 7, 2024, blog post by Richard Teng, that Binance executives were also under investigation by Nigeria’s security agencies, including the Department of State Services (DSS) and the Office of the National Security Adviser (ONSA).

Teng’s post, titled “Tigran Gambaryan is Innocent and Must Be Released”, contained what Onwusibe described as defamatory claims against him.

In response, he instructed his lawyer, Nnamdi U. Nwokocha Ahaaiwe, to demand an apology and damages. Binance, however, refused to retract the statements or offer any compensation.

On September 18, 2024, Onwusibe filed a lawsuit against Binance and Teng at the High Court of the Federal Capital Territory, seeking an apology, a retraction, and $3 billion in damages.

The case, which first came up for hearing on January 22, 2025, is set to continue on February 19.

The lawmaker dismissed the latest allegations by Gambaryan, calling them a desperate attempt by Binance to deflect attention from its own legal troubles.

He emphasised that neither he nor his committee coordinated with Nigerian security agencies in their investigation of Binance.

He also denied allegations that the DSS, ONSA, the Securities and Exchange Commission (SEC), the Central Bank of Nigeria (CBN), the Economic and Financial Crimes Commission (EFCC), or the Nigerian Financial Intelligence Unit (NFIU) were involved in the legislative probe.

Beyond refuting the claims, Onwusibe painted Binance as ” a company with a troubling history of legal infractions in multiple countries”.

He cited the conviction of Binance’s founder and former CEO, Changpeng Zhao, who was sentenced to four months in prison in the United States for financial crimes, including money laundering.

He also pointed to the company’s record fines in the U.S., Canada, India, and Uzbekistan for violating anti-money laundering and financial regulations.

Mr. Onwusibe noted that the backlash from the Nigerian public has been particularly painful.

He lamented that many Nigerians were quick to believe Binance’s version of events without critically examining the facts.

He said the accusations had not only damaged his reputation but had also been used to mock his political party, the Labour Party, and even his Igbo ethnic group.

Despite the attacks, Mr. Onwusibe remains determined to clear his name and vowed to pursue his lawsuit to its logical conclusion and to continue defending the integrity of the Nigerian legislature.

He accused Binance and its executives of attempting to use media blackmail to escape accountability, stating that the company’s actions—including the alleged escape of one of its executives from Nigerian custody—proved that it was acting in bad faith.

As the legal battle continues, Onwusibe insists that his only interest is ensuring that Binance is held accountable for any financial misconduct.

However, the Binance company has insisted that its earlier accusations against the lawmakers stand while replying the lawmakers in an X post.

In his response, Gambaryan insisted that Nigerian officials demanded bribe from him despite the denial.

Gambaryan, who serves as Binance’s head of financial crime compliance, was detained in Nigeria from February to October 2024.

According to the federal government, his arrest was part of a broader investigation into alleged money laundering and economic destabilisation attributed to Binance’s activities in Nigeria.

Recounting his experience in a post on X, Gambaryan alleged that certain Nigerian lawmakers demanded substantial bribes in cryptocurrency. He accused three lawmakers of soliciting a $150 million bribe.

Additionally, he claimed that Nuhu Ribadu, the national security adviser, sought significant payouts from Binance for his political ambition.

In response, Mohammed Idris, Nigeria’s minister of information and national orientation, dismissed Gambaryan’s allegations as “outrageous” and “defamatory”.

Idris said the Nigerian government had rejected a $5 million offer from Binance intended to secure Gambaryan’s release, opting instead for a more favourable settlement with the US government.

He said Gambaryan’s claims lack credibility and appear to be an attempt to discredit Nigerian officials.

Reacting in another statement on his X handle, the Binance official said the federal government used him as leverage to negotiate a beneficial settlement with the US government.

“I was invited by the Nigerian FIU to a meeting in January. Last time I checked, they are part of the Nigerian government. House members also invited us to the meeting. Last time I checked, the legislative branch is also part of the Nigerian government,” he said.

“You said the second part was part of a probe? Lol. So when you invited us to a friendly meeting, you even lied about that?

“I was in a safe house for a month, watching TV, while you were trying to use me as leverage. You then panicked and knowingly charged me with blatantly false accusations.

“So I was released on humanitarian grounds? At least you’re finally admitting the need to release me. Last time you posted, you claimed my health was fine and that there was nothing wrong with me.

“You investigated? Yet you didn’t take a statement from me?  A person with direct knowledge. What a joke.

“You dragged my name through the mud for the past year with zero evidence against me, nearly killed me, and caused trauma to my family. And now you have the nerve to talk about defamation?

“I’ll put my credibility on the line anytime. In court? You mean like last time, when your attorneys didn’t even show up to the human rights suit in Abuja?

“Get your facts straight. I am done with this foolishness. I said my part. I’ll be off Twitter now since it’s pointless to argue with evil.”

Source NAN, TheCable