Nigerian Lawmakers Deny Bribery Allegations as Binance Official Accuses Them of $150 Million Demand
A fresh scandal has rocked Nigeria’s political landscape as Tigran Gambaryan, head of financial crime at cryptocurrency firm Binance, accused members of the House of Representatives of demanding a $150 million bribe to halt an ongoing probe into the company’s operations. The lawmakers, however, have vehemently denied the allegations, setting the stage for a high-stakes legal and political battle
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The Allegations
In a post on Friday, Gambaryan alleged that during a meeting in Abuja, some lawmakers demanded a $150 million bribe in exchange for dropping the investigation into Binance’s activities in Nigeria. He specifically named Philip Agbese, Peter Ankpanke, and another individual he could not identify, later revealed to be Peter Anakwe. Gambaryan also implicated Ginger Onwusibe, chairman of the House Committee on Financial Crimes, and the National Security Adviser (NSA), Nuhu Ribadu.
The allegations have sparked widespread outrage, with many Nigerians expressing concern over the integrity of the country’s legislative and anti-corruption institutions.
Lawmakers’ Response
The accused lawmakers have denied the allegations, with Philip Agbese and Ginger Onwusibe leading the charge to clear their names.
Philip Agbese, in a detailed statement, acknowledged attending a meeting with Binance representatives but denied any involvement in bribery. He explained that he is not a member of the Financial Crimes Committee and had only stopped by the office of his colleague, Peter Ankpanke, where the meeting was taking place. Agbese claimed he briefly inquired about Binance’s operations before leaving and had no further interactions with the company’s executives.
Agbese threatened legal action against Gambaryan, demanding that he provide evidence to substantiate his claims or issue a retraction and apology within seven days. “I never saw those visitors again after that chance meeting and did not subsequently attend any meetings with Binance executives,” Agbese stated.
Ginger Onwusibe, chairman of the Financial Crimes Committee, also denied the allegations, revealing that he had already taken legal action against Binance. He provided a copy of a lawsuit dated January 14, 2025, seeking to dismiss an ex parte order and writ of summons against Binance for lack of jurisdiction.
Background of the Binance-Nigeria Conflict
The allegations come amid a protracted legal battle between Binance and Nigerian authorities. The conflict began in early 2024 when the Nigerian government accused Binance of manipulating foreign exchange rates, leading to the detention of Gambaryan and another Binance executive, Nadeem Anjarwalla, in February 2024. While Anjarwalla later escaped custody, Gambaryan remained detained for several months.
The Economic and Financial Crimes Commission (EFCC) and the Federal Inland Revenue Service (FIRS) charged Binance and its executives with tax evasion, money laundering, and forex violations. Gambaryan’s legal team argued that he was merely an employee without decision-making authority at Binance.
In October 2024, the Federal High Court in Abuja dropped the money laundering charges against Gambaryan, and he was subsequently released. However, he has since sued the Nigerian government, seeking compensation for what he described as unlawful detention and the distress caused to him and his family.
A Critical Perspective
The bribery allegations, if proven true, would represent a significant blow to Nigeria’s anti-corruption efforts and further erode public trust in the country’s political institutions. However, the lawmakers’ swift denials and threats of legal action suggest that the truth may be more complex than it appears.
Several questions remain unanswered:
Why did Gambaryan wait until now to make these allegations, months after his release?
What evidence does he have to support his claims, and will it stand up in court?
How will this scandal impact the ongoing probe into Binance’s operations in Nigeria?
The involvement of high-profile figures such as the National Security Adviser adds another layer of complexity to the case. While the NSA’s office has yet to comment on the allegations, its role in the Binance investigation raises questions about the intersection of national security and financial regulation.
The Bigger Picture
This scandal highlights the challenges of regulating cryptocurrency in a rapidly evolving digital economy. Binance, one of the world’s largest crypto platforms, has faced scrutiny in multiple countries over its operations. In Nigeria, the government’s crackdown on Binance reflects broader concerns about the impact of cryptocurrency on the country’s financial stability and foreign exchange market.
However, the allegations of bribery also underscore the need for greater transparency and accountability in Nigeria’s legislative and anti-corruption processes. If lawmakers are found to have solicited bribes, it would undermine the credibility of the ongoing probe and reinforce perceptions of widespread corruption in the country.
As the allegations and counter-allegations unfold, the Binance-Nigeria saga has become a litmus test for the country’s commitment to the rule of law and anti-corruption. The lawmakers’ denials and threats of legal action suggest that this case is far from over.
For now, the public is left to weigh the credibility of Gambaryan’s claims against the lawmakers’ vehement denials. One thing is clear: this scandal has further exposed the fragility of Nigeria’s political and legal systems, and the urgent need for reforms to restore public trust.
Reference
Nigerian Lawmakers Deny Bribery Allegations as Binance Official Accuses Them of $150 Million Demand