A federal high court in Abuja has denied bail to Tigran Gambaryan, a cryptocurrency executive at Binance Holdings Limited.
The sitting judge, Emeka Nwite, determined that Gambaryan is “likely to jump bail if granted.”
The corporation and its executives were charged with five counts of money laundering.
The defendants pleaded not guilty to the charges.
Mark Mordi, the defence attorney, moved a motion. He argued that the court had the authority to grant bail to the prisoner and impose conditions to ensure his appearance in court.
However, the prosecution attorney, Ekele Iheanacho, rejected the bail application. He claimed that the Gambaryan posed a flight risk.
The lawyer said:
“The defendant attempted to obtain a new passport, which he claimed was stolen, and this was a suspicious act given the proximity to his colleague’s escape from custody.”
“We cannot risk granting him bail, especially since he is not attached 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 because the defendant is not only an American citizen but also an Armenian citizen by birth.
“We are urging the honourable court to refuse the application and instead remand him in EFCC custody to ensure his safety and prevent potential flight risk.”
Delivering the decision, the court stated that various elements, including the nature and severity of the offence, must be weighed when determining whether or not bail should be granted to the applicant.
Nwite stated, based on the prosecution’s depositions, that,
“if bail is granted to the applicant, I believe he will jump bail.”
The judge ordered that the trial be accelerated.
Following the ruling, the Economic and Financial Crimes Commission (EFCC) called its first witness, an SEC staff member.
On February 28, Gambaryan and Nadeem Anjarwalla, Binance’s regional manager for Africa, were detained by Nigerian authorities.
Although Anjarwalla has escaped from the office of the national security adviser (ONSA), Gambaryan and Binance are facing tax evasion and money laundering charges.
