A Federal High Court in Abuja has rejected the fresh bail application by detained Binance executive Tigran Gambaryan.
Justice Emeka Nwite made the decision during his ruling on October 11, 2024.
On September 4, 2024, the Federal High Court in Abuja heard arguments regarding Gambaryan’s new bail application between his lawyer, Mark Mordi, SAN, and counsel for the Economic and Financial Crimes Commission (EFCC), Ekele Iheanacho.
What Transpired at Last Proceedings
Nairametrics previously reported that a medical report (an exhibit before the court) from the State House Annex Clinic in Asokoro, Abuja, alleges that detained Binance executive Tigran Gambaryan refused prescribed medications and food when attended to by a neurosurgeon in July 2024.
The EFCC countered health claims made by the family and legal team of the detained executive, who is facing money laundering charges in Nigeria.
Despite the family’s insistence that Gambaryan “can no longer walk” due to a health condition involving a disk issue, the EFCC contested these claims.
Mark Mordi, SAN, applied for the court to admit the defendant to bail on liberal terms, or alternatively, to admit him to bail for six weeks on the basis of ill health.
He argued that the EFCC purportedly denied the defendant has a serious health issue, but exhibits, including the medical reports, show he needs medical care, citing strongly recommended surgery for his client.
He submitted that the defendant’s health challenges cannot be adequately managed in Nigeria.
On the part of Ekele Iheanacho, he urged the court to dismiss the fresh bail application, stating that Gambaryan had filed an appeal against the first bail request that was rejected by the court.
He explained that the National Security Adviser wrote to the Correctional Services requesting the defendant’s medical records.
He added that a response from the Correctional Center was received by the NSA on August 29, 2024, along with a report from Nizamiye Hospital, among others.
The judge adjourned until today for ruling.
What the Judge Said
On Friday, Nwite held that it is not in dispute that Gambaryan’s first bail application, which concerns health, has been appealed.
Nwite stated that the current bail application amounts to an abuse of court process because Gambaryan has a pending appeal against the refusal of the first bail.
He added that there are no new facts in the fresh bail application regarding medical care, as the EFCC has shown that Nigerian authorities and hospitals are capable of treating Gambaryan.
He said that since an appeal has been filed, a lawyer is restrained from re-litigating, especially having not withdrawn that appeal.
“On this leg alone, this bail application is bound to fail,” he said.
Furthermore, Nwite, relying on the medical records before him, noted that renowned Nigerian medical experts are already managing Gambaryan’s health.
However, the court ordered the Nigerian Correctional Service to refer Gambaryan to any standard hospital in Abuja under security supervision.
More Insight
A director from the Securities and Exchange Commission (SEC) informed the court that the Binance platform became a reference point for determining Nigeria’s exchange rate. The SEC is a Federal Government agency responsible for registering all capital market stakeholders, instruments to be traded on the market, and all trading platforms. Additionally, the SEC makes rules and regulations for the capital market, conducts investigations, enforces compliance, and monitors the market.
Nairametrics reports that a popular method of buying and selling crypto is through peer-to-peer (P2P) transactions. In a P2P transaction, the seller and buyer are connected in what can be likened to a marketplace.
Binance and its executives are facing two separate suits from the Federal Inland Revenue Service (FIRS) and the EFCC; the former is related to tax evasion, and the latter to money laundering and foreign exchange violations.
FIRS has discharged the executives from its case, isolating Binance.
Nairametrics recalls that the executives also instituted a fundamental rights case against agencies of the Nigerian government, citing a violation of their constitutional right to liberty.
On February 28, Nigerian authorities detained two senior Binance executives: Nadeem Anjarwalla, a 37-year-old British-Kenyan who serves as the regional manager for Africa, and Tigran Gambaryan, a 39-year-old American who is the head of financial crime compliance at Binance.
However, Gambaryan’s family has raised alarms about his health while urging the EFCC to release him and pursue its case against Binance.