Ribadu demanded bribe from Binance to fund political ambition, Gambaryan alleges

Tigran Gambaryan, an executive of Binance Holdings Limited, has alleged that Nuhu Ribadu, national security adviser (NSA), demanded huge sums in bribe money to settle the dispute between the cryptocurrency firm and the federal government.

In a post published on Friday, Gambaryan alleged that Ribadu said “he wanted billions in payouts to fund his future political ambition”.

In 2024, the federal government accused Binance of manipulating FX rates in Nigeria and destroying the country’s economy.

Gambaryan and Nadeem Anjarwalla, Binance regional manager for Africa, were arrested in February 2024 when they visited Nigeria for a meeting with government officials.

Both men were arraigned by the federal government on charges bordering on money laundering and tax evasion.

A month later, Anjarwalla escaped from custody, leaving Gambaryan to face prosecution.

In October 2024, Gambaryan was released after the federal government dropped charges, following the intervention of the US government.

Speaking on his ordeal in Nigeria, the Binance executive said the NSA invited him and Anjarwalla for a meeting after they had met with members of the house of representatives.

He alleged that the NSA hired a US firm to negotiate his release from custody.

“@NuhuRibadu invited us to the official meeting and worked through Sa’ad Abubakar. Another key figure in this situation was Hamma Adama Belloji,” Gambaryan wrote.

“Ogunjobi (EFCC official) was just a pawn; they used him too. This was sold as a friendly meeting with the NSA, the head of the SEC, and the CBN governor and include the discussion of the bribe that was solicited by the house of representatives.

“Ribadu emphasized that he wanted billions in payouts to fund his future political ambition.

“However, when the corruption scandal came to light, he was trapped — because any settlement would now be perceived as a bribe. I guess he really wanted his boss’ job.

“Ribadu even hired a U.S. law firm to negotiate my release, but this failed due to their incompetence and greed.”

He added that Ribadu and federal government officials involved in the case thought they could “secure a quick win” but created an “international embarrassment”.

Zakari Mijinyawa, head of strategic communications at the NSA, did not respond to TheCable’s requests for comments on the allegations.

‘FG REJECTED BINANCE’S $5M BRIBE OFFER’

In a statement issued by Mohammed Idris, minister of information and national orientation, the federal government asked the public to “disregard the falsehoods peddled by Tigran Gambaryan against Nigerian government officials”.

“Mr. Gambaryan was released by the Nigerian government in October 2024 on humanitarian grounds and following a high-level diplomatic intervention that ended with tangible benefits for Nigeria,” the statement reads.

“The government rejected Binance’s offer of a $5 million down payment in exchange for Mr. Gambaryan’s freedom, in favour of a more beneficial settlement with the American government.

“We categorically deny the retaliatory claims made by Mr. Gambaryan against Nigerian officials involved in his case, and we urge the public to disregard these false accusations in their entirety.

“It is essential to note that Mr. Gambaryan’s allegations are not only unsubstantiated but also lack credibility, given his apparent motive to discredit and intimidate those who ensured he faced justice.

“However, we are confident that both the Nigerian and American judicial systems will provide Mr. Gambaryan with a fair opportunity to substantiate his claims in court.

“Until then, we advise the public to exercise caution and not be swayed by Mr. Gambaryan’s unfounded and malicious claims.”

Gambaryan had also alleged that three lawmakers in Nigeria’s house of representatives demanded $150 million bribe from Binance to bury the case.