News
Crypto Firm Breaks Silence On Binance Executive
Published
1 year agoon
By
Editor
Binance has said that its employee, Tigran Gambaryan, who is currently held in Nigeria, is not part of the company’s management team.
The crypto exchange giant clarified that Gambaryan, an American, only serves as a law enforcement officer and does not have the power to make decisions.
The company disclosed this in a statement sent to The PUNCH on Wednesday.
In February, Gambaryan and his colleague, Nadeem Anjarwalla from Binance Holdings Limited, were arrested in Nigeria on suspicion of involvement in money laundering activities.
Among other charges, the firm and the two employees were charged last Thursday for $35,400,000 money laundering at the Federal High Court, Abuja.
While Gambaryan remains in custody, Anjarwalla escaped and fled the country.
READ ALSO: Court Detains Nigerian Suspected ISIS Member For 60 Days
Despite inquiries by The PUNCH regarding Anjarwalla’s whereabouts, Binance has yet to respond.
Part of Binance’s statement reads, “Tigran is a strict law enforcement professional and is not part of Binance management. While he has left the official service of the U.S. government, he has remained fully committed to the role of law enforcement officer ever since, operating as a global advocate for good governance and transparent regulatory financial practices.
“Binance respectfully requests that Tigran Gambaryan, who has no decision-making power in the company, is not held responsible while current discussions are ongoing between Binance and Nigerian government officials.”
The exchange explained that Gambaryan was hired in 2021 to help Binance fix past compliance issues.
Binance stated that as the head of Binance’s Financial Crime Compliance team, Gambaryan has been a strong advocate for the company to develop policies and build compliance capabilities that set new industry standards.
READ ALSO: Detained Binance Executive Drags EFCC, NSA To Court
“In 2022 and 2023, Tigran’s Financial Crime Compliance team assisted global law enforcement in freezing and seizing more than $2.2b worth of assets, including more than $285m in cooperation with United States agencies like the FBI, DOJ, DEA, and others,” it said.
According to Binance, Gambaryan and his team provided multiple training sessions for Nigerian crime fighters on the role of exchanges in the digital-asset ecosystem.
“This included a three-hour online workshop for 70 Nigerian EFCC officials in mid-2023 and, late last year, two full-day sessions for EFCC officials in Abuja and Lagos, with more than 30 investigators attending each of them,” the company noted.
The Economic and Financial Crimes Commission will arraign Binance Holdings Limited, Gambaryan, and Anjarwalla on Thursday on charges of $35,400,000 money laundering.
READ ALSO: Anambra Court Jails Two For Vandalising Electricity Cables
The EFCC, having fully taken over the case from the Office of the National Security Adviser, has detained Gambaryan and obtained a court warrant to arrest and extradite Anjarwalla, who escaped custody.
On Monday last week, the Federal Government contacted INTERPOL and issued an arrest warrant for Anjarwalla’s arrest.
The PUNCH reported earlier that the EFCC is now partnering with the International Criminal Police Organisation, the United States Federal Bureau of Investigation, the government of the United Kingdom and Northern Ireland, and the Kenyan government to effect the arrest and extradition of Anjarwalla.
The Financial Times reported on February 28, 2024, that two executives of the company were arrested and detained after flying into the country following a ban on their website.
On March 12, 2024, the FT reported that the EFCC asked Binance to provide data on its top 100 users in Nigeria as well as all transaction history for the past six months.
This request is currently being negotiated between Binance and Nigeria.
PUNCH
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News
FG Predicts Heavy Rainfall, Flood In Seven States
Published
5 hours agoon
August 23, 2025By
Editor
The Federal Ministry of Environment on Saturday predicted possible flooding in seven states and 25 locations across Nigeria.
The ministry, in its flood alert warned that heavy rainfall expected between August 23 and 24 could lead to flooding in the listed areas.
The alert was signed by the Director of the Erosion, Flood and Coastal Zone Management Department, Usman Bokani.
He further directed residents of communities along the flood plain from Jebba to Lokoja to evacuate immediately as the River Niger’s water level continues to rise.
READ ALSO:NiMet Predicts 3-day Thunderstorms, Rains
“Due to the rise in the water level of River Niger, communities on the flood plain from Jebba to Lokoja are advised to evacuate,” he said.
The states and communities expected to be affected include Benue State (Abinsi, Agyo, Gbajimba, Gogo, Makurdi, Mbapa, Otobi, Otukpo, Udoma, Ukpiam); Borno State (Briyel, Dikwa, MaiduKamba; Gombe State (Bajoga, Dogon Ruwa, Gombe, Nafada); Kebbi State (Gwandu, Jega, Kamba); Nasarawa State (Agima, Keana, Keffi, Odogbo, Rukubi); Niger State (Lapai); and Yobe State (Gashua, Gasma, Potiskum).
On Friday, the National Emergency Management Agency urged residents in high-risk flood plains to evacuate to safer and higher grounds.
READ ALSO:Again, NiMet Predicts Three-day Thunderstorms, Rain From Saturday
The states at high risk according to the agency are Kebbi, Niger, Kwara states that share borders with Benin Republic.
This was disclosed in a press statement signed by the agency’s Head of Press Unit, Manzo Ezekiel.
The Director General of NEMA, Mrs. Zubaida Umar, also directed all NEMA offices covering communities along the River Niger to intensify advocacy and mobilization for flood preparedness following alerts of rising water levels in the upstream of the river in the Republic of Benin.
READ ALSO:NiMet Predicts 3-day Rains, Thunderstorms Across Nigeria From Sunday
“In an urgent directive conveyed to the operations offices, Mrs. Zubaida Umar instructed them to sensitize communities to remain vigilant and advise residents in high-risk flood plains to evacuate to safer, higher grounds, especially those in Kebbi, Niger and Kwara states that share borders with Benin Republic.
“She further urged the State Governments of the identified high-risk areas to support their Emergency Management Agencies (SEMAs) and Local Emergency Management Committees (LEMCs) in activating contingency plans and preparedness measures to mitigate the potential impact of this year’s flooding.
“The Director General reaffirmed NEMA’s commitment to ensuring coordinated actions to safeguard lives and livelihoods along the River Niger,” the statement noted.
News
‘Court Of Corruption’ — Obasanjo Knocks INEC Chairman, Judiciary In New Book
Published
6 hours agoon
August 23, 2025By
Editor
Former President Olusegun Obasanjo has criticised the Nigerian judiciary, saying it has been “deeply compromised” and that corruption among judges has turned courts into “a court of corruption rather than a court of justice.”
In his new book, Nigeria: Past and Future, Obasanjo laments the steady decline of the Nigerian judiciary’s integrity, warning that justice has become commodified in Nigeria.
“The reputation of the Nigerian judiciary has steadily gone down from the four eras up till today. The rapidity of the precipitous fall, particularly in the Fourth Republic, is lamentable,” Obasanjo wrote.
He expressed concern that the judiciary’s decline poses a significant threat to the nation’s stability.
READ ALSO:EFCC Raids Obasanjo’s Hotel, Arrests Suspected Internet Fraudsters At Pool Party
Obasanjo recounted an incident where a governor showed him six duplex buildings belonging to a judge who allegedly acquired them from money made as chairman of election tribunals. This anecdote, he said, illustrates the depth of corruption in the judiciary.
The former president also accused Mahmood Yakubu, INEC chairman, of undermining the electoral process since 2015.
“No wonder politicians do not put much confidence in an election which the INEC of Professor Mahmood Yakubu polluted and grossly undermined to make a charade,” he said.
Obasanjo further alleged that politicians believe the outcome of election disputes depends on the will of tribunal judges, court of appeal judges, and supreme court judges.
READ ALSO:Obasanjo Blames Loss Of Values For Democracy’s Failure In Africa
“No matter what the will of the people may be, the Chairman of INEC since after the 2015 election had made his will greater and more important than the will of the people,” he added.
Moreover, Obasanjo directly accused the late former President Muhammadu Buhari of colluding with the judiciary during his election cases.
“Buhari threw caution to the wind, no matter what had transpired between him and the judges who did his bidding. In his election cases, financially, he topped it up with appointments for them no matter their age and their ranks,” Obasanjo alleged.
The former president concluded that the current state of the judiciary and electoral system in Nigeria is alarming, saying, “After a false declaration of results, making losers winners and winners losers, the victim of the cheating is advised to go to court, which is a court of corruption rather than a court of justice.“

Lagos State Governor, Sanwo-Olu, on Saturday inaugurated a state-of-the-art leather processing and manufacturing hub in Mushin, projected to create 10,000 direct jobs and generate over $250 million in annual export turnover when fully operational.
In a press release sent to PUNCH Online, the governor said the facility was formally inaugurated on Saturday by the First Lady, Senator Oluremi Tinubu, during her three-day official visit to Lagos.
He added that the hub was named in her honour to recognise her grassroots initiatives in social investment and economic empowerment, with 70 per cent of its employment slots reserved for women and youths.
The hub is equipped with modern machinery to support Nano, Micro, Small, and Medium Enterprises (NMSMEs), enabling mass production of shoes, bags, belts, packaging materials, and other leather products.
READ ALSO:I Will Snub Gov Sanwo-Olu Again – Mr Macaroni
It is designed to ease production bottlenecks, scale operations, and position Lagos as the leather logistics capital of West Africa.
Speaking at the inauguration, Tinubu described the hub as a “trailblazing project” aligned with President Bola Tinubu’s Renewed Hope Agenda to diversify Nigeria’s economy through industrialisation, manufacturing, and innovation.
The Lagos State Leather Hub in Mushin, formally commissioned by the First Lady of Nigeria, Senator Oluremi Tinubu, on Saturday, 23 August 2025.
“Leatherwork is a traditional craft that has stood the test of time. This facility will empower artisans, scale up leather goods production, and enable them to compete confidently in both local and international markets,” she said, urging entrepreneurs to dedicate themselves to excellence and continuous learning.
Sanwo-Olu said the project would provide training and start-up support to over 150,000 artisans, boost the local economy, attract investments, and strengthen trade links with fashion districts, e-commerce platforms, and future rail services.
READ ALSO:Sanwo-Olu Unveils Bus Terminal, Slashes Red Line Fares By 30%
“Hides and skins that once left our shores unprocessed will now be transformed here in Lagos into world-class footwear, garments, and accessories proudly stamped ‘Made in Lagos, Made in Nigeria’,” the governor said.
He pledged to expand the facility through transparent regulation and continuous infrastructure upgrades, adding: “True dividends of democracy are best felt when they reach the cobbler in Mushin, the tanner in Oko-Oba, and the young fashion designer in Yaba.”
Commissioner for Wealth Creation and Employment, Akinyemi Ajigbotafe, said the hub would lower production costs and raise quality standards, positioning Lagos-made leather products for dominance in both local and export markets.
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