Abuja court denies Binance executive Tigran Gambaryan bail

An Abuja Federal High Court on Friday dismissed the bail application filed by detained Binance executive Tigran Gambaryan.

Justice Emeka Nwite ruled that Gambaryan was likely to jump bail based on the affidavit evidence presented.

I have carefully considered the affidavit evidence before me and I am of the view that the applicant will jump bail if granted bail,” Justice Nwite declared.

However, the judge ordered an accelerated hearing in the trial. Gambaryan had been remanded in Kuje Correctional Centre after pleading not guilty to money laundering charges filed by the EFCC.

The EFCC accused Binance Holdings Limited, Gambaryan, and another agent, Nadeem Anjarwalla, of concealing financial proceeds from alleged unlawful activities in Nigeria, totalling $35.4 million.

Anjarwalla escaped custody in March and fled to Kenya. Gambaryan’s lawyer, Mark Mordi, SAN, argued for his client’s release on bail, claiming the EFCC lacked credible evidence against him.

The EFCC countered that Gambaryan was a flight risk, noting he attempted to apply for a new U.S. passport while in detention. The court sided with the EFCC, denying the bail request and maintaining Gambaryan’s remand.