Court orders Binance executive to remain in Kuje Prison throughout trial

A Federal High Court in Abuja on Friday rejected a bail request by Tigran Gambaryan, a top official of Binance Holdings Limited.

Emeka Nwite, the trial judge, said Gambaryan poses “a flight risk” if granted bail in the money laundering charges filed against him and his cryptocurrency firm by the Nigerian government.

The court’s decision came about two months after Gambaryan’s colleague, Nadeem Anjarwalla reportedly escaped from a pre-trial custody in Abuja in March.

In his ruling, Nwite said the nature of the alleged offence and its severity must be weighed when determining Gambaryan’s bail application.

The defendant will therefore remain in detention throughout his trial, except if Friday’s ruling is overturned on appeal.

“I am of the view that the applicant will jump bail if bail is granted to him,” the judge said before ordering an accelerated hearing of the case.

Following the order, the prosecuting agency, the Economic and Financial Crimes Commission (EFCC), opened its case, calling its first witness, a staff member of the Securities and Exchange Commission, to the witness box to testify.