Victor Ezeja
A Federal High Court sitting in Abuja has ordered the Central Bank of Nigeria (CBN) Governor, Dr Olayemi Cardoso, and Head of Legal Services Department to appear on Monday, 2nd September 2024, with documents related to money laundering charge against the crypto exchange platform, Binance.
Binance and two of its executives – head of financial crime compliance Tigan Gambaryan, and the exchange’s British-Kenyan regional manager for Africa, Nadeem Anjarwalla – have been charged in Nigeria with money laundering of about $35 million.
Join our WhatsApp ChannelWhile Anjarwalla escaped from detention and left Nigeria before the trial started, Gambaryan has been in detention at Kuje Correctional Facility.
Gambaryan’s wife, Yuki Gambaryan, recently said that her husband’s health has deteriorated and pleaded with the Nigerian government to drop the charges against the husband and release him on health grounds.
As Nigeria grapple with exchange rate volatility, the authorities had said activities on Binance contributed to the weakening of the currency as cryptocurrency websites became popular platforms by many for trading the naira.
The authorities began a nationwide crackdown on crypto exchanges that were deemed to have contributed to projecting a black market exchange rate on the platforms, thereby affecting the value of the naira.
READ ALSO: Binance Executive, Tigram Gambaryan Seeks Compensation For Prolonged Detention In Nigeria
This forced Binance to announce in March that it would stop all transactions and trading in naira.
Binance was also accused of tax evasion in Nigeria.
In the subpoenas issued to CBN, the governor, or any other officer he may delegate is to appear in court to be presided over by Justice E. Nwite on 2nd September 2024 and every other days of the trial.
According to the summon, the CBN boss or any officer he may delegate is to produce the following documents: “Certified True Copy of the Excel spreadsheet captioned ‘Export Exchange Rate Results’ published on the Central Bank of Nigeria’s website for the period from 1st June 2024 to 16th August 2024.”
The court also issued a separate subpoena to the CBN’s Head, Legal Services Department, which reads: “You or any other officer you may delegate are commanded in the name of the President of the Federal Republic of Nigeria to attend before the Federal High Court, Abuja Judicial Division, presided over by the Honourable Justice E. Nwite, on the 2nd day of September 2024 at the hour of 9 o’clock in the forenoon, and from day to day until the above cause is tried, to bring with you and produce at the time and place mentioned the following documents.”
