An Abuja Federal High Court on Friday dismissed a bail application filed by detained Binance executive Tigran Gambaryan.
In his ruling, Justice Emeka Nwite determined that, based on the affidavit evidence presented, Gambaryan would likely jump bail if the application were granted.
“I have carefully considered the affidavit evidence before me and I believe that the applicant will jump bail if granted bail,” Justice Nwite declared.
However, the judge ordered an accelerated hearing of the trial.
The News Agency of Nigeria (NAN) reports that Justice Nwite had, on April 23, scheduled Friday for the ruling after counsel for the EFCC, Ekele Iheanacho, and Gambaryan’s lawyer, Mark Mordi, SAN, presented their arguments for and against the bail plea.
Justice Nwite had ordered Gambaryan’s remand in Kuje Correctional Centre after he pleaded not guilty to money laundering charges brought by the EFCC.
The EFCC accused Binance Holdings Limited, Gambaryan, and another agent, Nadeem Anjarwalla, of conspiring to conceal the origin of financial proceeds from alleged unlawful activities in Nigeria, including $35,400,000.
They were charged with offences contrary to Section 21 (a) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022, among others.
Anjarwalla escaped custody on March 22 and fled Nigeria for Kenya.
Mordi, representing Gambaryan, filed an application seeking his client’s release on bail pending the hearing and determination of the substantive case.
In the previous hearing, Mordi argued that the EFCC had not provided credible evidence to oppose the bail application, asserting that the allegation that Gambaryan was planning to escape like his colleague was false.
“There is no exhibit or document displaying EFCC’s credible intelligence,” Mordi stated.
However, the EFCC lawyer, Iheanacho, disagreed. He argued that granting bail to Gambaryan would be a grave risk because he had no attachment to any community in Nigeria and lacked a competent person to stand as his surety.
Iheanacho contended that Gambaryan had attempted to apply for a new United States passport while in detention, despite his international passport being seized by the Nigerian authorities. He emphasized that Gambaryan was a flight risk and would likely jump bail like his colleague.
The EFCC lawyer maintained that the commission had credible evidence of Gambaryan’s escape plans, based on the deposition in their counter-affidavit from a member of the investigative team.
Iheanacho urged the court to dismiss the bail application or, alternatively, return Gambaryan to EFCC custody if bail was granted.