The Nigerian government has strongly refuted accusations that it sought a $150 million bribe from executives of Binance, the world’s leading cryptocurrency exchange. This update was issued through a statement by Rabiu Ibrahim, Special Assistant to the Minister of Information and National Orientation, Mohammed Idris.

The allegations surfaced after Binance’s CEO, Richard Teng, claimed that unidentified Nigerian officials demanded a substantial sum in cryptocurrency to drop criminal charges against two of Binance’s executives, Tigran Gambaryan and Nadeem Anjarwalla. These allegations come amid ongoing trials for the executives, who were detained on February 28, 2024.

Rabiu Ibrahim dismissed the accusations as baseless and an attempt to tarnish the Nigerian government’s reputation. He suggested that these claims were part of a concerted effort by Binance to deflect from its legal issues within Nigeria.

Binance CEO, Richard Teng

“In a blog post circulated by international media, Richard Teng has made unfounded allegations of bribery against unnamed Nigerian officials, alleging they demanded $150m in cryptocurrency to halt an ongoing criminal investigation into Binance. This claim lacks credibility and appears to be a calculated attempt to undermine the Nigerian government,”

Ibrahim stated.

He emphasised that the ongoing investigations into Binance relate to serious offences, including money laundering, terrorism financing, and manipulation of foreign exchange through illegal trades. The government insists that the resolution of these allegations must come through legal channels and not through media manipulation or corrupt practices.

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“The Nigerian government maintains its stance against corruption and will not be swayed by baseless allegations. The appropriate course for Binance is to cooperate fully with the investigative processes and adhere to the judicial system rather than resorting to media-driven accusations,”

Ibrahim explained.

Further complicating matters for Binance in Nigeria, two of its executives were apprehended earlier in February. Gambaryan, an American and the Head of Financial Crime Compliance, and Anjarwalla, a British Kenyan and the Regional Manager for Africa, faced charges including tax evasion and money laundering. Following a brief escape by Anjarwalla in March, rumours of his capture by Interpol circulated, though confirmation remains elusive.

The situation escalated when Teng disclosed in a blog post that Nigerian authorities were allegedly demanding a hefty bribe to dismiss the legal proceedings against the detained executives. According to Teng, failed negotiations led directly to the accusations currently faced by the Binance executives.

The Nigerian government continues to assert its commitment to uphold its laws and international standards without yielding to external pressures or allegations of misconduct.