Binance Tigran Gambaryan Alleges Nuhu Ribadu “wanted billions in payouts to fund his future political ambition”

In January 2024, the crypto world was rocked by an unexpected turn of events: Tigran Gambaryan, the Binance anti-money laundering expert, was detained in Nigeria under questionable circumstances. His detention, shrouded in controversy, involved a mix of shady dealings, international tensions, and the figure of Nuhu Ribadu, Nigeria’s National Security Adviser. Three hours ago, Tigran Gambaryan shed more light on his detention in Nigeria in a lengthy post on X, titled “Some Unknown Facts”. (A great detail had been shared in pieces on the subject in Wired and NPR).

This Big Read will walk you through Gambaryan’s account of what really went down during his eight months in Nigerian custody, and how Ribadu’s political ambitions and a series of corrupt practices played a central role in a diplomatic crisis that ensued.

Some Unknown Facts- As Revealed by Tigran Gambaryan

When Gambaryan and his colleagues were summoned to Nigeria in early January 2024, they had no idea they would soon become pawns in a much larger game of politics, power and potential corruption. The journey began innocently enough with a meeting scheduled with the House of Representatives. But things quickly took a dark turn. On Friday, January 5, Gambaryan recounts a surreal pre-meeting with the Department of State Services (DSS), where they were subtly told to comply with the instructions that would soon come from the House members.

The meeting itself felt off from the start. Three House members were present: Peter Akpanke, Philip Agbese, and a third, unnamed member. Gambaryan describes the scene: “They set up fake cameras and media to make the meeting appear official, but the cameras weren’t even plugged in.” It was clear this was no ordinary session; this was a staged performance. And the shocking demand came soon after. Gambaryan recalls that the members, after their theatrical display, openly requested a $150 million bribe—paid in cryptocurrency into their personal wallets. “A Mickey Mouse operation at its best,” Gambaryan said, clearly disillusioned by what followed.

Nuhu Ribadu’s Alleged Role in the Scheme

Enter Nuhu Ribadu, Nigeria’s National Security Adviser, who was supposed to be part of a legitimate governmental operation. Gambaryan notes that Ribadu invited them to an official meeting, supposedly to discuss matters with the National Security Adviser, the head of Nigeria’s Securities and Exchange Commission, and the Central Bank of Nigeria’s governor. The meeting was framed as a high-level discussion, but the underlying motive was far from innocent. In fact, Gambaryan suggests Ribadu was playing a double game. His goal, according to the Binance executive, was to secure billions in payouts for his political ambitions.

However, when the corruption allegations surfaced, Ribadu found himself caught in a trap. Any settlement now would have been perceived as a bribe, and his future political aspirations took a significant hit. Gambaryan believes Ribadu had overestimated his influence, assuming that he could navigate this situation smoothly. Instead, the affair became a PR disaster, attracting the attention of the global community.

The $26 Billion Myth Gambaryan Says Nigerian Government Agencies Created

As the investigation progressed, Nigerian authorities pushed an alarming narrative about $26 billion supposedly leaving Nigeria, a sum that Gambaryan clarifies was entirely fabricated. “This figure was just cumulative trade data,” he explains. “People buying and selling crypto—it didn’t mean money was leaving the country.” The claim, he insists, was an attempt to cover up the flaws in the investigation and shift the blame onto Binance. It was a classic case of a botched inquiry being turned into a scapegoat situation.

The misinformation didn’t stop there. Gambaryan also highlights a gross misrepresentation of events, particularly regarding his colleague Nadeem Anjarwalla. While Nigerian authorities initially claimed Nadeem escaped during mosque prayers, Gambaryan reveals that the truth was more complicated. Nadeem had returned to Nigeria, only to escape afterward. The circumstances surrounding his flight remain unclear, though Gambaryan speculates that someone may have been bribed. But Gambaryan isn’t shy to call out Nigerian law enforcement for their failures. He points to several basic errors, including the failure to check passports for visas, neglecting to coordinate with immigration, and mismanaging the entire situation.

The Fall of Diplomatic Relations

The stakes soon escalated beyond the borders of Nigeria. Gambaryan describes how the Nigerian authorities attempted to involve Interpol in the case, a move that he dismisses as laughable. “Extradition is a lengthy legal process, and no rational judge would ever approve an extradition request under these circumstances,” he explains. Gambaryan’s situation was complicated further by the authorities’ attempts to pressure the U.S. Embassy and the British High Commission with false claims that he and his colleagues were participating in strategic talks voluntarily. It was yet another attempt to cover up the reality of their detention.

But perhaps the most damaging consequence of the affair came in the form of a diplomatic fallout. Gambaryan claims that Ribadu’s actions led to a strained relationship between Nigeria and the U.S. “Ribadu overstepped his authority,” Gambaryan says, revealing that the situation angered the White House. The U.S. government limited visas to the Nigerian delegation at the United Nations General Assembly, and President Biden refused to meet with President Tinubu until Gambaryan’s case was resolved.

A Failed Negotiation

As tensions reached a boiling point according to Gambaryan, Ribadu sought the help of a U.S. law firm to negotiate Gambaryan’s release. But Gambaryan believes this effort was doomed from the start. “The firm was incompetent and driven by greed,” he laments. The “diplomatic disaster” and Ribadu’s overreach turned what could have been a manageable situation into an international crisis, with Nigeria’s reputation hanging in the balance. At one point, Gambaryan referred to Ribadu as an ‘asshole,’ emphasizing the deep animosity he feels towards Nigeria’s National Security Adviser.

The Aftermath: A Lesson in Power and Corruption?

Reflecting on his ordeal, Gambaryan shares a bittersweet conclusion: “I met amazing people in Nigeria. It’s a shame that these muppets are in charge.” Going by his account, his detention in Nigeria was not just a personal nightmare—it was a cautionary tale about the intersection of power, corruption, and international relations. To Tigran, Ribadu, in his pursuit of political gain, underestimated the global repercussions of his actions, inadvertently exposing his incompetence to the world. He tagged @Nuhu Ribadu, the X account of the National Security Adviser in his lengthy post. The world awaits Mr. Ribadu to give his own account or possibly sue Tigran Gambaryan for defamation.

For more on this gripping story, read the full accounts on Wired and NPR.

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