Inside Deal: What Nigeria Benefited From Releasing Binance Executive, Tigran Gambaryan To US

New details have surfaced regarding the agreement between Nigeria and the United States (US) that led to the release of Tigran Gambaryan, the Binance executive previously detained in Nigeria.

Following Nigeria’s decision to halt negotiations with Binance over Gambaryan’s release, the US government intensified diplomatic efforts to resolve the matter. On September 30, 2024, US National Security Adviser Jake Sullivan placed a call to his Nigerian counterpart, Nuhu Ribadu. While the specifics of their conversation remain undisclosed, sources familiar with the discussions noted that the US softened its stance, shifting from an initially rigid approach.

Before this, officials involved in the negotiations stated that Binance’s lawyers and US representatives had taken a condescending approach, implying that US laws should take precedence over Nigeria’s. However, three days after the Sullivan-Ribadu call, US Ambassador to Nigeria, Richard Mills Jr., reached out to Ribadu’s office, signaling Washington’s readiness to advance negotiations.

Nigeria’s Demands for Gambaryan’s Release

Prior to the breakthrough in talks, Nigeria had set strict conditions for Gambaryan’s release on humanitarian grounds, but the US had been reluctant to comply. These conditions included:

1. Diplomatic Framing of the Release: Nigeria insisted that the release be officially portrayed as a diplomatic gesture to the US, ensuring that Gambaryan would be handed over only to US officials, not Binance.

2. US Cooperation in Nigeria’s Crackdown on Binance: Nigeria demanded full law enforcement cooperation from the US, including technical assistance and the involvement of specific officials from the US Department of Justice in Nigeria’s Binance investigation.

3. Repatriation of Seized Assets Worth $380 Million: Nigeria sought accelerated action to reclaim funds confiscated by the US, including:

• $6 million linked to Ara Garabed Dolarian, seized in connection with an arms procurement deal by former NSA Sambo Dasuki.
• $53 million tied to Diezani Alison-Madueke and Jide Aluko, forfeited due to corruption-related cases.
• $150 million in Sani Abacha-linked assets, frozen in France since 2012 following a US-initiated request.
• 140-160 million Euros, confiscated from the family of a former Nigerian governor.

4. Official Request from the US Government: Nigeria insisted that Washington formally request Gambaryan’s release in writing, with copies sent to President Bola Tinubu, the National Security Adviser, the Minister of Foreign Affairs, and the Attorney General of the Federation. Additionally, Nigeria emphasized that the release of Gambaryan would not halt its ongoing probe into Binance and its officials.

Following these demands, Ambassador Mills quickly relayed the conditions to Washington, and within days, a formal response arrived in Abuja. Once the agreements were finalized, Nigerian prosecutors withdrew the charges against Gambaryan, leading to his release and departure on October 23, 2024.

What Nigeria Gained from the Deal

Four months after Gambaryan’s release, Nigeria has started reaping significant benefits from the agreement. Key developments include:

1. US-Nigeria Bilateral Liaison Group on Illicit Finance and Cryptocurrencies:

• On the same day Gambaryan was released, the US embassy in Nigeria announced the launch of a joint task force to combat cybercrime, illicit financial activities, and digital fraud.
• The US Department of Justice is now providing technical assistance to Nigeria’s law enforcement agencies for cybercrime investigations and prosecutions.

2. Repatriation of Seized Funds to Nigeria:

• December 23, 2024: A US District Court in Eastern California ordered the release of $6.02 million in arms funds seized over a decade ago from an unlicensed arms broker.
• The US government had previously resisted Nigeria’s claim to the funds, but following Gambaryan’s release, the assets were forfeited to Nigeria on December 19, 2024.

3. Return of $52.88 Million Linked to Diezani Alison-Madueke & Kola Aluko:

• On January 10, 2025, Attorney General Lateef Fagbemi and US Ambassador Richard Mills Jr. signed an Asset Return Agreement, allowing the $52.88 million to be repatriated to Nigeria.

The agreement stipulates that:

$50 million will be channeled through the World Bank to support rural electrification projects, boosting renewable energy access.

$2.88 million will be allocated as a grant to the International Institute for Justice (IIJ) for a Counter-Terrorism and Rule of Law Project aimed at training Criminal Justice Sector Practitioners across West, East, and North Africa.

US Acknowledgment of Nigeria’s Role

Six days after Gambaryan’s release, US President Joe Biden personally called President Tinubu to express gratitude for Nigeria’s cooperation.

“The two leaders exchanged pleasantries, and President Biden proceeded to thank President Tinubu for his partnership and for Nigeria’s collaboration with US law enforcement agencies, particularly in relation to the release of one of the suspects of the cryptocurrency exchange company (Binance),” Nigeria’s Foreign Affairs Minister Yusuf Tuggar stated.