Market News

By Nduka Orjinmo

(Bloomberg) -- A Nigerian court will deliver its judgment on Oct. 9 on a bail application by a Binance Holdings Ltd. executive, who’s been held in the West African country for more than six months.

Tigran Gambaryan, the head of financial-crime compliance at Binance whom US lawmakers say has been unjustly detained, sought bail on the grounds of his ill health.

The court in Abuja, the capital, on Wednesday listened to several hours of argument.

Gambaryan’s lawyer, Mark Mordi told the court that the defendant has needed surgery since July 18 and requires urgent medical assistance that can’t be provided by the Nigerian penal system. 

State Prosecutor Ekele Iheanacho argued that the Binance executive received adequate treatment both at the prison hospital and another facility in Abuja used by top government officials.

Held since February and sent to prison in April, Gambaryan faces charges including currency manipulation and money laundering laid by Nigeria’s Economic and Financial Crimes Commission.

The faceoff between Africa’s most-populous nation and the world’s largest cryptocurrency exchange burst into view when Nigerian authorities in February detained Gambaryan and a colleague – who subsequently escaped – during a visit to discuss the company’s compliance issues with the country.

In an additional twist, Binance in May claimed it was asked for a “secret” payment in cryptocurrency to make its problems in Nigeria “go away” — a suggestion that the authorities deny.

The amount in question was $150 million, the New York Times reported separately, citing people it didn’t identify. Nigeria has rejected the allegation.

A US citizen, Gambaryan’s predicament led a group of senior Republican lawmakers to accuse Nigeria of taking him hostage and asked President Joe Biden to help secure his release.

(Updates with bail application decision date in lead)