Tigran Gambaryan, an executive of Binance Holdings Limited, was on Friday denied bail by Justice Emeka Nwite of the Federal High Court Abuja.
The decision stemmed from concerns that Gambaryan might flee if granted bail.
Gambaryan and the company faced a five-count charge related to money laundering before Justice Nwite. Despite pleading not guilty, Gambaryan’s plea for bail was rejected.
Mark Mordi, counsel for the defendant, argued for bail, emphasizing the court’s authority to grant it with conditions to ensure Gambaryan’s presence
However, Prosecution Counsel Ekele Iheanacho opposed the application, citing Gambaryan’s attempt to obtain a new passport after claiming his previous one was stolen, raising suspicions of flight risk.
Iheanacho highlighted Gambaryan’s dual citizenship (American and Armenian) and lack of community ties in Nigeria. He urged the court to deny bail, suggesting remanding Gambaryan in EFCC custody for safety and to prevent flight.
In his ruling, Justice Nwite considered the gravity of the offense and potential flight risk. Concurring with the prosecution, he deemed Gambaryan likely to abscond if granted bail, ordering an accelerated trial instead.
Following the ruling, the EFCC presented its first witness, a Securities and Exchange Commission staff member, signaling the start of the trial
