UPDATED- Court orders release of Gambaryan from Kuje Prison after FG drops charge – Newstrends
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UPDATED- Court orders release of Gambaryan from Kuje Prison after FG drops charge

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Tigran Gambaryan

UPDATED- Court orders release of Gambaryan from Kuje Prison after FG drops charge

A Federal High Court in Abuja, on Wednesday, ordered the release of Mr Tigran Gambaryan, the detained Binance Holdings Limited’s executive, from Kuje Correctional Centre.

Justice Emeka Nwite gave the order after the Economic and Financial Crimes Commission (EFCC)’s counsel, R. U. Adagba, informed the court of the decision of the Federal Government to withdraw the charge against Gambaryan.

Adagba, who held the brief of Ekele Iheanacho, SAN, premised the decision on Gambaryan’s deteriorating health and the diplomatic intervention.

The News Agency of Nigeria (NAN) reports that Gambaryan was the 2nd defendant in the charge preferred against the cryptocurrency platform (1st defendant) by the EFCC.

The EFCC had, on April 8, arraigned Binance Holdings Ltd and Gambaryan before Justice Emeka Nwite of a Federal High Court sitting in Abuja.

They were arraigned on a 5-count charge bordering on alleged tax evasion, currency speculation and money laundering to the tune of $34,400,000 (Thirty-Four Million, Four Hundred Thousand United States Dollars).

The Binance representative’s bail application was rejected twice by the court.

NAN reports that Justice Nwite had, on Oct. 18, fixed Friday, Oct. 25, for a report on the heath status of Gambaryan.

The development followed an information from an officer of the Nigerian Correctional Service (NCoS) who was in court on the last adjourned date that Gambaryan’s absence in court was due to his ill-health.

The matter was however rescheduled for today due to the urgency of the case.

Upon resumed hearing, EFCC’s counsel, Adagba, told Justice Nwite of the Federal Government’s decision to withdraw the charge against the detained employee of Binance because of his deteriorating health.

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Adagba recalled that the case could not go on at the last adjourned date as a result of the health condition of the 2nd defendant which, she said, the government had managed effectively.

She, however said that recently, the report they received from the NCoS, through the Office of the National Security Adviser (NSA), indicated that Gambaryan’s health had deteriorated to the extent that he hardly walked without the assistant of wheelchair.

Adagba said besides his ill-health, Gambaryan needs to undergo a surgery which surgery and recovery would take some time that may impact on the pace of the trial.

He stated further that the government had reviewed the case and had taken cognisance that Gambaryan, a U. S. citizen, was a mere employer of Binance Holdings Ltd, “whose status in the matter has no impact.”

The lawyer equally told the court that the prosecution had taken into consideration of some critical diplomatic and international meetings by Federal Government, hence, the need to discontinue the charge against the 2nd defendant (Gambaryan).

“I urged the honourable court to discharge the 2nd defendant accordingly in line with Section 108(1), (2)(a) of the Administration of Criminal Justice Act (ACJA), 2015,” she prayed.

Lawyer to Binance, Olujoke Aliu, and Gambaryan’s counsel  Mark Mordi, SAN, did not oppose the application.

However, Mordi, who told the court that since one of the reasons for withdrawal of the case was that Gambaryan was just an employee of Binance, urged the court to make an order for his client’s acquittal and not a discharge.

Delivering the ruling, Justice Nwite granted Adagba’s application.

“It is hereby ordered as follows:

“That the application of the prosecution’s counsel is granted as prayed having reviewed the circumstances of the charge.

“That this charge is hereby struck out against the 2nd defendant (Gambaryan).

“That the 2nd defendant is hereby discharged.

“That an order of this honourable court is hereby made for the immediate release of the 2nd defendant from Nigerian Correctional Service, Kuje,” the judge ruled.

He consequently adjourned the matter until Nov 22 and Nov. 25 for continuation of trial.

NAN observes that Gambaryan was again not in court.

 

UPDATED- Court orders release of Gambaryan from Kuje Prison after FG drops charge

(NAN)

 

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Police bust Nigerian prostitution ring in Cyprus

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October 23, 2024

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Police bust Nigerian prostitution ring in Cyprus

Authorities are in the process of dismantling a Nigerian prostitution ring in Limassol, following the arrest of three women, in collaboration with the anti-trafficking unit, according to reports on Wednesday.

The case came to light last year when a woman filed a complaint, initially claiming she was a victim of theft.

However, during questioning, police grew suspicious that she was, in fact, a victim of sex trafficking. Further investigation confirmed this, and the woman was subsequently relocated to a safe house, police spokesman Christos Andreou stated.

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The investigation was prolonged due to the victim’s limited information about her traffickers, Andreou explained.

Through coordinated police efforts, a 44-year-old woman was arrested on October 9, suspected of involvement in the trafficking operation.

Another woman was apprehended on October 18, followed by the arrest of a third woman, aged 33, on Tuesday.

Authorities are still searching for two men believed to be connected to the case.

Andreou added that police have gathered significant evidence and expect the case to be brought to court in the coming days.

 

Police bust Nigerian prostitution ring in Cyprus

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Lagos-Ibadan road: Mother of 4 dies from tanker fire burns

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October 23, 2024

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Lagos-Ibadan road: Mother of 4 dies from tanker fire burns

In a similar incident, a nursing mother was hospitalised after suffering serious injuries while trying to save her children from the flames.

The fire ignited when a petrol-laden tanker overturned near a commercial bank at midnight, reportedly due to the driver falling asleep at the wheel.

Eyewitnesses described how the vehicle lost control, leading to the explosion.

In the aftermath, the community experienced significant damage, with petrol spilling through drainage systems and impacting homes approximately a kilometer away from the expressway.

Many buildings suffered shattered windows, damaged roofs, and cracked walls.

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Ismail Emmanuel, the husband of the deceased, recounted the harrowing events.

He explained that the smoke obstructed Mercy’s escape, and she inadvertently fell into a burning drainage as she tried to flee.

Despite urgent efforts to save her, Ismail faced a daunting demand for a N6 million deposit at the hospital, which he could not afford.

“I was at work when my son called about the fire,” he said. “He couldn’t find my wife, and after some time, he informed me they were heading to the hospital with her injuries.”

They moved from Sagamu to Abeokuta and finally to Igbobi Hospital in Lagos, but it was there that he learned of the hefty deposit required. Ultimately, they transferred her to Gbagada General Hospital, where she died.

Ismail has since placed his wife’s body in a private morgue and is seeking government assistance for his family.

Another resident, Bidemi, shared that a neighbour, known as Iya Ada, was also injured while attempting to rescue her children. Her home was severely damaged, losing furniture and other belongings to the fire.

“She fell and suffered burns on her side,” Bidemi reported, noting that Iya Ada is currently hospitalised.

Several other victims have called on Governor Dapo Abiodun of Ogun State, for support after losing vehicles that were crucial for their livelihoods.

The vehicles represented their only means of income and sustenance for their families.

In response, the governor has expressed his condolences to those affected and urged tanker drivers to be more cautious while on the road.

Lagos-Ibadan road: Mother of 4 dies from tanker fire burns

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BREAKING: Nigerian court convicts crypto firm for unlicensed USDT-Naira trading

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October 23, 2024

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BREAKING: Nigerian court convicts crypto firm for unlicensed USDT-Naira trading

A Federal High Court in Abuja has convicted a Nigerian crypto dealing company, Official Gredo Limited, for illegally conducting USDT to Naira transactions without a banking licence.

Justice Inyang Ekwo convicted Official Gredo on Wednesday in accordance with the company’s plea bargain arrangement with the Economic and Financial Crimes Commission (EFCC).

The court ordered the forfeiture of N140 million held in the company’s account to the EFCC recovery account.

The sentencing in suit no: FHC/ABJ/CR/308/2024 followed a guilty plea by Nnamdi Okereke, the company’s director, when the amended money laundering charge was read to him.

At the arraignment on Wednesday, the company was accused of failing to report in writing to the Nigerian Financial Intelligence Unit (NFIU) a single transfer of N76,462,500.00 paid from Renderstack Technologies Ltd into the Providus Bank Ltd account No. 5400608751 operated by Official Gredo, as specified under section 10(1)(b) of the Money Laundering (Prohibition) Act, 2011.

The company and Okereke among several firms and individuals were indicted by the EFCC for negotiating United States Dollar Tether (USDT) against the Naira with the public, despite not being an authorized dealer in the Nigeria Autonomous Foreign Exchange Market.

Okereke pleaded guilty to the one-count charge.

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Subsequently, EFCC lawyer Martha Babatunde, Esq., and the defendant’s counsel, I.O. Offodili, urged the court to affirm the contents of the plea bargain as agreed by the parties.

According to the plea bargain, the defendant admitted committing the offenve and has restituted N140,000,000 to the EFCC, being part of the amount associated with the disputed transaction.

Passing his ruling, Ekwo convicted the company and affirmed the plea bargain agreement.

The judge stated that the plea bargain agreement between the complainant and the defendant should not prevent further investigations from being carried out on other persons or companies with respect to the case.

“The Defendant shall forfeit the sum of N140,000,000 recovered by the Economic and Financial Crimes Commission in the course of the investigation to the Federal Government of Nigeria.

“The sum of N140,000,000 being the amount restituted by the Defendant shall be deducted from the account of CZMUNCH FABRICATORS AND WIRING VENTURES—CHIMERA LOGISTICS AND HAULAGE SERVICES, with account number 5435830566 domiciled in Moniepoint Microfinance Bank, which will be transferred to the EFCC Recovery Account,” Ekwo said.

The judge subsequently sentenced the company to a fine of N1 million, which would be paid to the Federal Government of Nigeria.

Ekwo held that the defendants should pay the amounts within 14 days or the EFCC should bring the director back to be sent to prison.

BREAKING: Nigerian court convicts crypto firm for unlicensed USDT-Naira trading

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