By: Lydia Zakka
In a shocking development, three Nigerian lawmakers have been accused of demanding a bribe of $150 million (approximately N225 billion) in cryptocurrency from Tigran Gambaryan, the head of financial crime at Binance, a global cryptocurrency exchange. The alleged demand, which came to light following Gambaryan’s release from Nigerian custody, has sparked widespread controversy and scrutiny over the involvement of prominent government figures in international financial dealings.
The Allegations
Tigran Gambaryan, who had been detained by the Nigerian government for several months, recently revealed the details of his ordeal, alleging that the lawmakers—Philip Agbese, Peter Akpanke, and Obinna Onwusibe—were involved in a meeting where they demanded the bribe to resolve ongoing legal issues involving Binance. The government had accused the cryptocurrency firm of money laundering and foreign exchange manipulation, claims that Binance vehemently denied.
Gambaryan’s detention had attracted international attention, with the United States government stepping in to secure his release. After months of legal battles, the charges against him were eventually dropped in October 2024, with the assistance of diplomatic intervention.
The Lawmakers Involved
1. Philip Agbese
A first-term member of the Nigerian House of Representatives, Agbese represents Ado/Okpokwu/Ogbadibo Federal Constituencies under the All Progressives Congress (APC). He is also the Deputy Spokesperson of the House of Representatives. Agbese is a graduate of the University of Ilorin and Middlesex University, where he earned a Master’s in Human Rights Laws. He vehemently denied the allegations, calling them “false” and demanding that Gambaryan provide evidence or face legal action.
2. Peter Akpanke
Akpanke represents the Obudu, Obanliku, and Bekwarra Federal Constituency under the Peoples Democratic Party (PDP). A former staff member of the Economic and Financial Crimes Commission (EFCC), Akpanke’s involvement in the alleged bribery scandal has raised questions about the integrity of government officials tasked with tackling financial crimes.
3. Obinna Onwusibe
Onwusibe, a member of the Labour Party, represents Isiala Ngwa South/Isiala Ngwa North federal constituency. A first-time lawmaker, he chairs the Committee on Anti-Corruption in the House of Representatives. Onwusibe, like his colleagues, has faced significant scrutiny following Gambaryan’s revelations.
The Lawmakers Respond
In response to the allegations, Philip Agbese has strongly rejected the claims, categorizing them as baseless and accusing Gambaryan of attempting to malign his reputation. Agbese has demanded that Gambaryan either provide solid evidence of the bribery claim or retract his statements and issue an apology within seven days. Should Gambaryan fail to meet these demands, Agbese threatened to pursue legal action.
Agbese further clarified that his only involvement in the matter was attending a meeting with colleagues, including Akpanke, where the Binance issue was discussed. However, he maintains that he was unaware of any bribery demands and had no subsequent engagement with Binance representatives or related authorities.
Background to the Binance Scandal
The accusations against Binance began in February 2024 when Nigerian authorities arrested two of the company’s executives, Anjarwalla and Gambaryan, accusing them of money laundering and tax evasion. Nigerian officials claimed that Binance was manipulating foreign exchange rates, which had a detrimental effect on the country’s economy. However, Binance denied these accusations, and the case quickly gained international attention.
In a dramatic twist, Anjarwalla escaped from custody in March 2024, leaving Gambaryan to face the charges alone. In May 2024, Binance CEO Richard Teng accused unknown individuals in Nigeria of extorting the company, demanding $150 million to resolve the crisis. The Nigerian government dismissed these claims as blackmail.
The Fallout
Following the intervention of the US government, the money laundering charges against Gambaryan were dropped in October 2024, and he was allowed to return to his home country. However, the recent allegations of bribery have once again thrust Binance into the spotlight, raising concerns about the extent of corruption within Nigeria’s political system.
As investigations continue, Nigerians and the international community await further developments. The case highlights ongoing concerns about the intersection of cryptocurrency, corruption, and governance in Nigeria. For now, the three lawmakers at the center of the bribery scandal remain under intense scrutiny as they face calls for accountability.
