Court Denies Binance Executive Bail

Tigran Gambaryan, an executive of Binance Holdings Limited, had his bail plea refused by Justice Emeka Nwite of the Federal High Court in Abuja.

Justice Nwite determined that if Gambaryan is given bail, he will most certainly jump bail. The corporation and its executives were charged with five counts of money laundering.

When the charges were read, the defendants pleaded not guilty. Mark Mordi, Counsel for the prisoner, moved an application, arguing that the court had the authority to grant bail to the prisoner and impose conditions to secure his appearance in court.

The Prosecution Counsel, Ekele Iheanacho, contested the bail motion, claiming that the prisoner constituted a flight risk.

He noted that the defendant attempted to obtain a new passport that he claimed was stolen, which was odd considering the proximity to his colleague’s escape from detention.

He further stated that the court cannot risk granting him bail, especially since he is not affiliated with any community in Nigeria.

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“The fact that the passport of the defendant is with the complainant does not guarantee that he will remain in Nigeria because the defendant is not only an American citizen but also an Armenian citizen by birth.”

He requested the court to reject the application and instead remand him in EFCC custody to guarantee his safety and avoid a possible flight risk.

In his ruling, the presiding judge stated that various considerations, including the nature and gravity of the offence, must be weighed when deciding whether or not to grant bail to the defendant applicant.

Justice Nwite concurred with the prosecution’s depositions and believes that if the applicant is granted bail, he will jump bail. He then ordered that the trial be accelerated.

A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.

Nnamdi Okoli