Court Denies Binance Executive Gambarya Bail

Justice Emeka Nwite of the Federal High Court in Abuja on Friday rejected the fresh bail application of arrested Binance Holdings executive, Tigran Gambaryan.

Gambaryan’s lawyer Mark Mordi (SAN) argued earlier on September 4 that his client’s health is “dangerous”.

It stated that Gambaryan required surgery for a herniated disc and psychiatric care due to depression and anxiety.

Mordi applied for a six-week bail for Gambaryan to seek appropriate medical care outside prison, citing inadequate care while in prison.

Economic and Financial Crimes Commission lawyer Ekele Iheanacho disputed the defense’s claims, arguing they exaggerated the severity of Gambaryan’s condition.

He stated that the second defendant could receive treatment while in custody at the Kuje Prison, stating that his health was not serious enough to warrant bail.

Iheanacho noted that Gambaryan had been taken to major medical institutions including the State House Clinic and Nizamiye Hospital, and that a medical report from the State House Clinic indicated that he had refused medication and treatment.

He further stated that reports from Nizamiye Hospital showed that Gambaryan received comprehensive care and had shown no deterioration in health.

Iheanacho reiterated that it had not been proven that Gambaryan’s health condition could not be managed by the Nigerian Correctional Service.

He stated: “Experts have been hired and the NCS is looking into it. The results so far show no serious illness. Complaints have been sent to the National Security Adviser.”

In his ruling on the bail application on medical grounds, Justice Nwite rejected the application, noting that “reputed Nigerian medical experts are already managing the health of the second accused”.

However, he ordered the Nigerian Correctional Service “to refer Gambaryan to a standard hospital in Abuja for treatment for three days to two weeks under security supervision”.

The matter was subsequently adjourned to 18 October 2024 and 22 and 25 November 2024 for the continuation of the trial.

Gambaryan is facing money laundering charges of $35.4 million brought against him by the EFCC.