Tinubu, NSA Ribadu And Binance’s Shenanigans
By Gidado IbrahimÂ
Last week, Tigran Gambaryan, Binance’s head of financial crime, made sensational allegations against the Nigerian government. Gambaryan claimed his unlawful arrest by the Nigerian government led to former US President Joe Biden canceling a meeting with President Bola Tinubu during the 2024 UN General Assembly.
Additionally, he also alleged that some Nigerian parliamentarians and the nation’s National Security Adviser (NSA), Nuhu Ribadu, sought bribe amounting to $150 million .
These allegation are not only tissues of lies but also preposterous, nauseating and ridiculous. It’s a grand attempt to rewrite Nigeria’s history and tarnish the reputation of a highly respected Nigerian like Ribadu. Nigerians know Ribadu’s antecedents. His track record of integrity and incorruptibility is unparalleled.
Ribadu has always been known for his unwavering commitment to fighting corruption and upholding the rule of law. Even when he was occupying a lesser office, he was able to turn down bribery attempts, and it’s unthinkable that he would compromise his values now that he occupies the exalted office of National Security Adviser.
Gambaryan’s allegations are therefore a desperate attempt to deflect attention from his own wrongdoing. He was detained by the Nigerian government on allegations of money laundering and tax evasion, but the charges were dropped after the US government intervened. This raises questions about the motivations behind Gambaryan’s allegations and whether he’s trying to shift the blame from himself to the Nigerian government and Ribadu.
Furthermore, Gambaryan’s accusations against Ribadu are particularly egregious. He claims that Ribadu sought to profit from the controversy and demanded $150 million in payouts to fund his future political ambition. However, these allegations are unsubstantiated and smack of desperation.
It’s worth noting that Binance, Gambaryan’s employer, is not exactly known for its transparency and integrity. The company has faced numerous allegations of dubious economic activities and has been accused of violating international privacy laws. This raises questions about Gambaryan’s credibility and the motivation behind his allegations.
Good enough, Gambaryan’s allegations have been met with skepticism by many Nigerians who are familiar with Ribadu’s track record. They see his allegations as a desperate attempt to tarnish Ribadu’s reputation and deflect attention from his own wrongdoing.
Binance’s anger with the NSA began when the Nigerian government traced the alarmingly fluctuating exchange rate of the naira to dollars to the dubious activities of Binance, which was operating as if Nigeria is a lawless state. The NSA couldn’t take this any further. Along with security agencies, Ribadu spareheaded a clampdown on the nefarious activities of Binance.
Instantaneously, naira began to rebound. Since then, naira has been showing strength against major global currencies. What happened? The answer is simple: Binance, the notorious world foreign exchange manipulator has been crippled in Nigeria. It would be a grave mistake to think Binance officials and their Nigerian henchmen will just let it lay low. Hence, the spurious and malicious allegations is simply corruption fighting back.
Men are not idiots. Tigran Gambaryan cannot rewrite or distort our history with our eyes wide opened. Or is it not Ribadu, the former chairman of the Economic and Financial Crimes Commission (EFCC), whose name is synonymous with courage and integrity in Nigeria’s fight against corruption. One notable instance that showcases his unwavering commitment to justice is the rejection of a staggering $15 million bribe from James Ibori, former Governor of Delta State, in 2007.
The events surrounding the bribery attempt are a testament to Ribadu’s unshakeable resolve. Ibori, who was under investigation for corrupt activities, attempted to bribe Ribadu to drop the investigation. However, Ribadu refused to compromise and, instead, reported the bribery attempt to the media and the court. He even deposited the cash at the Central Bank of Nigeria (CBN) as evidence.
Ribadu’s bold move sent shockwaves throughout Nigeria, and his actions were widely praised by the media, civil society organizations, and the general public. His refusal to accept the bribe demonstrated his commitment to upholding the law and ensuring that those in power were held accountable for their actions.
The implications of Ribadu’s actions were far-reaching. His bravery in rejecting the bribe and pursuing justice sent a strong message to corrupt officials that they would no longer be able to act with impunity. It also boosted the morale of the EFCC and other anti-corruption agencies, encouraging them to continue their work with renewed vigor. Ibori, on the other hand, was eventually convicted of fraud and money laundering in a London court in 2012.
Come to think of it, how can any sane person take the allegations by Binance serious? What about the very thick cloud of integrity deficits that trails the activities of Binance, not only in Nigeria, but globally? Worldwide, the organisation is reputed for aiding and abetting economic crimes. Nigeria is not their only or first victim. How can we trust an organisation with zero integrity rating?
A few instances will suffice. In April 2024, the founder of Binance was sentenced to four months in prison in the United States for allowing criminals to launder money on his platform. Changpeng Zhao pleaded guilty to violating US money laundering laws. US Prosecutors accused Binance and Zhao of “wilful violations” of its laws, which threatened the US financial system and national security.
Binance is an organisation that is given to supporting criminals and illegality. For instance, the US Prosecutor, Janet Yellen said, “Binance turned a blind eye to its legal obligations in the pursuit of profit. Its wilful failures allowed money to flow to terrorists, cybercriminals, and child abusers through its platform.” Binance was ordered to pay $4.3billion (£3.4billion) after a US investigation found it helped users bypass sanctions.
Similarly, Binance Holdings Ltd was found guilty and fined C$6 million ($4.4 million) by Canada’s financial watchdog for breaching money-laundering protections. Binance received the financial penalty from Canada’s FINTRAC agency for failing to register as a foreign money services business and failing to report virtual currency transactions exceeding C$10,000.
Additionally, in 2023, Binance was investigated by French authorities. The investigation was focused on its anti-money laundering procedures. Binance was sanctioned.
In fact, the Netherlands practically chased Binance out of the country by the refusal of Dutch central bank to grant it licence. In view of the foregoing, should the Binance bribery allegation be given any iota of credibility? Seeing their penchant for falsehood, shady and underhand dealing as has been obvious in many countries.
Against this backdrop, it leaves one wondering where the spurious allegation by Binance is coming from. To any sane mind, the allegation is abysmally incomprehensible and logically destitute. It is a ruse or ploy to blackmail Nigerian authorities with the sole aim of evading justice. If not, when, where and how was the bribe demanded? Is it after Binance and its nefarious activities were buggled by the active coordination between the office of the NSA and the Central Bank of Nigeria (CBN) that the bribe was demanded?
Needless to reiterate that this is a case of corruption fighting back. It is also a clear case of a dog just passed and here a piece of meat is missing. Who will swear that it’s not the dog who stole it? Recall that the naira was on a free fall until Binance was put to flight and suddenly, the naira began to regain strength.
The Binance allegation should be taken as the last kick of a dying horse. This gimmick to give a dog a bad name in order to hang it is coming rather too late. This ruse of whipping up public sentiment against the government to evade justice is dead on arrival. Let me remind Binance and their Nigerian henchmen that the combination of NSA Nuhu Ribadu and President Tinubu is formidable enough to dismantle and demobilise every gimmicks and falsehoods.
The wild, spurious, preposterous, ridiculous and silly allegation of bribery by the ignoble Binance is baseless and without substance. History is said to be the best teacher, and evidence is the end of argument. Let me bend a bit backward to remind saboteurs and enemies of the Tinubu administration that Ribadu, who was chairman of the EFCC from April 2003 to December 2007, has been tested and trusted. He has survived many of these type of tantrums.
Binance must be deceiving itself to think that they can hoodwink Nigerians into believing their tissues of lies. The notorious organisation is only incensed by the firm stand of the Tinubu government, which has exposed and checkmated the dubious activities of Binance that nearly rubbished the Nigerian currency (naira).
Here are some pragmatic actions of Tinubu’s NSA took that infuriated Binance. Until the Tinubu government came on board, Binance was a sacred cow in the Nigerian economy. They ruined the value of the naira to the extent that the center could no longer hold, until the NSA’s office took the bull by the horn to arrest two Binance crypto exchange platform executives.
As I conclude, let me retrate that the allegation by Gambaryan against the Tunubu administration and Ribadu are baseless and should be condemned. They are a desperate attempt to rewrite history and tarnish the reputation of a respected Nigerian. Nigerians should not take these allegations seriously and should instead focus on promoting transparency and accountability in the renewed hop government of President Tinubu.
Gambaryan and his accomplice are bent on infiltrating the Tinubu administration with enemies and saboteurs. Unfortunately for them, all their chances have been blocked by the NSA. Now, the masterminds of the blackmail are technically seeking ways to evade prosecution for the unpardonable offences they committed within. But time shall come when facts about the those behind the wheels of this cheap blackmail will be exposed ahead of 2027mby God’s Grace.