Biden praises Tinubu for role in Tigran’s release, underscores strong U.S.-Nigeria collaboration in fighting illicit activities and regulating cryptocurrencies

U.S. President Joe Biden has confirmed discussions with his Nigerian counterpart, President Bola Tinubu, about a U.S.-Nigeria partnership aimed at advancing prosperity.

In a statement from the White House on Tuesday, Biden also expressed appreciation for President Tinubu’s leadership in securing the release, on humanitarian grounds, of American citizen and former U.S. law enforcement official Tigran Gambaryan last week.

Nairametrics previously reported that the Federal High Court in Abuja had discharged Binance executive Tigran Gambaryan from money laundering charges filed by the Economic and Financial Crimes Commission (EFCC).

U.S.-Nigeria Partnership and Cryptocurrency

In a readout from the U.S. government, President Joseph R. Biden, Jr. began by offering condolences to President Tinubu regarding recent flooding that has affected northeastern Nigeria.

He also expressed “appreciation” for President Tinubu’s role in facilitating Gambaryan’s release.

Biden took the opportunity to discuss ways the U.S. and Nigeria could advance prosperity by leveraging new technologies associated with cryptocurrency.

The statement added:

“The two leaders also spoke about the value of the U.S.-Nigeria partnership in addressing global challenges and advancing security and prosperity across multiple sectors.

“In particular, President Biden expressed appreciation for cooperation on law enforcement, including through the recently announced Bilateral Liaison Group on Illicit Finance and Cryptocurrencies, collaboration on new and innovative technologies, and shared interests in reforming international organizations to reflect African voices.”

Biden assured Tinubu of the United States’ commitment to addressing global challenges through bilateral relations.

What You Should Know

The statement comes amid the Nigerian government’s crackdown on illegal cryptocurrency dealings in Nigeria.

While some Nigerian crypto firms have been indicted, several have refunded over $160 million to government coffers, acknowledging violations of Nigerian banking laws.

Gambaryan and Binance were accused by the Nigerian government of alleged money laundering and foreign exchange violations through their cryptocurrency platform.

Justice Emeka Nwite of the court discharged Gambaryan last Wednesday on health grounds, as corroborated by the EFCC.

The Commission cited a report from the Nigerian Correctional Service, provided through the Office of the National Security Adviser (NSA), indicating that Gambaryan’s health had deteriorated to the point where he can hardly walk without assistance, in addition to suffering from other health issues.

The EFCC also presented to the court critical diplomatic and international meetings involving the Nigerian government and its U.S. counterpart, stating that the federal government had resolved to discontinue charges against Gambaryan.

On October 23, 2024, the United States reaffirmed its commitment to a close partnership with Nigeria. The U.S. Department of Justice will continue its coordination with the Government of Nigeria to strengthen its capacity to pursue cybercrime investigations and prosecutions.