Biden praises Tinubu for Tigran’s release, highlights US-Nigeria partnership on fighting illegal crimes and Crypto regulation

On October 30, 2024By Karl

United States President Joe Biden has confirmed that he has spoken with his Nigerian counterpart, President Bola Tinubu, about a US-Nigeria partnership aimed at improving prosperity.

One expression In his speech at the White House on Tuesday, Biden also expressed appreciation for President Tinubu’s leadership in securing the release of American citizen and former US law enforcement official Tigran Gambaryan on humanitarian grounds last week.

Nairametry had earlier 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).

US-Nigeria Partnership and Cryptocurrency

President Joseph R. Biden Jr. began a statement from the US government by expressing his condolences to President Tinubu regarding the recent floods affecting Northeastern Nigeria.

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

Biden took the opportunity to discuss ways the United States and Nigeria could increase prosperity by leveraging new cryptocurrency-related technologies.

The statement noted the following:

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

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

Biden assured Tinubu of the United States’ resolve to tackle global challenges through bilateral relations.

What You Need to Know

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

While some Nigerian crypto firms have been charged, many have admitted violations of Nigerian banking laws and returned over $160 million to government coffers.
Gambaryan and Binance were charged by the Nigerian government for alleged money laundering and foreign exchange violations through their cryptocurrency platforms.
Court judge Emeka Nwite released Gambaryan on health grounds last Wednesday, as confirmed by the EFCC.
The Commission cited a report provided by the Nigerian Correctional Service through the Office of the National Security Adviser (NSA), which stated that Gambaryan’s health had deteriorated to the point that he could barely walk without assistance, in addition to suffering from other health problems.

The EFCC also subpoenaed critical diplomatic and international meetings regarding the Nigerian government and its US counterpart, stating that the federal government had decided to stay the charges against Gambaryan.

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