Rep Onwusibe refutes $150m bribery allegation by Binance

Hon. Ginger Obinna Onwusibe, Chairman of the House of Representatives Committee on Financial Crimes, has denied allegations of bribery made against him by Tigran Gambaryan, a senior executive of Binance. The lawmaker, who has been at the center of an investigation into Binance’s operations in Nigeria, described the claims of an alleged demand of $150m […]

Hon. Ginger Obinna Onwusibe, Chairman of the House of Representatives Committee on Financial Crimes, has denied allegations of bribery made against him by Tigran Gambaryan, a senior executive of Binance.

The lawmaker, who has been at the center of an investigation into Binance’s operations in Nigeria, described the claims of an alleged demand of $150m from the crypto currency firm by members of the committee as false, malicious, and defamatory.

Onwusibe’s response follows a statement by Gambaryan, Binance’s Head of Financial Crime Compliance, who took to social media on Friday to accuse the lawmaker and his committee of demanding bribes during an investigative hearing on the company’s activities in Nigeria.

The accusations were also echoed in international publications, including NPR and Wired, painting a picture of Binance executives being subjected to political and legal harassment in Nigeria.

Reacting to these claims, Onwusibe said he initially chose not to respond, as the matter was already before the court. However, he said given the widespread public reactions and what he described as the “unfair demonisation” of his person, his political party, and even his ethnic group, he felt compelled to address the allegations.

Providing a detailed account of events, Onwusibe said that his committee began investigating Binance after receiving a petition from the Empowerment for Unemployed Youth Initiative, a civil society organisation. The petition, he said, alleged that Binance had engaged in financial and economic crimes that posed a threat to the Nigerian economy.

In response, the committee invited Binance’s CEO, Richard Teng, to appear before a public hearing scheduled for January 10, 2024.

However, before that date, he said Binance requested a pre-hearing meeting to better understand the allegations against them.

Onwusibe explained that the committee agreed to the request and scheduled the meeting for January 8, 2024, at the National Assembly complex.

The lawmaker said he was unable to attend due to other official engagements, so he delegated three committee members and a clerk to meet with Binance’s six-member team, which included their legal counsel.

According to Onwusibe, the meeting was professional, transparent, and ended on a cordial note, with no demands for bribes.

He said despite agreeing to attend the public hearing, Binance’s CEO, Richard Teng, failed to appear on multiple occasions.

Instead, the company sent legal representatives, a move the committee rejected. The hearing, he said, was postponed several times to accommodate Binance’s requests, but neither Teng nor any other senior Binance executive ever attended.

This, Onwusibe said, raised serious concerns about Binance’s willingness to cooperate with Nigerian authorities.

As the controversy grew, Onwusibe said he was surprised to discover, through a May 7, 2024, blog post by Richard Teng, that Binance executives were also under investigation by Nigeria’s security agencies, including the Department of State Services (DSS) and the Office of the National Security Adviser (ONSA). Teng’s post, titled “Tigran Gambaryan is Innocent and Must Be Released”, contained what Onwusibe described as defamatory claims against him.

In response, Onwusibe said he instructed his lawyer, Nnamdi U. Nwokocha Ahaaiwe, to demand an apology and damages. Binance, however, refused to retract the statements or offer any compensation.

On September 18, 2024, Onwusibe said, he filed a lawsuit against Binance and Teng at the High Court of the Federal Capital Territory, seeking an apology, a retraction, and $3 billion in damages. The case, which first came up for hearing on January 22, 2025, is set to continue on February 19.

The lawmaker dismissed the latest allegations by Gambaryan, calling them a desperate attempt by Binance to deflect attention from its own legal troubles.

He emphasised that neither he nor his committee coordinated with Nigerian security agencies in their investigation of Binance.

He also denied allegations that the DSS, ONSA, the Securities and Exchange Commission (SEC), the Central Bank of Nigeria (CBN), the Economic and Financial Crimes Commission (EFCC), or the Nigerian Financial Intelligence Unit (NFIU) were involved in the legislative probe.

Beyond refuting the claims, Onwusibe painted Binance as a company with a troubling history of legal infractions in multiple countries.

He cited the conviction of Binance’s founder and former CEO, Changpeng Zhao, who was sentenced to four months in prison in the United States for financial crimes, including money laundering.

He also pointed to the company’s record fines in the U.S., Canada, India, and Uzbekistan for violating anti-money laundering and financial regulations.

For Onwusibe, the backlash from the Nigerian public has been particularly painful.

He lamented that many Nigerians were quick to believe Binance’s version of the story without critically examining the facts.

He said the accusations had not only damaged his reputation but had also been used to mock his political party, the Labour Party, and even his Igbo ethnic group.

Despite the attacks, Onwusibe said he remains determined to clear his name.

He vowed to pursue his lawsuit to its logical conclusion and to continue defending the integrity of the Nigerian legislature.

He accused Binance and its executives of attempting to use media blackmail to escape accountability, stating that the company’s actions—including the alleged escape of one of its executives from Nigerian custody—proved that it was acting in bad faith.

As the legal battle continues, Onwusibe insists that his only interest is ensuring that Binance is held accountable for any financial misconduct. He maintains that the committee’s investigation was conducted fairly and in line with its legislative duties.

Onwusible emphasise that Bianance and its executives should go and face their case in court and stop blackmailing an innocent person.

The case, which now has both legal and diplomatic implications, is expected to draw more attention in the coming weeks.