HOR : Onwusibe Denies Bribery Allegation By Binance

The Chairman of the House of Representatives Committee on Financial Crimes, Ginger Obinna Onwusibe, has vehemently denied allegations of bribery made against him by a senior executive of BinanceTigran Gambaryan

In a statement in Abuja, Onwusibe who describes the claims as false, malicious, and defamatory, explains that the allegations stem from an investigation into Binance’s operations in Nigeria, which his committee initiated after receiving a petition from the Empowerment for Unemployed Youth Initiative.

The petition alleged that Binance had engaged in financial and economic crimes that posed a threat to the Nigerian economy.

Providing a detailed account of events,
Onwusibe stated that his committee invited Binance’s CEO, Richard Teng, to appear before a public hearing but failed to appear on multiple occasions and instead sent legal representatives.

He noted that before the date, Binance requested a pre-hearing meeting to better understand the allegations against them, which the committee agreed and scheduled the meeting for January 8, 2024, at the National Assembly Complex, Abuja.

Onwusibe explained further that he was unable to attend due to other official engagements but delegated three committee members and a clerk to meet with Binance’s Six-member team, which included legal counsel.

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

According to Onwusibe, 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, and the hearing 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,with Teng’s post, titled “Tigran Gambaryan is Innocent and Must Be Released”, which contained what Onwusibe described as defamatory claims against him.

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

To this end on September 18, 2024, Onwusibe 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 who dismissed the latest allegations by Gambaryan, calling them a desperate attempt by Binance to deflect attention from its own legal troubles emphasized 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, citing 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 and lamented that many Nigerians were quick to believe Binance’s version of events 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 and vowed to pursue his lawsuit to its logical conclusion and to continue defending the integrity of the Nigerian legislature.

He also 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, maintaining that the committee’s investigation was conducted fairly and in line with its legislative duties.

Onwusible Emphasized that Binance should go and face the case in court and stop blackmailing an innocent person.

PR Oduyemi Odumade