Nigeria has fetched $60 million in seized assets as part of the diplomatic release of Binance executive Tigran Gambaryan. The US agreed to release $380 million tied to corruption, alongside efforts to combat cyber and financial crimes through a new Bilateral Liaison Group.
The Nigerian government has recovered approximately $60 million in assets seized as part of the negotiated release of Binance executive Tigran Gambaryan. This development was reported by the local media outlet Premium Times, highlighting involvement from high-ranking officials in both Nigeria and the United States, including National Security Advisor Jake Sullivan.
In the negotiations for Gambaryan’s freedom, the US agreed to release about $380 million in Nigerian assets that had been previously confiscated, primarily linked to corruption cases involving politicians. The recovered loot includes $53 million from a former minister and $150 million associated with former head of state Sani Abacha, with some funds held in a French bank account.
Recent releases to Nigeria include $6.02 million related to an arms deal, previously seized due to the broker lacking an active license. Additionally, $52 million linked to the former minister has been agreed upon for release by January 10, 2025. Of the released funds, Nigeria commits to allocating $50 million towards rural electrification and $2 million for initiatives supporting the rule of law and counter-terrorism through the International Institute of Justice.
Gambaryan’s release is viewed as a significant diplomatic gesture, strengthening US-Nigerian relations. This event has also initiated further collaborations in addressing cyber crimes and financial offenses. On the same day, both nations established the Bilateral Liaison Group on Illicit Finance and Cryptocurrencies, aimed at enhancing investigative capacities in Nigeria.
However, the sustainability of this cooperative agreement is uncertain with the potential for administrative changes in Nigeria impacting future relations.
Overall, Nigeria’s recovery of $60 million in assets is a pivotal step in its negotiations for the release of Binance executive Tigran Gambaryan. The collaboration between Nigeria and the US marks a strengthening of diplomatic ties and a mutual commitment to combat corruption and financial crimes. The concrete actions stemming from these negotiations underscore the importance of international cooperation in addressing illicit finance.
Original Source: www.binance.com
