The Nigerian government has located Binance executive Nadeem Arjarwalla in Kenya after his escape from prison and is pursuing extradition procedures to return him to Nigeria. Sources within the Nigerian President's Office, as reported by local media outlet "Punch," revealed that Arjarwalla went into hiding upon reaching Kenya.
Collaborating with Interpol and Kenyan law enforcement, the Nigerian government aims to facilitate Arjarwalla's return to face charges stemming from his alleged involvement in manipulating Nigeria's legal currency, the Nigerian naira. Arjarwalla had arrived in Nigeria in February and was detained alongside another Binance executive following a meeting with Nigerian authorities.
The Economic and Financial Crimes Commission (EFCC) spearheaded the investigation, resulting in charges against Binance and its executives, including Arjarwalla, related to money laundering. However, Arjarwalla reportedly managed to escape from prison on March 22 and departed Nigeria via a flight from the capital, Abuja, using a Kenyan passport, raising questions about how he obtained the passport while in detention.
While Arjarwalla remains abroad, Tigran Gambaryan, another Binance executive, has entered a plea of not guilty to the charges. Gambaryan's wife and supporters have initiated efforts, including a petition, calling for his release. Meanwhile, Gambaryan's case has been adjourned to April 19, awaiting further legal proceedings.
In response to the turmoil surrounding Binance and its executives, the cryptocurrency exchange announced its decision to halt all naira trading on March 5, effectively exiting the Nigerian market. This move followed the delisting of all naira trading pairs from Binance's peer-to-peer platform in late February. The governor of the Central Bank of Nigeria had previously raised concerns about Nigerian cryptocurrency exchanges, citing suspicions of processing illicit transactions, particularly highlighting Binance's financial activities as "suspicious" on February 27.
