A Federal High Court in Abuja, presided over by Justice Emeka Nwite, rejected the bail application of Tigran Gambaryan, an executive of a cryptocurrency firm, on Friday.

In his ruling, Nwite stated that he had thoroughly examined the application submitted before him and concluded that Gambaryan posed a flight risk, and therefore would likely jump bail if granted.

Gambaryan, along with his company, Binance Holdings Limited, and a fellow top executive, Nadeem Anjarwalla, who is currently on the run, are facing charges brought by the Economic and Financial Crimes Commission (EFCC) for alleged money laundering and terrorism financing.

READ ALSO: ‘My Husband Sits in Notorious Kuje Prison’ -Detained Binance Executive’s Wife to US Court

The EFCC had arraigned the defendants on the charges, and Gambaryan’s legal team had filed a bail application, which the court has now denied.

ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!

Nwite’s ruling implies that Gambaryan will remain in custody pending the outcome of the trial, as the court is not convinced that he would voluntarily appear for his trial if granted bail.

The prosecution’s case against Gambaryan and his co-defendants is expected to continue, with the next hearing date to be determined by the court.

Stay tuned for more details…