The Federal High Court in Abuja has summoned Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), to appear in relation to a money laundering case involving Binance Holdings Limited and its executives.
Cardoso has been directed to present specific documents to the court on September 2, 2024. This summons comes despite the case being previously adjourned by the presiding judge, Emeka Nwite, to October 11. The defense counsel had requested the court to reschedule the appearance.
The case against Binance, a major cryptocurrency firm, and its executive Tigran Gambaryan, was initiated by the Economic and Financial Crimes Commission (EFCC) in April, based on allegations of money laundering. Additionally, the Federal Inland Revenue Service (FIRS) is prosecuting Binance for alleged tax evasion.
In the subpoena titled “Subpoena Duces Tecum,” with charge number FHC/ABCR/138/2024, the court instructed the CBN Governor to either appear in person or send a delegate. The subpoena reads:
“You or any other officer you may delegate are commanded in the name of the President of the Federal Republic of Nigeria to attend before the Federal High Court, Abuja judicial division, presided over by the honourable Justice E. Nwite, on the 2nd day of September 2024 at 9 o’clock in the forenoon, and from day to day until the above cause is tried, to bring with you and produce at the time and place mentioned the following documents: ‘Certified True Copy of the excel spreadsheet captioned ‘Export Exchange Rate Results’ published on the Central Bank of Nigeria’s website for the period from 1 June 2024 to 16 August 2024.’”
The court also summoned the head of the CBN’s legal services department.
Recently, on August 27, Richard Teng, the CEO of Binance, called for the release of Tigran Gambaryan, criticizing the federal government for holding him on what Binance describes as “baseless allegations.” Binance contends that the government’s actions are rooted in the company’s virtual operations in Nigeria. The cryptocurrency exchange expressed its willingness to cooperate with the government once the current issues are resolved.
