The Nigerian government has recovered about $60 million in seized assets as part of its conditions for the release of Binance executive Tigran Gambaryan. The information was disclosed by local media station Premium Times.
According to Premium Times, Nigeria inserted many conditions into the release of Gambaryan, with the negotiation involving high-level officials in the United States and Nigeria. One such personality is the National Security Advisor Jake Sullivan.
United States frees seized assets after Gambaryan’s release
One of the conditions for the release was that the US release about $380 million in assets belonging to Nigeria that had been seized by the country. Most of these assets were tied to corruption by politicians, as Nigeria had been trying to recover the items from the US.
The loot included $53 million seized from a former minister in Nigeria, with $150 million connected to former head of state Sani Abacha, which has been in a bank account in France, also part of it. The US government had also seized €160 million from a former governor.
Some of these funds have been released to Nigeria, with the latest being the release of $6.02 million connected to an arms deal. The United States seized the funds at the time because the broker did not have an active license. The $52 million linked to the former minister has also been released, with an agreement to release the funds signed on January 10, 2025.
Under the release agreement, Nigeria is expected to spend $50 million for electrification in rural areas. The remaining $2 million will be used to support the rule of law and counter-terrorism through the International Institute of Justice.
Nigeria deepens US relationship after Gambaryan’s release
The release of Gambaryan marked a remarkable show of friendship between both nations, with the gesture considered a show of diplomacy between the two countries. The release has also birthed other collaborations, with both countries fighting together to tackle cyber crimes and other financial crimes.
On the day Gambaryan was released, the United States and Nigeria formed the Bilateral Liason Group on Illicit Finance and Cryptocurrencies. Through this group, law enforcement agencies in Nigeria will increase their investigative capacity. However, it remains to be seen if this agreement will continue between both nations due to the change of administration.