Binance Compliance Chief Tigran Gambaryan Exits Exchange After Nigeria Detention

Tigran Gambaryan, Binance's head of financial crime compliance who was detained for eight months in Nigeria last year, is leaving the world's largest cryptocurrency exchange, according to a Bloomberg report on Friday.

Gambaryan, a former US Internal Revenue Service agent known as the "Crypto Wizard" for his expertise in tracing illicit digital transactions, told Bloomberg that Friday marks his last day at Binance. He joined the exchange in 2021 to help strengthen its anti-money laundering protocols amid increasing global regulatory scrutiny.

The executive's departure follows a harrowing ordeal that began in February 2024 when he traveled to Nigeria on behalf of Binance to address allegations that the exchange's operations had contributed to the country's currency crisis. Nigerian authorities detained Gambaryan and British-Kenyan colleague Nadeem Anjarwalla on charges of money laundering and currency manipulation.

Gambaryan was released in October on humanitarian grounds after his health severely deteriorated in custody. He reportedly suffered from malaria, pneumonia, and tonsillitis, while complications from a herniated disk left him wheelchair-bound and requiring urgent medical care outside Nigeria. The Nigerian government subsequently dropped the money laundering charges against him.

"Tigran has made a lasting impact on Binance, just as he did in his previous roles in law enforcement," a Binance spokesperson said. "We are deeply grateful for his dedication in transforming our financial crimes compliance organization. Thanks to his tireless efforts, the crypto industry is safer for all."

The Nigeria incident occurred as Binance faced multiple regulatory challenges globally. The exchange and former CEO Changpeng Zhao pleaded guilty in November 2023 to violating anti-money laundering and US sanctions laws, with Binance agreeing to pay $4.3 billion in penalties. Zhao served four months in US prison after stepping down as CEO.

Nigeria continues to pursue legal action against Binance, seeking $79.5 billion in damages and $2 billion in back taxes, claiming the exchange caused economic losses to the country. The government has also faced separate defamation lawsuits related to bribery allegations made during the detention controversy.

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Related story: Binance vs Nigeria: Court Postpones $81.5 Billion Binance Tax Case Until April 30

Freed Binance exec Tigran Gambaryan says he ‘almost died twice’ in Nigeria

Eric Chelle Determined To Win More Trophies for Nigeria After Unity Cup Victory

 

Super Eagles coach Eric Chelle has expressed his desire to win more trophies for Nigeria after winning the Unity Cup at the GTech Community Stadium in Brentford, London.

Chelle led the Super Eagles to victory over Jamaica in the final of the second edition of the tournament, 21 years after winning the first-ever organised Unity Cup.

In 2004, Nigeria beat the Reggae Boyz 2-0 to win the maiden edition in Charlton, but they went through a penalty shootout to claim a 5-4 victory on Saturday, after 2-2.draw in regulation time


Chelle, who had begun his reign with a win and a draw in the troubled 2026 World Cup qualifiers, was delighted to lift his first piece of silverware as a coach and hopes to add more as Nigeria go into the 2025 AFCON in Morocco by December.

“This is my first trophy as a coach. When I was a football player, I won lots of trophies. I hope with this trophy I can bring Nigeria another trophy,” Chelle said.

At the Unity Cup, the Franco-Malian coach had a blend of home-based and foreign stars, as they remain hopeful of picking a ticket to the World Cup in the USA, Canada and Mexico before the AFCON.

“We have an important goal in September. So I saw this as an opportunity to give many players a chance to show what they can do. And I’m really happy and proud of them because, in just two or three training sessions, they worked really hard. That’s the reality.

“During this tournament, we scored goals, we created chances, and we showed some very good things in our game. But of course, we still need to work. We have weaknesses. In today’s game, for instance, we made 22 mistakes — that’s a lot.

“We need to improve, to step up as a group and as a team, especially if we want to qualify for the World Cup.”

The Super Eagles will face Russia in another international friendly on Friday before resuming their 2026 World Cup qualifying campaign in September.

With four games left in the series, Chelle’s men will face Rwanda at home and South Africa away in September, while their last two games are against Lesotho away and the Benin Republic at home in October.

They need to win their remaining matches to stand a chance of qualifying as they are currently fourth in Group C with just seven points, six points behind leaders South Africa.

By Paul Akhagbemhe, AIT

Nigerians would need to pay more for Netflix despite diminishing purchasing power

The Basic is set to go for ₦4,000, up from ₦3,500, and the Mobile plan is now ₦2,500, up from ₦2,200, as seen in the Punch.

This new adjustment comes after previous increases in July 2024, further pinching customers in a country dealing with economic contraction and rising inflation.

In July 2024, the Premium plan increased by 40% to ₦7,000 ($4.40), the Standard plan by 37.5% to ₦5,500 ($3.46), the Basic plan by 21% to ₦3,500 ($2.20), and the Mobile plan from ₦1,600 ($1.01) to ₦2,200 ($1.38).

Earlier in April of the same year, the streaming service announced a price increase for its Premium Plan, raising it from N4,400 to N5,000.

At the same time, the Standard Plan increased from N3,600 to N4,000, while the Basic Plan stayed at N2,900.


Nigeria's economy vs Netflix

The Nigerian economy has suffered significantly in recent years, with the country's currency, the naira, depreciating and consumer purchasing power plummeting.

With the country’s inflation continuing to increase, the cost of basic goods and services has risen, making discretionary spending, such as video streaming, more difficult to justify for many Nigerians.

Streaming subscriptions are more expensive in industrialized countries such as the United States and the United Kingdom, but customers often earn much more, making such services reasonably affordable.

For example, although Americans pay $15.49 (approximately ₦24,000 at current exchange rates) for Netflix's Standard plan, the average U.S. worker makes more than $60,000 per year.

Nigeria's minimum monthly wage is currently ₦70,000, with many earning significantly less in the informal economy.

This is more complex when you consider that Nigeria’s current minimum wage of ₦70,000 is merely $43, compared to its minimum wage of ₦30,000 as of 2022, which was $70 when exchanged at the average rate of ₦423.7 at the end of the year.

This dip highlights Nigeria’s declining purchasing power in the face of one of its worst economic periods.

This disparity in purchasing power parity (PPP) also demonstrates the increasing difficulties of developing global subscription models in poor nations.

As streaming platforms pursue profitability, they risk losing customers in price-sensitive areas such as Nigeria.

Unless updated price structures or regional considerations are applied, subscription-based services may see decreased popularity in places where economic hardship makes digital entertainment increasingly costly.

However, the increase in internet and mobile penetration currently sweeping the nation could work against the above argument.

Additionally, Africa as whole led by countries like Nigeria and South Africa has been a market of interest for the streaming giants.

In 2023, reports indicated that Netflix planned to expand its operations on the continent, following the success of its local content production ventures in the region.

From 2016 to 2023 Netflix had invested the equivalent of €160 million in film content production in Africa, creating over 12,000 jobs in Nigeria, Kenya, and South Africa.

However, as of the end of 2024, Netflix reportedly pulled out of the Nigerian market.

In a statement to TechCabal, Netflix denied the reports of its exit.

According to TechCabal, a Netflix spokesperson reaffirmed the company’s commitment to Nigeria, saying, “We are not exiting Nigeria. We will continue to invest in Nigerian stories to delight our audience.”

Over USD 23 million has been invested in Nigeria by the streaming service since 2016 in over 250 local licensed titles, co-produced and commissioned film content.

Netflix' investments has contributed $39 million towards GDP, $34 million towards household income, and $2.6 million towards tax revenue.

By Chinedu Okafor, Business Insider Africa

Related story: Netflix cuts original Nigeria productions

Nigeria launches AI Scaling Hub with Gates Foundation

In partnership with the Gates Foundation, Nigeria has launched the Nigeria Artificial Intelligence Scaling Hub, backed by a funding commitment of up to $7.5 million over three years.

Announced during a signing ceremony in Abuja, the initiative will focus on responsibly scaling AI solutions across healthcare, agriculture, and education.

The AI Scaling Hub aims to unite government agencies, tech firms, academia, and development partners to support the nationwide deployment of proven AI innovations.

Rather than developing isolated pilot projects, the hub intends to build a collaborative system that encourages mature AI tools to be applied widely.

The Ministry of Communications, Innovation and Digital Economy stated that the move aligns with Nigeria’s draft National AI Strategy and broader technology agenda.

Minister Bosun Tijani said the hub would help turn local AI concepts into real-world results by offering innovators mentorship, resources, and support.

The Gates Foundation echoed the sentiment, with Nigeria Country Director Uche Amaonwu stressing the importance of ensuring AI benefits reach underserved communities.

The project also involves Lagos Business School and is expected to bolster Nigeria’s leadership in ethical AI adoption across Africa.

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Video - Nigeria steps up malaria battle with local solutions after U.S. aid cuts

Nigeria is under pressure to enhance its malaria response after reductions in U.S. aid. The country records approximately 55 million malaria cases annually, resulting in around 90,000 deaths. Officials have pledged $200 million and are promoting homegrown health solutions.

CGTN