Binance Executive Reportedly Escapes from Custody in Nigeria

The Binance executive mysteriously got his Kenyan passport and fled from detention in Nigeria. 

One of the two Binance executives detained by the Nigerian federal government escaped from custody on Friday, March 22.

The executive, Nadeem Anjarwalla, fled from detention in a mosque close to their guest house in Abuja to an unknown destination, according to a report from the local media, Premium Times.

Mr. Anjarwalla, 38, escaped after the security guards took him to a mosque for his Ramadan prayers. The executive allegedly ran away during the prayers and has reportedly fled the Nigerian capital through an international Middle East airline.

The Nigerian government detained Anjarwalla and his colleague, Tigran Gambaryan, upon their arrival in the country in February 2024. The duo and Binance were charged with financial fraud and manipulating the Nigerian currency, causing a depreciation in the naira and other currencies.

Executive Mysteriously Fled Custody

According to local news, the Nigerian government took all of Anjarwalla’s papers during detention and found no other traveling document on him aside from his British passport. However, reports stated that the executive fled the nation’s capital using a Kenyan passport.

It is unclear how Anjarwalla, who is also a Kenyan citizen, managed to lay hold of the passport during detention. However, a source cited that the enforcement agency gave the executives a “comfortable guest house” and allowed them access to phone calls, which may have been the avenue Anjarwalla exploited to plan his escape.

When contacted, the Nigerian authorities stated they were investigating the matter and would make an official statement on the development. They also noted they were working on getting the flight destination to get Amjarwalla back into custody.

The Case Drags On

Binance’s refusal to appear before the Nigerian court or provide transaction details for Nigerian users has dragged the case on and extended its executives’ detention. The leading exchange stated it would not pay fines to the Nigerian government to restore its services or release its detained staff in the country.

Binance further delisted the NGN denomination from its platform and closed all payment services related to the Nigerian naira. The Nigerian government has also blocked users from accessing Binance sites and recently stopped access to its application.

Interestingly, the move from the Nigerian government may have been effective in restoring the naira, as the currency has recovered significantly against the dollar, moving from as high as 1,890 to $1 to 1,448 at press time.

Meanwhile, Binance just came off a regulatory clampdown by the US Securities and Exchange Commission (SEC), which agreed to a $4.3 billion settlement with the exchange, including the resignation of its founder, Changpeng Zhao, as CEO.