Nigeria and Kenya Clash Over Fugitive Binance Executive in $81.5 Billion Crypto Fraud Case

Diplomatic tensions escalate as Nigeria pursues British-Kenyan dual national Nadeem Anjarwalla who escaped custody amid massive cryptocurrency lawsuit

Nigeria and Kenya are locked in a diplomatic standoff over the whereabouts of a fugitive cryptocurrency executive at the center of one of Africa’s largest financial fraud cases, as Nigeria pursues an $81.5 billion lawsuit against global crypto exchange Binance.

Nadeem Anjarwalla, a British-Kenyan dual national and former regional director for East Africa at Binance, remains on the run more than a year after escaping Nigerian custody in March 2024. His dramatic flight has sparked a complex international manhunt involving Interpol and strained relations between two of Africa’s economic powerhouses.

The Great Escape

The saga began in February 2024 when Nigerian authorities invited Anjarwalla and his American colleague Tigran Gambaryan to Abuja for what was described as a “high-level meeting” to discuss allegations that Binance’s operations had contributed to the collapse of Nigeria’s currency, the naira.

Both executives were promptly detained upon arrival.

However, Anjarwalla escaped from custody when he observed a Jumat prayer on Friday, March 22, 2024, in Abuja, according to Nigeria’s National Security Agency.

The NSA office said Anjarwalla fled Nigeria using a smuggled passport.

His escape came just days before Nigeria filed formal tax evasion charges against Binance and issued an international arrest warrant for the missing executive.

The Billion-Dollar Lawsuit

At the heart of the dispute lies Nigeria’s staggering financial claim against Binance.

Nigeria has filed a lawsuit seeking to compel cryptocurrency exchange Binance to pay $79.5 billion for economic losses it says were caused by its operations in the country and $2 billion in back taxes, making it one of the largest corporate legal actions in African history.

The Nigerian government alleges that Binance’s operations undermined the country’s official currency by providing alternative trading platforms for the naira during a period of chronic dollar shortages.

Nigeria has blamed Binance for its currency woes after cryptocurrency websites became the platforms of choice for trading the Nigerian naira as the country struggled with chronic dollar shortages and its currency fell to a record low.

The charges against Binance include four counts of tax evasion, encompassing allegations of non-payment of value-added tax (VAT) and failure to comply with various tax obligations.

Diplomatic Tensions Rise

Nigeria’s pursuit of Anjarwalla has created friction with Kenya, with Nigerian officials publicly expressing frustration over what they perceive as inadequate cooperation from Nairobi.

Nigeria’s Information Minister Mohammed Idris recently confirmed that his government continues to actively pursue the fugitive executive.

Speaking at a press conference on June 2, 2025, Idris stated that Nigeria was collaborating with Interpol in the pursuit of Anjarwalla and had reached out to Kenya for assistance.

However, Kenyan officials have consistently denied knowledge of the case or Anjarwalla’s whereabouts. Foreign Affairs Principal Secretary Korir Sing’oei told journalists, “I am not aware of the case,” when asked about Nigeria’s claims.

This denial came despite multiple reports in April 2024 suggesting that Anjarwalla had been arrested in Kenya and would face extradition.

Kenyan officials have denied reports that Nadeem Anjarwalla, the Binance executive facing tax evasion charges in Nigeria, was arrested in Kenya on April 22.

The Missing Executive

Anjarwalla’s current whereabouts remain unknown.

When contacted by journalists through his foreign phone number, the device was found to be switched off.

His escape has been described by Nigerian authorities as a violation of their laws, with officials emphasizing that he broke custody illegally.

At the time of his detention, Anjarwalla held significant influence in Binance’s African operations.

As regional director for East Africa, he oversaw operations in a market where Kenya represented the largest share of Binance’s members in the local and regional markets.

His colleague Gambaryan faced a different fate. A Nigerian court on Wednesday ordered the release of Binance executive Tigran Gambaryan after the government dropped money laundering charges against him to allow him to get medical treatment abroad.

The former U.S. Internal Revenue Service investigator, who spent over a decade tracking illicit cryptocurrency transactions, was released in October 2024 on humanitarian grounds after eight months in detention due to deteriorating health.

Legal Battleground

The legal proceedings against Binance continue to unfold in Nigerian courts, with the cryptocurrency exchange challenging the jurisdiction and proper service of court documents.

Binance’s lawyers argue that as a company registered in the Cayman Islands without a physical presence in Nigeria, the Nigerian tax authority failed to follow proper legal procedures for serving court documents on a foreign entity.

The case has been subject to multiple adjournments as courts navigate the complex international legal issues involved.

Nigerian authorities maintain that Binance’s operations significantly impacted their economy and currency stability, while Binance has denied wrongdoing and questioned the legitimacy of the proceedings.

Broader Implications

The standoff reflects broader tensions over cryptocurrency regulation in Africa and the challenges of enforcing financial laws in an increasingly digital economy.

Nigeria, Africa’s largest economy, has struggled with currency instability and capital flight, issues that authorities claim were exacerbated by unregulated cryptocurrency trading.

The case also highlights the complexities of international law enforcement in the digital age, where companies can operate across borders while executives hold multiple citizenships, complicating traditional approaches to jurisdiction and extradition.

What’s Next

As the legal battle continues, the diplomatic pressure between Nigeria and Kenya shows no signs of abating.

Nigeria maintains that it will continue pursuing Anjarwalla through international channels, while Kenya insists it has no knowledge of his whereabouts.

The outcome of this case could set important precedents for how African nations handle cryptocurrency regulation and international cooperation in financial crime cases.

With billions of dollars at stake and two major economies at odds, the search for Nadeem Anjarwalla has become more than just a manhunt—it’s a test of regional diplomatic relations and the future of financial regulation in Africa.

For now, the British-Kenyan executive remains a ghost in the machine of international finance, his disappearance serving as a symbol of the challenges facing authorities trying to regulate the borderless world of cryptocurrency.