Nigeria Secures $60 Million from US, Linked to Binance Case and Corrupt Assets

Jakarta, Pintu News – The Nigerian government has recovered nearly Rp978 billion ($60 million equivalent) from assets previously seized by the United States. The refund was part of a diplomatic deal that led to the release of Binance executive Tigran Gambaryan, who had been detained in Nigeria for almost a year.

According to a report from Premium Times, the deal involves top US government officials, including US National Security Advisor Jake Sullivan. Nigeria had originally demanded the release of around €6.2 trillion ($380 million equivalent) in assets linked to corruption cases of high-ranking Nigerian officials. Over the years, the Nigerian government has attempted to recover funds scattered in various countries.

Returned Assets and Their Use

Among the assets recovered were IDR862 billion (equivalent to $53 million) from the seizure of properties linked to Nigeria’s former Petroleum Minister, Diezani Alison-Madueke. In addition, about Rp2.6 trillion ($150 million) linked to Nigeria’s former military head of state, Sanni Abacha, has been held in France since 2012. The US also seized about €160 million from a former Nigerian governor.

Some of the funds have already been returned to Nigeria. The US District Court for the Eastern District of California ordered the return of IDR 98 billion ($6.02 million equivalent) related to an arms deal that took place a decade ago. The funds were previously seized because the arms broker hired by the Nigerian government did not have an active license.

As part of the agreement, IDR 815 billion (equivalent to $50 million) will be used for rural electrification projects through the World Bank, while IDR 47 billion (equivalent to $2.88 million) will be allocated to the International Institute of Justice (IIJ) to support Rule of Law and Counterterrorism projects.

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Nigeria and US ties grow tighter after Binance case

The release of Tigran Gambaryan also strengthens the diplomatic partnership between the US and Nigeria. One of the conditions of his release was to recognize the move as a diplomatic gesture that benefited the relationship between the two countries.

As part of this cooperation, the US Embassy in Nigeria launched the US-Nigeria Bilateral Liaison Group on Illicit Finance and Cryptocurrencies on the same day as Gambaryan’s release. Through this initiative, the US Department of Justice is helping Nigerian law enforcement agencies enhance their investigative and prosecutorial capabilities for financial and cyber crimes.

However, with the change of leadership in the US following Donald Trump’s return to the presidency, it remains unclear whether this strong bilateral relationship will continue. US foreign policy under Trump is likely to undergo major changes, including in cooperation with its allies.

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Reference

• Cryptopolitan. Nigeria Secures $60 Million From the US in Binance Case. Accessed March 10, 2025.
• Featured Image: The Cryptonomist