A former executive of cryptocurrency exchange Binance, Tigran Gambaryan, has openly criticised the Economic and Financial Crimes Commission (EFCC) over its recent allegations linking banks and fintech companies to large scale fraud in Nigeria. Gambaryan questioned the credibility of the Commission’s claims, suggesting that the findings lacked substance.
In a post shared on his verified X (formerly Twitter) account, Gambaryan dismissed the EFCC’s conclusions in harsh language, accusing the agency of exaggeration rather than thorough investigation. His comments quickly gained attention online, drawing mixed reactions from users.
The criticism followed a media briefing in Abuja where the EFCC, through its spokesperson Wilson Uwujaren, announced that it had uncovered two major fraud schemes allegedly involving parts of Nigeria’s financial system. According to the Commission, the schemes resulted in losses of more than ₦18.7 billion and affected over 900,000 victims nationwide.
Uwujaren stated that investigations exposed serious compliance failures within some financial institutions. He cited cases where cryptocurrency transactions worth about ₦162 billion reportedly moved through a bank without proper checks, while another bank allegedly allowed a single customer to operate hundreds of accounts tied to suspicious activities.
The EFCC further claimed that foreign criminal networks worked alongside local accomplices to exploit gaps in financial oversight. Gambaryan’s reaction has since sparked debate on social media, with some Nigerians questioning the effectiveness of financial crime enforcement, while others argue that the Commission should be allowed to complete its investigations.