US Warns Executives of Detention Risks in Nigeria

The United States Government has issued a warning to American investors and business executives regarding the risks of detention during routine business trips to Nigeria, particularly if their companies are involved in regulatory investigations or disputes with Nigerian authorities. This warning is part of the 2026 Nigeria Investment Climate Statement by the US Department of State, which expresses concerns about arbitrary detention and coercive measures used by Nigerian authorities against foreign businesses.

A notable case mentioned is that of Tigran Gambaryan, an American citizen and former Internal Revenue Service agent, who was detained in February 2024 while working as an executive at cryptocurrency exchange Binance. Gambaryan and another executive were held without charge, with their passports confiscated, and later transferred to Kuje Prison facing money laundering and tax evasion charges.

He remained in detention for approximately eight months before the charges were withdrawn on humanitarian grounds in October 2024. The report serves as a cautionary tale for foreign executives regarding potential regulatory conflicts in Nigeria.