The health of Tigran Gambaryan, Binance executive remains uncertain one month and one week after Justice Emeka Nwite ordered the Nigerian Correctional Service (NCS) to transfer him to a capable medical facility for treatment.

Gambaryan is Binance’s head of crime compliance.

His family said, “He has had double pneumonia and malaria whilst in prison” and reports said he Gambaryan’s health remains in grave danger.

In addition, the first witness from the Securities and Exchange Commission (SEC) was cross-examined on Monday, resulting in the adjournment of the money laundering trial against Binance and two executives until July 5.

The court is still aware that, despite repeated court orders, the prison where Gambaryan is being kept has not produced his medical documents from his single hospital visit, which occurred a month ago.

According to his family members, Gambaryan’s health is declining.

Justice Nwite again ordered that the reports be sent to Gambaryan’s counsel by Friday.

Gambaryan’s family spokesperson said that “Tigran’s health continues to deteriorate in detention, and he complained of numbness in his foot as well as back pain[…] He has had double pneumonia and malaria whilst in prison.” His wife added that: As I have stated many times before and as the evidence in court is showing, Tigran has never been a decision-maker at Binance, and there is no justification for his continued detention […] It is time for the Nigerian authorities to do the right thing and release my innocent husband.

The defense’s extensive questioning of a representative of SEC to refute allegations that Binance had engaged in the unlicensed offer and sale of securities has led to the recent dispute regarding Gambaryan’s health.

Gambaryan, the crypto exchange’s head of financial crime compliance, has been detained in Nigeria since February and is currently being held in Kuje prison.

The Binance exec is being held alongside members of the terrorist organization Boko Haram.

Nadeem Anjarwalla, another executive who is also accused of money laundering, has since fled.

Internet services were restricted in several areas across Mauritania yesterday, including the capital Nouakchott, following the outbreak of protests rejecting the presidential election results.

According to eyewitnesses, the internet services of mobile phones were cut off in certain Mauritanian cities, while remaining functional on the landline services.

The Mauritanian authorities and telecommunications companies are yet to comment on the issue.

On Monday, several cities across Mauritania, including Nouakchott, saw protests by supporters of candidate and human rights activist Biram Ould Dah Abeid, who came second in the results of the presidential elections.

He rejected the election results, and called it an “electoral coup.”

The National Independent Electoral Commission on Monday said incumbent Mauritanian President Mohamed Ould Ghazouani won the presidential election with 56.12% of the vote, while Biram Ould Dah Abeid came in second with 22.10%.

On Saturday, Mauritanians cast their ballots to choose a new president among seven candidates.

The northern African country has experienced several coups between 1978 and 2008, with 2019 marking the first peaceful power transfer between elected presidents since its independence from France in 1960.

Credit rating agency, Agusto & Co., has projected that managed assets in the country will witness an average annual growth rate of 32.4 per cent over the next two years.

The firm noted that while this represents a deceleration compared to the previous two years’ average growth rate of 45.8 per cent, the industry is still expected to see significant expansion, with managed assets surpassing the N10 trillion mark by 2025.

In its 2024 Asset Management Industry Report, it said the anticipated growth will be fuelled by several key factors, such as higher yields which are expected to attract more investments, while increased contributions from pension fund administrators and institutional clients will also play a crucial role.

Additionally, it stated that the strategic allocation of funds in international money markets is being leveraged to counteract the effects of the depreciating local currency.

It stated, “In 2023, the Nigerian asset management industry demonstrated resilience through innovative financial products and effective asset diversification. Total assets under management (AUM) increased by 44 per cent to N5.9 trillion, driven by the growth of dollar-denominated portfolios and increased participation from retail and institutional investors.

“The industry’s offerings are divided into three segments: Collective Investment Schemes (CISs), Segregated Portfolios, and Alternatives. CISs, or mutual funds, pool clients’ funds for management.

“Segregated portfolios include privately managed discretionary and non-discretionary funds, along with other private collective investment schemes not listed on the SEC’s website. Alternatives encompass non-traditional assets such as REITs, private equity, and infrastructure funds.

“In 2023, segregated portfolios surpassed collective investment schemes, contributing 57 per cent of the industry’s AUM as investors shifted away from the more restrictive and conservative CISs, which accounted for 35 per cent. Alternative assets, including publicly-listed private equity, REITs, and infrastructure funds, made up 8% of managed assets.”

Agusto & Co. forecasts robust growth in the industry’s managed assets, projecting an average annual growth rate of 32.4 per cent over the next two years, albeit at a slower pace compared to the 45.8 per cent average for the previous two years.