Akinwumi, a senior official of the Central Bank of Nigeria (CBN), testified against Binance at a recent court hearing in Abuja alleging that the company was operating in the country without a license. During the questioning of Akinwummi by the prosecution led by EFCC advisor Ekele Iheanacho, Akinwumi stated: "CBN has not issued any license to Binance". In addition, Binance executive Tigran Gambaryan is facing money laundering charges. He was arrested by Nigerian authorities in February 2024 and later released due to his deteriorating health. During a previous hearing, he suffered a sudden illness in court and was diagnosed with malaria. This prompted US politicians to lobby President Biden to release Gambaryan.