US warns business executives against detention risks in Nigeria

The United States Government has issued a warning to American business executives regarding potential detention risks during routine business trips to Nigeria. According to the latest 2026 Nigeria Investment Climate Statement by the US Department of State, the country's regulatory environment poses significant risks for foreign businesses, particularly when involved in regulatory investigations, tax disputes, or disagreements with Nigerian authorities.

The warning comes in response to alleged coercive tactics used by Nigerian authorities, such as arbitrary detention, travel restrictions, and immigration enforcement, to pressure foreign companies into settling disputes or making financial concessions. A notable example cited in the report is the detention of Tigran Gambaryan, an American citizen and former IRS agent working for cryptocurrency exchange Binance, who faced money laundering and tax evasion charges after arriving in Nigeria in February 2024.

Gambaryan was held without charge for eight months before the charges were eventually withdrawn on humanitarian grounds. The US Government's warning highlights the importance of foreign businesses exercising caution and vigilance when operating in Nigeria, particularly in light of the potential for arbitrary detention and other coercive measures by Nigerian authorities.

Brief written by urgent.news from Punch Nigeria's own syndicated text. Machine-written — may contain errors; check the original before relying on it.