US warns American executives of detention risks on Nigeria business trips

The United States government is cautioning American executives that routine business trips to Nigeria can turn into detentions, even as it credits Africa’s most populous nation with economic reforms that are drawing investors back. In its 2026 Investment Climate Statement, published in September, the State Department said Nigeria “has previously employed coercive exit bans and arbitrary detention as leverage in commercial or regulatory disputes.” The report adds that authorities have used such tools to extract data or financial concessions from multinational companies. The report describes a “fragile stabilisation” of Africa’s largest economy under President Bola Tinubu, whose administration has removed fuel subsidies and liberalised the foreign-exchange market. The statement says entry and exit bans, known locally as “Watch Lists,” are “frequently used” by Nigerian authorities. It says they are used to push companies toward resolving disputes or paying alleged tax liabilities. It also cites a rise in reports of harassment at airports. “Investigations by local media outlets highlight ongoing ‘shakedown’ efforts by airport security officials,” the report says, targeting travellers perceived as wealthy. It adds that, according to anecdotal accounts, visitors on business visas, which are suitable for meetings but not paid work, have increasingly faced delayed departures while immigration officials review their activities. Citing a September 2025 U.S. executive order on protecting Americans from wrongful detention abroad, the State Department warned that such actions “may be viewed as ‘political pawn’ manoeuvres.” It advised U.S. businesses that “standard business trips can escalate into detention if the firm is under regulatory suspicion or faces charges by Nigerian authorities.” The Binance case The report points to the case of Tigran Gambaryan, a U.S. citizen and former IRS agent who worked for crypto exchange Binance Holdings Ltd. Nigerian authorities detained him and a colleague in February 2024 after they arrived in Abuja for meetings. Their passports were seized, and they were initially held without charge in a government guest house before one executive escaped. Gambaryan was later moved to Kuje Prison on money-laundering charges brought by the Economic and Financial Crimes Commission and tax-evasion charges brought by the Federal Inland Revenue Service. He was held for eight months. The charges were dropped on humanitarian grounds in October 2024. The report says the episode “serves as a cautionary note for foreign executives regarding the risks of aggressive regulatory friction.” According to the report, the central bank’s foreign-currency reserves reached a 13-year high of $50.45 billion in February, and the government regained access to international debt markets with a $2.35 billion eurobond issuance in late 2025. The benchmark All-Share Index surged 51.19 percent last year. Nigeria was removed in October 2025 from the Financial Action Task Force’s “grey list” of jurisdictions under heightened monitoring. U.S. foreign direct investment in Nigeria reached $7.9 billion at the end of 2024, a 25 percent increase from the previous year, and bilateral trade hit $14.8 billion in 2025, the report said. The two governments are also pursuing a Commercial and Investment Partnership, which held a ministerial meeting in Lagos in January. The State Department also said corruption “remains a systemic barrier,” including at seaports, where customs delays impede trade. The report calls the security environment “a primary variable which gives pause to potential investors,” citing terrorist and “bandit” groups that continue to degrade conditions for agribusiness and mining in the North. It says travel between major northern hubs “remains hazardous, especially after dark.” Oladehinde Oladipo Dipo Oladehinde is a skilled energy analyst with experience across Nigeria's energy sector alongside relevant know-how about Nigeria’s macro economy. He provides a blend of market intelligence, financial analysis, industry insight, micro and macro-level analysis of a wide range of local and international issues as well as informed technical rudiments for policy-making and private directions. Share

In its 2026 Investment Climate Statement, published in September, the State Department said Nigeria “has previously employed coercive exit bans and arbitrary detention as leverage in commercial or regulatory disputes.” The report adds that authorities have used such tools to extract data or financial concessions from multinational companies. The report describes a “fragile stabilisation” of Africa’s largest economy under President Bola Tinubu, whose administration has removed fuel subsidies and liberalised the foreign-exchange market. The statement says entry and exit bans, known locally as “Watch Lists,” are “frequently used” by Nigerian authorities. It says they are used to push companies toward resolving disputes or paying alleged tax liabilities. It also cites a rise in reports of harassment at airports. “Investigations by local media outlets highlight ongoing ‘shakedown’ efforts by airport security officials,” the report says, targeting travellers perceived as wealthy. It adds that, according to anecdotal accounts, visitors on business visas, which are suitable for meetings but not paid work, have increasingly faced delayed departures while immigration officials review their activities. Citing a September 2025 U.S. executive order on protecting Americans from wrongful detention abroad, the State Department warned that such actions “may be viewed as ‘political pawn’ manoeuvres.” It advised U.S. businesses that “standard business trips can escalate into detention if the firm is under regulatory suspicion or faces charges by Nigerian authorities.” The Binance case The report points to the case of Tigran Gambaryan, a U.S. citizen and former IRS agent who worked for crypto exchange Binance Holdings Ltd. Nigerian authorities detained him and a colleague in February 2024 after they arrived in Abuja for meetings. Their passports were seized, and they were initially held without charge in a government guest house before one executive escaped. Gambaryan was later moved to Kuje Prison on money-laundering charges brought by the Economic and Financial Crimes Commission and tax-evasion charges brought by the Federal Inland Revenue Service. He was held for eight months. The charges were dropped on humanitarian grounds in October 2024. The report says the episode “serves as a cautionary note for foreign executives regarding the risks of aggressive regulatory friction.” According to the report, the central bank’s foreign-currency reserves reached a 13-year high of $50.45 billion in February, and the government regained access to international debt markets with a $2.35 billion eurobond issuance in late 2025. The benchmark All-Share Index surged 51.19 percent last year. Nigeria was removed in October 2025 from the Financial Action Task Force’s “grey list” of jurisdictions under heightened monitoring. U.S. foreign direct investment in Nigeria reached $7.9 billion at the end of 2024, a 25 percent increase from the previous year, and bilateral trade hit $14.8 billion in 2025, the report said. The two governments are also pursuing a Commercial and Investment Partnership, which held a ministerial meeting in Lagos in January. The State Department also said corruption “remains a systemic barrier,” including at seaports, where customs delays impede trade. The report calls the security environment “a primary variable which gives pause to potential investors,” citing terrorist and “bandit” groups that continue to degrade conditions for agribusiness and mining in the North. It says travel between major northern hubs “remains hazardous, especially after dark.” Oladehinde Oladipo Dipo Oladehinde is a skilled energy analyst with experience across Nigeria's energy sector alongside relevant know-how about Nigeria’s macro economy. He provides a blend of market intelligence, financial analysis, industry insight, micro and macro-level analysis of a wide range of local and international issues as well as informed technical rudiments for policy-making and private directions. Share

The report describes a “fragile stabilisation” of Africa’s largest economy under President Bola Tinubu, whose administration has removed fuel subsidies and liberalised the foreign-exchange market. The statement says entry and exit bans, known locally as “Watch Lists,” are “frequently used” by Nigerian authorities. It says they are used to push companies toward resolving disputes or paying alleged tax liabilities. It also cites a rise in reports of harassment at airports. “Investigations by local media outlets highlight ongoing ‘shakedown’ efforts by airport security officials,” the report says, targeting travellers perceived as wealthy. It adds that, according to anecdotal accounts, visitors on business visas, which are suitable for meetings but not paid work, have increasingly faced delayed departures while immigration officials review their activities. Citing a September 2025 U.S. executive order on protecting Americans from wrongful detention abroad, the State Department warned that such actions “may be viewed as ‘political pawn’ manoeuvres.” It advised U.S. businesses that “standard business trips can escalate into detention if the firm is under regulatory suspicion or faces charges by Nigerian authorities.” The Binance case The report points to the case of Tigran Gambaryan, a U.S. citizen and former IRS agent who worked for crypto exchange Binance Holdings Ltd. Nigerian authorities detained him and a colleague in February 2024 after they arrived in Abuja for meetings. Their passports were seized, and they were initially held without charge in a government guest house before one executive escaped. Gambaryan was later moved to Kuje Prison on money-laundering charges brought by the Economic and Financial Crimes Commission and tax-evasion charges brought by the Federal Inland Revenue Service. He was held for eight months. The charges were dropped on humanitarian grounds in October 2024. The report says the episode “serves as a cautionary note for foreign executives regarding the risks of aggressive regulatory friction.” According to the report, the central bank’s foreign-currency reserves reached a 13-year high of $50.45 billion in February, and the government regained access to international debt markets with a $2.35 billion eurobond issuance in late 2025. The benchmark All-Share Index surged 51.19 percent last year. Nigeria was removed in October 2025 from the Financial Action Task Force’s “grey list” of jurisdictions under heightened monitoring. U.S. foreign direct investment in Nigeria reached $7.9 billion at the end of 2024, a 25 percent increase from the previous year, and bilateral trade hit $14.8 billion in 2025, the report said. The two governments are also pursuing a Commercial and Investment Partnership, which held a ministerial meeting in Lagos in January. The State Department also said corruption “remains a systemic barrier,” including at seaports, where customs delays impede trade. The report calls the security environment “a primary variable which gives pause to potential investors,” citing terrorist and “bandit” groups that continue to degrade conditions for agribusiness and mining in the North. It says travel between major northern hubs “remains hazardous, especially after dark.” Oladehinde Oladipo Dipo Oladehinde is a skilled energy analyst with experience across Nigeria's energy sector alongside relevant know-how about Nigeria’s macro economy. He provides a blend of market intelligence, financial analysis, industry insight, micro and macro-level analysis of a wide range of local and international issues as well as informed technical rudiments for policy-making and private directions. Share

The statement says entry and exit bans, known locally as “Watch Lists,” are “frequently used” by Nigerian authorities. It says they are used to push companies toward resolving disputes or paying alleged tax liabilities. It also cites a rise in reports of harassment at airports. “Investigations by local media outlets highlight ongoing ‘shakedown’ efforts by airport security officials,” the report says, targeting travellers perceived as wealthy. It adds that, according to anecdotal accounts, visitors on business visas, which are suitable for meetings but not paid work, have increasingly faced delayed departures while immigration officials review their activities. Citing a September 2025 U.S. executive order on protecting Americans from wrongful detention abroad, the State Department warned that such actions “may be viewed as ‘political pawn’ manoeuvres.” It advised U.S. businesses that “standard business trips can escalate into detention if the firm is under regulatory suspicion or faces charges by Nigerian authorities.” The Binance case The report points to the case of Tigran Gambaryan, a U.S. citizen and former IRS agent who worked for crypto exchange Binance Holdings Ltd. Nigerian authorities detained him and a colleague in February 2024 after they arrived in Abuja for meetings. Their passports were seized, and they were initially held without charge in a government guest house before one executive escaped. Gambaryan was later moved to Kuje Prison on money-laundering charges brought by the Economic and Financial Crimes Commission and tax-evasion charges brought by the Federal Inland Revenue Service. He was held for eight months. The charges were dropped on humanitarian grounds in October 2024. The report says the episode “serves as a cautionary note for foreign executives regarding the risks of aggressive regulatory friction.” According to the report, the central bank’s foreign-currency reserves reached a 13-year high of $50.45 billion in February, and the government regained access to international debt markets with a $2.35 billion eurobond issuance in late 2025. The benchmark All-Share Index surged 51.19 percent last year. Nigeria was removed in October 2025 from the Financial Action Task Force’s “grey list” of jurisdictions under heightened monitoring. U.S. foreign direct investment in Nigeria reached $7.9 billion at the end of 2024, a 25 percent increase from the previous year, and bilateral trade hit $14.8 billion in 2025, the report said. The two governments are also pursuing a Commercial and Investment Partnership, which held a ministerial meeting in Lagos in January. The State Department also said corruption “remains a systemic barrier,” including at seaports, where customs delays impede trade. The report calls the security environment “a primary variable which gives pause to potential investors,” citing terrorist and “bandit” groups that continue to degrade conditions for agribusiness and mining in the North. It says travel between major northern hubs “remains hazardous, especially after dark.” Oladehinde Oladipo Dipo Oladehinde is a skilled energy analyst with experience across Nigeria's energy sector alongside relevant know-how about Nigeria’s macro economy. He provides a blend of market intelligence, financial analysis, industry insight, micro and macro-level analysis of a wide range of local and international issues as well as informed technical rudiments for policy-making and private directions. Share

It also cites a rise in reports of harassment at airports. “Investigations by local media outlets highlight ongoing ‘shakedown’ efforts by airport security officials,” the report says, targeting travellers perceived as wealthy. It adds that, according to anecdotal accounts, visitors on business visas, which are suitable for meetings but not paid work, have increasingly faced delayed departures while immigration officials review their activities. Citing a September 2025 U.S. executive order on protecting Americans from wrongful detention abroad, the State Department warned that such actions “may be viewed as ‘political pawn’ manoeuvres.” It advised U.S. businesses that “standard business trips can escalate into detention if the firm is under regulatory suspicion or faces charges by Nigerian authorities.” The Binance case The report points to the case of Tigran Gambaryan, a U.S. citizen and former IRS agent who worked for crypto exchange Binance Holdings Ltd. Nigerian authorities detained him and a colleague in February 2024 after they arrived in Abuja for meetings. Their passports were seized, and they were initially held without charge in a government guest house before one executive escaped. Gambaryan was later moved to Kuje Prison on money-laundering charges brought by the Economic and Financial Crimes Commission and tax-evasion charges brought by the Federal Inland Revenue Service. He was held for eight months. The charges were dropped on humanitarian grounds in October 2024. The report says the episode “serves as a cautionary note for foreign executives regarding the risks of aggressive regulatory friction.” According to the report, the central bank’s foreign-currency reserves reached a 13-year high of $50.45 billion in February, and the government regained access to international debt markets with a $2.35 billion eurobond issuance in late 2025. The benchmark All-Share Index surged 51.19 percent last year. Nigeria was removed in October 2025 from the Financial Action Task Force’s “grey list” of jurisdictions under heightened monitoring. U.S. foreign direct investment in Nigeria reached $7.9 billion at the end of 2024, a 25 percent increase from the previous year, and bilateral trade hit $14.8 billion in 2025, the report said. The two governments are also pursuing a Commercial and Investment Partnership, which held a ministerial meeting in Lagos in January. The State Department also said corruption “remains a systemic barrier,” including at seaports, where customs delays impede trade. The report calls the security environment “a primary variable which gives pause to potential investors,” citing terrorist and “bandit” groups that continue to degrade conditions for agribusiness and mining in the North. It says travel between major northern hubs “remains hazardous, especially after dark.” Oladehinde Oladipo Dipo Oladehinde is a skilled energy analyst with experience across Nigeria's energy sector alongside relevant know-how about Nigeria’s macro economy. He provides a blend of market intelligence, financial analysis, industry insight, micro and macro-level analysis of a wide range of local and international issues as well as informed technical rudiments for policy-making and private directions. Share

“Investigations by local media outlets highlight ongoing ‘shakedown’ efforts by airport security officials,” the report says, targeting travellers perceived as wealthy. It adds that, according to anecdotal accounts, visitors on business visas, which are suitable for meetings but not paid work, have increasingly faced delayed departures while immigration officials review their activities. Citing a September 2025 U.S. executive order on protecting Americans from wrongful detention abroad, the State Department warned that such actions “may be viewed as ‘political pawn’ manoeuvres.” It advised U.S. businesses that “standard business trips can escalate into detention if the firm is under regulatory suspicion or faces charges by Nigerian authorities.” The Binance case The report points to the case of Tigran Gambaryan, a U.S. citizen and former IRS agent who worked for crypto exchange Binance Holdings Ltd. Nigerian authorities detained him and a colleague in February 2024 after they arrived in Abuja for meetings. Their passports were seized, and they were initially held without charge in a government guest house before one executive escaped. Gambaryan was later moved to Kuje Prison on money-laundering charges brought by the Economic and Financial Crimes Commission and tax-evasion charges brought by the Federal Inland Revenue Service. He was held for eight months. The charges were dropped on humanitarian grounds in October 2024. The report says the episode “serves as a cautionary note for foreign executives regarding the risks of aggressive regulatory friction.” According to the report, the central bank’s foreign-currency reserves reached a 13-year high of $50.45 billion in February, and the government regained access to international debt markets with a $2.35 billion eurobond issuance in late 2025. The benchmark All-Share Index surged 51.19 percent last year. Nigeria was removed in October 2025 from the Financial Action Task Force’s “grey list” of jurisdictions under heightened monitoring. U.S. foreign direct investment in Nigeria reached $7.9 billion at the end of 2024, a 25 percent increase from the previous year, and bilateral trade hit $14.8 billion in 2025, the report said. The two governments are also pursuing a Commercial and Investment Partnership, which held a ministerial meeting in Lagos in January. The State Department also said corruption “remains a systemic barrier,” including at seaports, where customs delays impede trade. The report calls the security environment “a primary variable which gives pause to potential investors,” citing terrorist and “bandit” groups that continue to degrade conditions for agribusiness and mining in the North. It says travel between major northern hubs “remains hazardous, especially after dark.” Oladehinde Oladipo Dipo Oladehinde is a skilled energy analyst with experience across Nigeria's energy sector alongside relevant know-how about Nigeria’s macro economy. He provides a blend of market intelligence, financial analysis, industry insight, micro and macro-level analysis of a wide range of local and international issues as well as informed technical rudiments for policy-making and private directions. Share

It adds that, according to anecdotal accounts, visitors on business visas, which are suitable for meetings but not paid work, have increasingly faced delayed departures while immigration officials review their activities. Citing a September 2025 U.S. executive order on protecting Americans from wrongful detention abroad, the State Department warned that such actions “may be viewed as ‘political pawn’ manoeuvres.” It advised U.S. businesses that “standard business trips can escalate into detention if the firm is under regulatory suspicion or faces charges by Nigerian authorities.” The Binance case The report points to the case of Tigran Gambaryan, a U.S. citizen and former IRS agent who worked for crypto exchange Binance Holdings Ltd. Nigerian authorities detained him and a colleague in February 2024 after they arrived in Abuja for meetings. Their passports were seized, and they were initially held without charge in a government guest house before one executive escaped. Gambaryan was later moved to Kuje Prison on money-laundering charges brought by the Economic and Financial Crimes Commission and tax-evasion charges brought by the Federal Inland Revenue Service. He was held for eight months. The charges were dropped on humanitarian grounds in October 2024. The report says the episode “serves as a cautionary note for foreign executives regarding the risks of aggressive regulatory friction.” According to the report, the central bank’s foreign-currency reserves reached a 13-year high of $50.45 billion in February, and the government regained access to international debt markets with a $2.35 billion eurobond issuance in late 2025. The benchmark All-Share Index surged 51.19 percent last year. Nigeria was removed in October 2025 from the Financial Action Task Force’s “grey list” of jurisdictions under heightened monitoring. U.S. foreign direct investment in Nigeria reached $7.9 billion at the end of 2024, a 25 percent increase from the previous year, and bilateral trade hit $14.8 billion in 2025, the report said. The two governments are also pursuing a Commercial and Investment Partnership, which held a ministerial meeting in Lagos in January. The State Department also said corruption “remains a systemic barrier,” including at seaports, where customs delays impede trade. The report calls the security environment “a primary variable which gives pause to potential investors,” citing terrorist and “bandit” groups that continue to degrade conditions for agribusiness and mining in the North. It says travel between major northern hubs “remains hazardous, especially after dark.” Oladehinde Oladipo Dipo Oladehinde is a skilled energy analyst with experience across Nigeria's energy sector alongside relevant know-how about Nigeria’s macro economy. He provides a blend of market intelligence, financial analysis, industry insight, micro and macro-level analysis of a wide range of local and international issues as well as informed technical rudiments for policy-making and private directions. Share

Citing a September 2025 U.S. executive order on protecting Americans from wrongful detention abroad, the State Department warned that such actions “may be viewed as ‘political pawn’ manoeuvres.” It advised U.S. businesses that “standard business trips can escalate into detention if the firm is under regulatory suspicion or faces charges by Nigerian authorities.” The Binance case The report points to the case of Tigran Gambaryan, a U.S. citizen and former IRS agent who worked for crypto exchange Binance Holdings Ltd. Nigerian authorities detained him and a colleague in February 2024 after they arrived in Abuja for meetings. Their passports were seized, and they were initially held without charge in a government guest house before one executive escaped. Gambaryan was later moved to Kuje Prison on money-laundering charges brought by the Economic and Financial Crimes Commission and tax-evasion charges brought by the Federal Inland Revenue Service. He was held for eight months. The charges were dropped on humanitarian grounds in October 2024. The report says the episode “serves as a cautionary note for foreign executives regarding the risks of aggressive regulatory friction.” According to the report, the central bank’s foreign-currency reserves reached a 13-year high of $50.45 billion in February, and the government regained access to international debt markets with a $2.35 billion eurobond issuance in late 2025. The benchmark All-Share Index surged 51.19 percent last year. Nigeria was removed in October 2025 from the Financial Action Task Force’s “grey list” of jurisdictions under heightened monitoring. U.S. foreign direct investment in Nigeria reached $7.9 billion at the end of 2024, a 25 percent increase from the previous year, and bilateral trade hit $14.8 billion in 2025, the report said. The two governments are also pursuing a Commercial and Investment Partnership, which held a ministerial meeting in Lagos in January. The State Department also said corruption “remains a systemic barrier,” including at seaports, where customs delays impede trade. The report calls the security environment “a primary variable which gives pause to potential investors,” citing terrorist and “bandit” groups that continue to degrade conditions for agribusiness and mining in the North. It says travel between major northern hubs “remains hazardous, especially after dark.” Oladehinde Oladipo Dipo Oladehinde is a skilled energy analyst with experience across Nigeria's energy sector alongside relevant know-how about Nigeria’s macro economy. He provides a blend of market intelligence, financial analysis, industry insight, micro and macro-level analysis of a wide range of local and international issues as well as informed technical rudiments for policy-making and private directions. Share

It advised U.S. businesses that “standard business trips can escalate into detention if the firm is under regulatory suspicion or faces charges by Nigerian authorities.” The Binance case The report points to the case of Tigran Gambaryan, a U.S. citizen and former IRS agent who worked for crypto exchange Binance Holdings Ltd. Nigerian authorities detained him and a colleague in February 2024 after they arrived in Abuja for meetings. Their passports were seized, and they were initially held without charge in a government guest house before one executive escaped. Gambaryan was later moved to Kuje Prison on money-laundering charges brought by the Economic and Financial Crimes Commission and tax-evasion charges brought by the Federal Inland Revenue Service. He was held for eight months. The charges were dropped on humanitarian grounds in October 2024. The report says the episode “serves as a cautionary note for foreign executives regarding the risks of aggressive regulatory friction.” According to the report, the central bank’s foreign-currency reserves reached a 13-year high of $50.45 billion in February, and the government regained access to international debt markets with a $2.35 billion eurobond issuance in late 2025. The benchmark All-Share Index surged 51.19 percent last year. Nigeria was removed in October 2025 from the Financial Action Task Force’s “grey list” of jurisdictions under heightened monitoring. U.S. foreign direct investment in Nigeria reached $7.9 billion at the end of 2024, a 25 percent increase from the previous year, and bilateral trade hit $14.8 billion in 2025, the report said. The two governments are also pursuing a Commercial and Investment Partnership, which held a ministerial meeting in Lagos in January. The State Department also said corruption “remains a systemic barrier,” including at seaports, where customs delays impede trade. The report calls the security environment “a primary variable which gives pause to potential investors,” citing terrorist and “bandit” groups that continue to degrade conditions for agribusiness and mining in the North. It says travel between major northern hubs “remains hazardous, especially after dark.” Oladehinde Oladipo Dipo Oladehinde is a skilled energy analyst with experience across Nigeria's energy sector alongside relevant know-how about Nigeria’s macro economy. He provides a blend of market intelligence, financial analysis, industry insight, micro and macro-level analysis of a wide range of local and international issues as well as informed technical rudiments for policy-making and private directions. Share

The Binance case The report points to the case of Tigran Gambaryan, a U.S. citizen and former IRS agent who worked for crypto exchange Binance Holdings Ltd. Nigerian authorities detained him and a colleague in February 2024 after they arrived in Abuja for meetings. Their passports were seized, and they were initially held without charge in a government guest house before one executive escaped. Gambaryan was later moved to Kuje Prison on money-laundering charges brought by the Economic and Financial Crimes Commission and tax-evasion charges brought by the Federal Inland Revenue Service. He was held for eight months. The charges were dropped on humanitarian grounds in October 2024. The report says the episode “serves as a cautionary note for foreign executives regarding the risks of aggressive regulatory friction.” According to the report, the central bank’s foreign-currency reserves reached a 13-year high of $50.45 billion in February, and the government regained access to international debt markets with a $2.35 billion eurobond issuance in late 2025. The benchmark All-Share Index surged 51.19 percent last year. Nigeria was removed in October 2025 from the Financial Action Task Force’s “grey list” of jurisdictions under heightened monitoring. U.S. foreign direct investment in Nigeria reached $7.9 billion at the end of 2024, a 25 percent increase from the previous year, and bilateral trade hit $14.8 billion in 2025, the report said. The two governments are also pursuing a Commercial and Investment Partnership, which held a ministerial meeting in Lagos in January. The State Department also said corruption “remains a systemic barrier,” including at seaports, where customs delays impede trade. The report calls the security environment “a primary variable which gives pause to potential investors,” citing terrorist and “bandit” groups that continue to degrade conditions for agribusiness and mining in the North. It says travel between major northern hubs “remains hazardous, especially after dark.” Oladehinde Oladipo Dipo Oladehinde is a skilled energy analyst with experience across Nigeria's energy sector alongside relevant know-how about Nigeria’s macro economy. He provides a blend of market intelligence, financial analysis, industry insight, micro and macro-level analysis of a wide range of local and international issues as well as informed technical rudiments for policy-making and private directions. Share

The report points to the case of Tigran Gambaryan, a U.S. citizen and former IRS agent who worked for crypto exchange Binance Holdings Ltd. Nigerian authorities detained him and a colleague in February 2024 after they arrived in Abuja for meetings. Their passports were seized, and they were initially held without charge in a government guest house before one executive escaped. Gambaryan was later moved to Kuje Prison on money-laundering charges brought by the Economic and Financial Crimes Commission and tax-evasion charges brought by the Federal Inland Revenue Service. He was held for eight months. The charges were dropped on humanitarian grounds in October 2024. The report says the episode “serves as a cautionary note for foreign executives regarding the risks of aggressive regulatory friction.” According to the report, the central bank’s foreign-currency reserves reached a 13-year high of $50.45 billion in February, and the government regained access to international debt markets with a $2.35 billion eurobond issuance in late 2025. The benchmark All-Share Index surged 51.19 percent last year. Nigeria was removed in October 2025 from the Financial Action Task Force’s “grey list” of jurisdictions under heightened monitoring. U.S. foreign direct investment in Nigeria reached $7.9 billion at the end of 2024, a 25 percent increase from the previous year, and bilateral trade hit $14.8 billion in 2025, the report said. The two governments are also pursuing a Commercial and Investment Partnership, which held a ministerial meeting in Lagos in January. The State Department also said corruption “remains a systemic barrier,” including at seaports, where customs delays impede trade. The report calls the security environment “a primary variable which gives pause to potential investors,” citing terrorist and “bandit” groups that continue to degrade conditions for agribusiness and mining in the North. It says travel between major northern hubs “remains hazardous, especially after dark.” Oladehinde Oladipo Dipo Oladehinde is a skilled energy analyst with experience across Nigeria's energy sector alongside relevant know-how about Nigeria’s macro economy. He provides a blend of market intelligence, financial analysis, industry insight, micro and macro-level analysis of a wide range of local and international issues as well as informed technical rudiments for policy-making and private directions. Share

Their passports were seized, and they were initially held without charge in a government guest house before one executive escaped. Gambaryan was later moved to Kuje Prison on money-laundering charges brought by the Economic and Financial Crimes Commission and tax-evasion charges brought by the Federal Inland Revenue Service. He was held for eight months. The charges were dropped on humanitarian grounds in October 2024. The report says the episode “serves as a cautionary note for foreign executives regarding the risks of aggressive regulatory friction.” According to the report, the central bank’s foreign-currency reserves reached a 13-year high of $50.45 billion in February, and the government regained access to international debt markets with a $2.35 billion eurobond issuance in late 2025. The benchmark All-Share Index surged 51.19 percent last year. Nigeria was removed in October 2025 from the Financial Action Task Force’s “grey list” of jurisdictions under heightened monitoring. U.S. foreign direct investment in Nigeria reached $7.9 billion at the end of 2024, a 25 percent increase from the previous year, and bilateral trade hit $14.8 billion in 2025, the report said. The two governments are also pursuing a Commercial and Investment Partnership, which held a ministerial meeting in Lagos in January. The State Department also said corruption “remains a systemic barrier,” including at seaports, where customs delays impede trade. The report calls the security environment “a primary variable which gives pause to potential investors,” citing terrorist and “bandit” groups that continue to degrade conditions for agribusiness and mining in the North. It says travel between major northern hubs “remains hazardous, especially after dark.” Oladehinde Oladipo Dipo Oladehinde is a skilled energy analyst with experience across Nigeria's energy sector alongside relevant know-how about Nigeria’s macro economy. He provides a blend of market intelligence, financial analysis, industry insight, micro and macro-level analysis of a wide range of local and international issues as well as informed technical rudiments for policy-making and private directions. Share

Gambaryan was later moved to Kuje Prison on money-laundering charges brought by the Economic and Financial Crimes Commission and tax-evasion charges brought by the Federal Inland Revenue Service. He was held for eight months. The charges were dropped on humanitarian grounds in October 2024. The report says the episode “serves as a cautionary note for foreign executives regarding the risks of aggressive regulatory friction.” According to the report, the central bank’s foreign-currency reserves reached a 13-year high of $50.45 billion in February, and the government regained access to international debt markets with a $2.35 billion eurobond issuance in late 2025. The benchmark All-Share Index surged 51.19 percent last year. Nigeria was removed in October 2025 from the Financial Action Task Force’s “grey list” of jurisdictions under heightened monitoring. U.S. foreign direct investment in Nigeria reached $7.9 billion at the end of 2024, a 25 percent increase from the previous year, and bilateral trade hit $14.8 billion in 2025, the report said. The two governments are also pursuing a Commercial and Investment Partnership, which held a ministerial meeting in Lagos in January. The State Department also said corruption “remains a systemic barrier,” including at seaports, where customs delays impede trade. The report calls the security environment “a primary variable which gives pause to potential investors,” citing terrorist and “bandit” groups that continue to degrade conditions for agribusiness and mining in the North. It says travel between major northern hubs “remains hazardous, especially after dark.” Oladehinde Oladipo Dipo Oladehinde is a skilled energy analyst with experience across Nigeria's energy sector alongside relevant know-how about Nigeria’s macro economy. He provides a blend of market intelligence, financial analysis, industry insight, micro and macro-level analysis of a wide range of local and international issues as well as informed technical rudiments for policy-making and private directions. Share

The charges were dropped on humanitarian grounds in October 2024. The report says the episode “serves as a cautionary note for foreign executives regarding the risks of aggressive regulatory friction.” According to the report, the central bank’s foreign-currency reserves reached a 13-year high of $50.45 billion in February, and the government regained access to international debt markets with a $2.35 billion eurobond issuance in late 2025. The benchmark All-Share Index surged 51.19 percent last year. Nigeria was removed in October 2025 from the Financial Action Task Force’s “grey list” of jurisdictions under heightened monitoring. U.S. foreign direct investment in Nigeria reached $7.9 billion at the end of 2024, a 25 percent increase from the previous year, and bilateral trade hit $14.8 billion in 2025, the report said. The two governments are also pursuing a Commercial and Investment Partnership, which held a ministerial meeting in Lagos in January. The State Department also said corruption “remains a systemic barrier,” including at seaports, where customs delays impede trade. The report calls the security environment “a primary variable which gives pause to potential investors,” citing terrorist and “bandit” groups that continue to degrade conditions for agribusiness and mining in the North. It says travel between major northern hubs “remains hazardous, especially after dark.” Oladehinde Oladipo Dipo Oladehinde is a skilled energy analyst with experience across Nigeria's energy sector alongside relevant know-how about Nigeria’s macro economy. He provides a blend of market intelligence, financial analysis, industry insight, micro and macro-level analysis of a wide range of local and international issues as well as informed technical rudiments for policy-making and private directions. Share

The report says the episode “serves as a cautionary note for foreign executives regarding the risks of aggressive regulatory friction.” According to the report, the central bank’s foreign-currency reserves reached a 13-year high of $50.45 billion in February, and the government regained access to international debt markets with a $2.35 billion eurobond issuance in late 2025. The benchmark All-Share Index surged 51.19 percent last year. Nigeria was removed in October 2025 from the Financial Action Task Force’s “grey list” of jurisdictions under heightened monitoring. U.S. foreign direct investment in Nigeria reached $7.9 billion at the end of 2024, a 25 percent increase from the previous year, and bilateral trade hit $14.8 billion in 2025, the report said. The two governments are also pursuing a Commercial and Investment Partnership, which held a ministerial meeting in Lagos in January. The State Department also said corruption “remains a systemic barrier,” including at seaports, where customs delays impede trade. The report calls the security environment “a primary variable which gives pause to potential investors,” citing terrorist and “bandit” groups that continue to degrade conditions for agribusiness and mining in the North. It says travel between major northern hubs “remains hazardous, especially after dark.” Oladehinde Oladipo Dipo Oladehinde is a skilled energy analyst with experience across Nigeria's energy sector alongside relevant know-how about Nigeria’s macro economy. He provides a blend of market intelligence, financial analysis, industry insight, micro and macro-level analysis of a wide range of local and international issues as well as informed technical rudiments for policy-making and private directions. Share

According to the report, the central bank’s foreign-currency reserves reached a 13-year high of $50.45 billion in February, and the government regained access to international debt markets with a $2.35 billion eurobond issuance in late 2025. The benchmark All-Share Index surged 51.19 percent last year. Nigeria was removed in October 2025 from the Financial Action Task Force’s “grey list” of jurisdictions under heightened monitoring. U.S. foreign direct investment in Nigeria reached $7.9 billion at the end of 2024, a 25 percent increase from the previous year, and bilateral trade hit $14.8 billion in 2025, the report said. The two governments are also pursuing a Commercial and Investment Partnership, which held a ministerial meeting in Lagos in January. The State Department also said corruption “remains a systemic barrier,” including at seaports, where customs delays impede trade. The report calls the security environment “a primary variable which gives pause to potential investors,” citing terrorist and “bandit” groups that continue to degrade conditions for agribusiness and mining in the North. It says travel between major northern hubs “remains hazardous, especially after dark.” Oladehinde Oladipo Dipo Oladehinde is a skilled energy analyst with experience across Nigeria's energy sector alongside relevant know-how about Nigeria’s macro economy. He provides a blend of market intelligence, financial analysis, industry insight, micro and macro-level analysis of a wide range of local and international issues as well as informed technical rudiments for policy-making and private directions. Share

The benchmark All-Share Index surged 51.19 percent last year. Nigeria was removed in October 2025 from the Financial Action Task Force’s “grey list” of jurisdictions under heightened monitoring. U.S. foreign direct investment in Nigeria reached $7.9 billion at the end of 2024, a 25 percent increase from the previous year, and bilateral trade hit $14.8 billion in 2025, the report said. The two governments are also pursuing a Commercial and Investment Partnership, which held a ministerial meeting in Lagos in January. The State Department also said corruption “remains a systemic barrier,” including at seaports, where customs delays impede trade. The report calls the security environment “a primary variable which gives pause to potential investors,” citing terrorist and “bandit” groups that continue to degrade conditions for agribusiness and mining in the North. It says travel between major northern hubs “remains hazardous, especially after dark.” Oladehinde Oladipo Dipo Oladehinde is a skilled energy analyst with experience across Nigeria's energy sector alongside relevant know-how about Nigeria’s macro economy. He provides a blend of market intelligence, financial analysis, industry insight, micro and macro-level analysis of a wide range of local and international issues as well as informed technical rudiments for policy-making and private directions. Share

U.S. foreign direct investment in Nigeria reached $7.9 billion at the end of 2024, a 25 percent increase from the previous year, and bilateral trade hit $14.8 billion in 2025, the report said. The two governments are also pursuing a Commercial and Investment Partnership, which held a ministerial meeting in Lagos in January. The State Department also said corruption “remains a systemic barrier,” including at seaports, where customs delays impede trade. The report calls the security environment “a primary variable which gives pause to potential investors,” citing terrorist and “bandit” groups that continue to degrade conditions for agribusiness and mining in the North. It says travel between major northern hubs “remains hazardous, especially after dark.” Oladehinde Oladipo Dipo Oladehinde is a skilled energy analyst with experience across Nigeria's energy sector alongside relevant know-how about Nigeria’s macro economy. He provides a blend of market intelligence, financial analysis, industry insight, micro and macro-level analysis of a wide range of local and international issues as well as informed technical rudiments for policy-making and private directions. Share

The State Department also said corruption “remains a systemic barrier,” including at seaports, where customs delays impede trade. The report calls the security environment “a primary variable which gives pause to potential investors,” citing terrorist and “bandit” groups that continue to degrade conditions for agribusiness and mining in the North. It says travel between major northern hubs “remains hazardous, especially after dark.” Oladehinde Oladipo Dipo Oladehinde is a skilled energy analyst with experience across Nigeria's energy sector alongside relevant know-how about Nigeria’s macro economy. He provides a blend of market intelligence, financial analysis, industry insight, micro and macro-level analysis of a wide range of local and international issues as well as informed technical rudiments for policy-making and private directions. Share

The report calls the security environment “a primary variable which gives pause to potential investors,” citing terrorist and “bandit” groups that continue to degrade conditions for agribusiness and mining in the North. It says travel between major northern hubs “remains hazardous, especially after dark.” Oladehinde Oladipo Dipo Oladehinde is a skilled energy analyst with experience across Nigeria's energy sector alongside relevant know-how about Nigeria’s macro economy. He provides a blend of market intelligence, financial analysis, industry insight, micro and macro-level analysis of a wide range of local and international issues as well as informed technical rudiments for policy-making and private directions. Share

Dipo Oladehinde is a skilled energy analyst with experience across Nigeria's energy sector alongside relevant know-how about Nigeria’s macro economy. He provides a blend of market intelligence, financial analysis, industry insight, micro and macro-level analysis of a wide range of local and international issues as well as informed technical rudiments for policy-making and private directions.