The United States has warned American companies and investors that business trips to Nigeria could result in detention if their firms are under regulatory investigation or involved in tax and commercial disputes with Nigerian authorities.
The warning was contained in the 2026 Nigeria Investment Climate Statement published by the US Department of State, which raised concerns about the alleged use of travel restrictions and immigration enforcement to pressure foreign businesses.
The report said Nigerian authorities had previously imposed exit bans and detained foreign nationals during commercial or regulatory disputes, sometimes to obtain information or financial concessions from multinational companies.
It also alleged that restrictions on entry and exit were used to pressure businesses into resolving regulatory disagreements or settling disputed tax liabilities.
Binance executive’s detention cited
The report cited the detention of Tigran Gambaryan, a US citizen and former Internal Revenue Service agent who worked for cryptocurrency exchange Binance, as an example of the risks facing foreign business travellers.
Gambaryan and another Binance executive were detained in February 2024 after travelling to Abuja for meetings with Nigerian officials. Their passports were seized, and they were initially held at a government guest house before the other executive escaped.
Gambaryan was later transferred to Kuje Prison, Abuja, where he faced money laundering charges brought by the Economic and Financial Crimes Commission and tax-related allegations from the Federal Inland Revenue Service.
He spent about eight months in custody before the charges against him were dropped on humanitarian grounds in October 2024.
The US report also raised concerns about alleged extortion by airport security officials, citing local media investigations into the targeting of passengers perceived to be wealthy.
It further noted that some foreign visitors travelling on business visas had experienced delays when attempting to leave Nigeria, as immigration officials checked whether their activities complied with visa conditions.
Business visas generally permit meetings and related commercial engagements but do not authorise paid employment.
The report referenced a September 2025 US executive order aimed at protecting American citizens from wrongful detention abroad, warning against the use of foreign nationals as political bargaining chips.
Despite the concerns, the report acknowledged improvements in Nigeria’s macroeconomic stability and highlighted measures introduced to attract foreign investment.
It noted that Nigeria permits 100 per cent foreign ownership in most sectors, although restrictions apply to certain industries.
The report also highlighted the Nigerian Investment Promotion Commission’s One-Stop Investment Centre, which coordinates 27 government agencies to streamline investment approvals.
However, it identified corruption, inconsistent regulatory enforcement and weaknesses in the judicial system as persistent challenges undermining investor confidence.
According to the report, US foreign direct investment in Nigeria reached $7.9bn at the end of 2024, representing a 25 per cent increase from the previous year.
Bilateral trade between Nigeria and the United States stood at $14.8bn in 2025.
