Nanaev was born on November 7, 1945, in the village of Merke in the Jambyl Region of the Kazakh SSR.
[1] After he left MSU, he worked as a teacher at Kyrgyz National University and in positions in the Communist Party of Kirghizia for 20 years.
Between 2001 and 2005, he served as Ambassador of Kyrgyzstan to the Russian Federation, Armenia, Azerbaijan and Georgia, as well as served as a Special Representative of the President of Kyrgyzstan for development of trade and economic relations with Russian Federation.
The arrest warrant was based on allegation of corruption during Nanaev's term as Chairman of the Central Bank.
[1] Nanaev died on April 4, 2013, in Issyk-Kul Region of Kyrgyzstan where he was undergoing a medical treatment.