Crypto Firm Found Guilty of Illicit Naira Trading; FG Seizes N140 Million

The Federal High Court in Abuja has convicted Official Gredo Limited, a Nigerian cryptocurrency trading company, for conducting unlicensed USDT to Naira transactions.....KINDLY READ THE FULL STORY HERE▶

Justice Inyang Ekwo delivered the verdict on Wednesday, following a guilty plea by Nnamdi Okereke, the company’s director.

The company was accused of failing to report a single transfer of N76,462,500 to the Nigerian Financial Intelligence Unit, violating the Money Laundering Act.

POLITICS NIGERIA understands that Official Gredo and Okereke were among several firms and individuals indicted by the Economic and Financial Crimes Commission (EFCC) for negotiating USDT against the Naira without authorization.

As part of the plea bargain, Okereke admitted to committing the offence and returned N140 million to the EFCC.

The court ordered the forfeiture of this amount to the EFCC recovery account and imposed a fine of N1 million on the company.

This ruling is part of the EFCC’s ongoing investigation into cryptocurrency exchange platforms allegedly manipulating the Naira’s value and laundering unlawful proceeds.

Recently, two other crypto firms, Paparaxy Global Ventures Limited and Lemskin Technologies Limited, refunded N160 million to the federal government after being indicted for unlicensed transactions.

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