The Federal High Court in Abuja has convicted two more Nigerian crypto companies, Egomsinachi Road Autos Limited and Chimera Log & Haulage Services Limited, for illegally conducting USDT-to-Naira transactions without a banking license.
Justice Joyce AbdulMalik convicted the two companies on Thursday following a plea bargain arrangement with the Economic and Financial Crimes Commission (EFCC).
The court also ordered the forfeiture of N50 million held in the companies’ accounts to the EFCC recovery account.
This marks the third reported conviction by the Federal High Court for illegal crypto trading.
On October 31, 2024, Naijaonpoint reported that Justice Inyang Ekwo of the court, in suit no: FHC/ABJ/CR/308/2024, convicted Official Gredo and ordered the forfeiture of its N140,000,000 to the Federal Government.
Ogumba’s lawyer, Chikaoso Ojukwu SAN, confirmed the plea bargain agreement and urged the court to approve it.
Subsequently, Justice AbdulMalik convicted the companies and ordered them to forfeit N25,000,000 each to the Federal Government of Nigeria, which had been recovered by the EFCC during the investigation.
The court also imposed a fine of N500,000 on each company, to be paid to the Federal Government of Nigeria.
The judge further ordered that the convicts, through their Director, must depose to an affidavit of good behaviour before the Court.
Naijaonpoint reports that these companies are among several firms and individuals indicted by the EFCC for illegally negotiating United States Dollar Tether (USDT) against the Naira with the public, despite not being authorized dealers in the Nigeria Autonomous Foreign Exchange Market.