Nigeria Sues Traders Over Unlicensed Stablecoin USDT Naira Trades

Earlier this month, the Federal Government of Nigeria filed a criminal lawsuit against four Nigerian crypto traders—Ejiogu A. Chinedu, Nnamdi F. Okereke, Oty Ugochukwu Stanley, and Chukwuebuka F. Ogumba—and some firms for conducting business, including USDT and Naira trades, effectively as financial institutions without a valid banking license.

As per the fillings, as exclusively obtained and reported by Nairametrics, the government believes that the charged defendants, through their business transactions, have violated the Banks and Other Financial Institutions Act of 2020 and are seeking the Federal High Court in Abuja—the nation's capital—to dispense the appropriate punishment.