The Federal Court in Abuja found Egomsinachi Road Autos Limited and Chimera Log & Haulage Services Limited guilty of illegal conversion of USDT to naira without a license 💰 and confiscated 50 million naira 💵, as well as imposed a fine of 1 million naira ⚖️

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The Federal Court in Abuja found two Nigerian crypto companies, Egomsinachi Road Autos Limited and Chimera Log & Haulage Services Limited, guilty of illegal conversion of USDT to naira without a banking license. Judge Joyce AbdulMalik issued the ruling following an agreement with the Economic and Financial Crimes Commission (EFCC) and ordered the confiscation of 50 million naira held in the companies' accounts.

The companies were accused of failing to report their operations to the Special Control Unit Against Money Laundering (SCUML) of the EFCC. The director of the companies, Chukwubuka Felix Ogumba, admitted guilt. The court imposed a fine of 500,000 naira and required the director to provide an affidavit of good behavior.

This material was prepared by Khachatur Davtyan, developed and translated by artificial intelligence.

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