Abuja-based cryptocurrency firm, Official Gredo Limited, has threatened to institute a N1 billion lawsuit against financial news platform, Nairametrics, over what it described as a “false and malicious” publication linking it to illegal digital asset trading.
In a letter dated April 2026 and addressed to the Managing Director of the company, Nnaemeka Onyekachi, counsel to the firm, Gabriel Chikwado Eze, of the law firm of Paraclete & Earth Increase LP alleged that a report published on October 23, 2024, falsely claimed that a court had convicted Official Gredo Limited for conducting unlicensed USDT-to-naira transactions.
The lawyer maintained that the publication, titled “Nigerian Court convicts crypto firm over unlicensed USDT-Naira trading, transfers N140 million to FG,” misrepresented facts and damaged the company’s reputation. 
They argued that at no point was their client investigated, tried, or convicted for such an offence, insisting that trading in USDT or other digital assets is not criminalised under Nigerian law.
Citing Section 36(12) of the 1999 Constitution and judicial authorities, including the decision in Central Bank of Nigeria vs Rise Vest Technologies Ltd & Ors, the lawyers stated that no individual or entity can be prosecuted for an act not expressly defined as an offence under the law.
According to the letter, the publication falsely attributed a conviction to the Federal High Court in Abuja, an assertion the firm described as “entirely baseless and injurious.”
The firm accused the platform of failing to verify facts before publication and of deliberately disseminating misleading information capable of lowering its client’s standing in the eyes of the public.
As part of its demands, Official Gredo Limited called for an immediate retraction of the report, removal of the content from all platforms within 72 hours, and a public apology to be published in the same manner as the original story.
The company is also seeking ₦100 million in damages for the alleged defamatory publication.
However, the lawyers warned that failure to comply with the demands would trigger legal action, including civil and criminal proceedings, with a claim of no less than ₦1 billion in punitive damages and associated costs.
