The Nigerian government has formally filed criminal charges against four individuals—Ejiogu A. Chinedu, Nnamdi F. Okereke, Oty Ugochukwu Stanley, and Chukwuebuka F. Ogumba—and several associated companies. The charges stem from their alleged involvement in cryptocurrency transactions without holding a banking license, particularly exchanging USDT for the local currency naira. These actions are believed to violate the Banks and Other Financial Institutions Act and the Foreign Exchange Act. This case arose from an in-depth investigation by the Economic and Financial Crimes Commission (EFCC) into suspected manipulation of the naira exchange rate and money laundering activities through virtual cryptocurrency platforms. Previously, EFCC successfully obtained court orders to freeze over $330,000 (approximately 548.6 million naira) in suspicious funds, which are suspected to have been transferred through the bank accounts of cryptocurrency users.