Gredo Group threatens N1b suit over alleged defamatory publication by Nairametrics

A legal dispute is brewing between Official Gredo Limited and Nairametrics Financial Advocates Limited, following a strongly worded demand letter alleging defamation over a publication that reportedly linked the company to unlawful cryptocurrency activities.

The letter, dated April 2026 and issued by counsel, Gabriel Chikwado Eze of Paraclete & Earth Increase LP, sets out a series of claims and demands, warning of imminent legal action if remedial steps are not taken.

According to the correspondence, counsel to Official Gredo Limited accused Nairametrics of publishing a defamatory article on October 23, 2024, titled “Nigerian Court convicts crypto firm over unlicensed USDT-Naira trading, transfers N140 million to FG.”

The publication allegedly identified Official Gredo Limited as the company convicted by a Federal High Court in Abuja for engaging in unlicensed cryptocurrency transactions. The firm’s lawyers contend that this claim is entirely false and was made with the intent to damage the company’s reputation.

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The legal representatives maintained that at no time has Official Gredo Limited been charged, tried, or convicted for any offence relating to USDT or cryptocurrency trading.

They further argued that Nigerian law does not criminalise USDT trading or similar digital asset transactions, citing Section 36(12) of the 1999 Constitution (as amended), which requires that an act must be expressly defined as an offence before liability can arise.

The letter also referenced the case of Aoko v. Fagbemi (1961) and a more recent decision in Central Bank of Nigeria v. Rise Vest Technologies Ltd & Ors, to reinforce the argument that such transactions do not constitute criminal conduct under Nigerian law.

The firm described the publication as a deliberate misrepresentation of facts, alleging that it has caused serious reputational harm to its client by portraying it as a convicted entity involved in illegal financial activities.

It further criticised the media platform for failing to verify its claims, especially where the report purportedly relied on judicial proceedings, which are ordinarily matters of public record and capable of independent confirmation.

While acknowledging the constitutional right to freedom of expression under Section 39 of the Constitution, the lawyers emphasised that such freedom does not extend to the dissemination of false or misleading information capable of injuring the reputation of another.

They argued that responsible journalism requires accuracy, fairness, and balance, particularly in matters that could affect the public standing of individuals or corporate entities.

In response to the alleged publication, Official Gredo Limited, through its counsel, issued a set of demands to Nairametrics.

These include the immediate retraction of the article, removal of the content from all platforms within 72 hours, a formal public apology published in the same manner as the original article, and payment of N100 million as damages for the alleged defamation.

The letter also demanded that the media organisation cease and desist from any further publication of defamatory material concerning the company.

The notice concluded with a stern warning that failure to comply with these demands would result in the initiation of both civil and criminal proceedings against Nairametrics and its representatives. In such an event, the claimant indicated its intention to seek not less than N1 billion in punitive damages, alongside other ancillary reliefs.

As of the time of filing this report, there has been no official response from Nairametrics regarding the allegations or the demands made.

The development, however, raises fresh questions about media responsibility, the evolving legal status of cryptocurrency transactions in Nigeria, and the increasing intersection between digital finance and reputational risk in the corporate space.