Justice Daniel Osiagor of the Federal High Court, Ikoyi, Lagos, has convicted and sentenced Taofeek Daniel Oriola to nine years’ imprisonment for money laundering linked to fraudulent cryptocurrency transactions.
Oriola was arraigned by the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, on a three-count charge bordering on money laundering and concealment of proceeds of unlawful activities.
One of the charges alleged that the defendant, in April 2026, disguised the true ownership and source of a 2014 Range Rover Supercharged with VIN No. SALGS3TF7EA180971, knowing it was derived from unlawful activities.
Another count stated that he concealed the origin of a five-bedroom apartment with boys’ quarters located at Ibeju-Agbe in the Ibeju-Lekki area of Lagos, which was also traced to proceeds of fraudulent cryptocurrency transactions.
According to the EFCC, the offences contravened Section 18(2) of the Money Laundering (Prevention and Prohibition) Act, 2022, and are punishable under Section 18(3) of the same Act.
The defendant pleaded guilty to all the charges.
Following his plea, prosecuting counsel, H. Kofarnaisa, reviewed the facts of the case and tendered documentary evidence, which the court admitted without objection.
In his judgment, Justice Osiagor found Oriola guilty on all counts and sentenced him to three years’ imprisonment on each count, amounting to a total of nine years.
The court, however, ordered that the sentences run concurrently and gave the convict the option of a N200,000 fine on each count, alongside seven days of community service.
Justice Osiagor also ordered the forfeiture of all assets linked to the offences to the Federal Government.
The forfeited assets include the 2014 Range Rover Supercharged; the five-bedroom apartment with boys’ quarters at Ibeju-Agbe, Ibeju-Lekki; a parcel of land measuring 653.479 square metres in the same area; and an iPhone 16.
