Convicted Taofeek Daniel Oriola
A Federal high court in Lagos on Monday sentenced a man to nine years in prison for laundering proceeds linked to fraudulent cryptocurrency transactions, the Economic and Financial Crimes Commission (EFCC) said.
Justice Daniel Osiagor convicted Taofeek Daniel Oriola after he pleaded guilty to a three-count charge bordering on money laundering and concealment of proceeds of unlawful activities.
According to the EFCC, the charges were tied to assets allegedly acquired with proceeds from fraudulent cryptocurrency dealings, including a luxury vehicle and landed property in Lagos.
One of the charges stated that Oriola disguised the true source of a 2014 Range Rover Supercharged “which you knew formed part of the proceeds of your unlawful activity derived from fraudulent cryptocurrency transactions.”
Another charge accused him of concealing the source of a five-bedroom apartment with boys’ quarters located at Ibeju-Agbe in the Ibeju-Lekki area of Lagos State.
The offences contravened provisions of the Money Laundering (Prevention and Prohibition) Act, 2022, according to the anti-graft agency.
Following the defendant’s guilty plea, prosecution counsel H.U. Kofarnaiza reviewed the facts of the case and presented exhibits before the court, which were admitted in evidence.
Justice Osiagor sentenced Oriola to three years’ imprisonment on each of the three counts, with the terms to run concurrently. The court also gave him an option of a 200,000 naira fine on each count.
In addition to the prison term, the judge ordered the convict to undertake seven days of community service.
The court further ordered the forfeiture of assets recovered from him to the Federal Government of Nigeria. The assets include the 2014 Range Rover Supercharged, the five-bedroom apartment in Ibeju-Lekki, a parcel of land measuring 653.479 square metres in the same area, and an iPhone 16.
The EFCC has intensified investigations and prosecutions involving cryptocurrency-related fraud in recent years as digital assets gain wider acceptance in Nigeria. Authorities have repeatedly warned that virtual currencies are increasingly being exploited for money laundering, cybercrime and other illicit financial activities.
Nigeria remains one of Africa’s largest cryptocurrency markets despite regulatory scrutiny and periodic crackdowns by financial authorities.
