Court Jails Man Nine Years for Cryptocurrency-Related Money Laundering in Lagos
Court Jails Man Nine Years for Cryptocurrency-Related Money Laundering in Lagos
Court Jails Man Nine Years for Cryptocurrency-Related Money Laundering in Lagos
Justice Daniel Osiagor of the Federal High Court sitting in Ikoyi, Lagos, has convicted and sentenced Taofeek Daniel Oriola to nine years imprisonment for money laundering linked to fraudulent cryptocurrency transactions.
Oriola was prosecuted 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.
According to the EFCC, the convict concealed the source of assets believed to have been acquired through fraudulent cryptocurrency dealings, including a 2014 Range Rover Supercharged and a five-bedroom apartment with boys’ quarters located at Ibeju-Agbe in the Ibeju-Lekki area of Lagos State.
One of the charges stated that Oriola knowingly disguised the true source of the luxury vehicle and property, which were identified as proceeds of unlawful activities, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
The defendant pleaded guilty when the charges were read before the court.
Following his plea, prosecution counsel, H.U. Kofarnaiza, presented the facts of the case and tendered several exhibits, all of which were admitted by the court.
Delivering judgment on Monday, May 11, 2026, Justice Osiagor sentenced the defendant to three years imprisonment on each count, to run concurrently, with an option of a ₦200,000 fine on each count.
The court also ordered Oriola to carry out seven days of community service.
In addition, Justice Osiagor ordered the forfeiture of all assets recovered from the convict to the Federal Government of Nigeria. The forfeited items include the 2014 Range Rover Supercharged, the five-bedroom apartment with boys’ quarters in Ibeju-Lekki, a parcel of land measuring 653.479 square metres in the same area, and one iPhone 16.
Court Jails Man Nine Years for Cryptocurrency-Related Money Laundering in Lagos
