Justice Daniel Osiagor of the Federal High Court in Ikoyi, Lagos, has convicted and sentenced Taofeek Daniel Oriola to nine years imprisonment for money laundering linked to fraudulent cryptocurrency transactions. The conviction, delivered on Monday, May 11, 2026, follows a prosecution by the Economic and Financial Crimes Commission (EFCC) through its Lagos Zonal Directorate 1. Oriola pleaded guilty to three counts of money laundering and concealment of proceeds from unlawful activities, all tied to fraudulent crypto dealings.
The EFCC alleged that Oriola concealed assets acquired through illegal cryptocurrency transactions, including a luxury vehicle and real estate properties. One charge specifically accused him of disguising the true source of a 2014 Range Rover Supercharged, bearing VIN number SALGS3TF7EA180971, which was determined to be part of the proceeds from his fraudulent activities. Another count focused on a five-bedroom apartment with boys’ quarters located in Ibeju-Agbe, Ibeju-Lekki, Lagos, which was similarly linked to the unlawful crypto transactions.
The third count addressed the concealment of a parcel of land measuring 653.479 square metres in the same Ibeju-Lekki area. All charges were grounded in Section 18(2) of the Money Laundering (Prevention and Prohibition) Act, 2022, with penalties outlined under Section 18(3) of the same law. After Oriola entered a guilty plea, prosecution counsel H.U. Kofarnaiza presented several exhibits to the court, which were admitted as evidence.
In delivering judgment, Justice Osiagor sentenced Oriola to three years imprisonment for each of the three counts, to be served concurrently. The judge also offered the convict an alternative of paying a fine of N200,000 for each count. Additionally, the court mandated seven days of community service as part of the sentence. The judge further ordered the forfeiture of all recovered assets to the Federal Government of Nigeria.
Among the forfeited properties are the 2014 Range Rover, the five-bedroom apartment in Ibeju-Agbe, the 653.479 square metre land parcel, and an iPhone 16. These assets were seized as part of the EFCC’s investigation into Oriola’s criminal activities. The case highlights the increasing focus by Nigerian law enforcement on combating financial crimes, particularly those involving digital currencies.
This conviction sends a strong message to those engaging in illicit financial activities, especially in the rapidly evolving cryptocurrency space. The EFCC’s swift action and the court’s decisive judgment underscore Nigeria’s commitment to enforcing financial regulations and protecting the economy from criminal exploitation.
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