Justice Daniel Osiagor of the Federal High Court in Ikoyi, Lagos, has 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.
The EFCC told the court that the convict disguised the source of assets allegedly acquired through illicit cryptocurrency deals, including a 2014 Range Rover Supercharged and a five-bedroom apartment with boys’ quarters located in the Ibeju-Lekki area of Lagos State.
One of the charges stated that the defendant knowingly concealed the true origin of the luxury vehicle, while another accused him of laundering funds used to acquire the Lekki property.
Oriola pleaded guilty to all charges when they were read before the court.
Following his plea, prosecution counsel H.U. Kofarnaiza reviewed the facts of the case and tendered several exhibits, which were admitted by the court.
In his judgment delivered on Monday, Justice Osiagor convicted the defendant and sentenced him to three years imprisonment on each count, to run concurrently.
The court also gave him an option of a ₦200,000 fine on each count and ordered him to carry out seven days of community service.
In addition, the judge ordered the forfeiture of all recovered assets to the Federal Government, including 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 an iPhone 16.
The conviction marks another major crackdown by the EFCC on financial crimes linked to cryptocurrency fraud and illicit asset concealment.
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