By CHARLES CHIJIOKE
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, through its Lagos Zonal Directorate 1, on a three-count charge bordering on money laundering and concealment of proceeds of unlawful activities.
According to the anti-graft agency, the defendant concealed assets believed to have been acquired from illicit cryptocurrency deals, including a luxury vehicle and real estate located in the Ibeju-Lekki axis of Lagos State.
One of the charges read: “That you, TAOFEEK DANIEL ORIOLA (Male), adult, sometime in April 2026 in Lagos State, within the jurisdiction of this Honourable Court, engaged in the disguise of the true source of a 2014 Range Rover (Supercharged) with VIN No. SALGS3TF7EA180971, which you knew formed part of the proceeds of your unlawful activity derived from fraudulent cryptocurrency transactions.”
Another count accused him of concealing the source of “a five-bedroom apartment with boys’ quarters situated at Ibeju-Agbe, in the Ibeju-Lekki area of Lagos State,” allegedly purchased with proceeds from the same illegal activities.
The defendant pleaded guilty to all charges when they were read before the court.
Following the guilty plea, prosecution counsel, H.U. Kofarnaiza, reviewed the facts of the case and tendered several exhibits which were admitted by the court as evidence.
Delivering judgment on Monday, Justice Osiagor sentenced Oriola to three years imprisonment on each count, with the terms to run concurrently. The court also gave him an option of a N200,000 fine on each count and ordered him to undertake seven days of community service.
In addition, the court directed the forfeiture of all recovered assets to the Federal Government of Nigeria. The forfeited items include a 2014 Range Rover Supercharged, a 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 is the latest in a growing number of prosecutions involving cryptocurrency-related fraud and money laundering in Nigeria, as authorities intensify scrutiny of digital asset transactions amid rising cybercrime concerns.
Analysts say the judgment signals a tougher enforcement posture by the EFCC and may serve as a warning to individuals using cryptocurrency platforms to conceal illicit funds. The case also underscores increasing judicial support for asset recovery measures aimed at depriving financial crime suspects of proceeds traced to unlawful activities.
