Justice Daniel Osiagor of the Federal High Court sitting in Ikoyi, Lagos, has convicted and sentenced one Taofeek Daniel Oriola to nine years imprisonment for money laundering linked to fraudulent cryptocurrency transactions.
According to the Economic and Financial Crimes Commission, EFCC, Oriola was arraigned and convicted onĀ Monday, May 11, 2026, before the court by the Lagos Zonal Directorate 1 of the agency on a three-count charge bordering on money laundering and concealment of proceeds of unlawful activities.
According to the EFCC, the defendant concealed assets believed to have been acquired through fraudulent cryptocurrency dealings.
One of the charges read: āThat 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, and you thereby committed an offence contrary to Section 18(2) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 18(3) of the same Act.ā
Another count stated: āThat 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 five-bedroom apartment with boysā quarters situated at Ibeju-Agbe, in the Ibeju-Lekki area of Lagos State, which you knew formed part of the proceeds of your unlawful activity derived from fraudulent cryptocurrency transactions, and you thereby committed an offence contrary to Section 18(2) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 18(3) of the same Act.ā
The defendant pleaded guilty to the charges after they were read before the court.
Following the plea, prosecution counsel, H.U. Kofarnaiza, reviewed the facts of the case and presented several exhibits, which were admitted by the court as evidence.
In his judgment, Justice Osiagor found Oriola guilty and sentenced him to three years imprisonment on each of the counts, with the sentences to run concurrently.
The court also gave the convict an option of N200,000 fine on each count.
Justice Osiagor further directed the defendant to carry out seven days of community service.
The court equally ordered the forfeiture of all items recovered from the convict to the Federal Government of Nigeria.
The forfeited assets include a 2014 Range Rover (Supercharged) with VIN Number SALGS3TF7EA180971, a five-bedroom apartment with boysā quarters located at Ibeju-Agbe in the Ibeju-Lekki area of Lagos State, a parcel of land measuring 653.479 square metres situated in the same area, as well as one iPhone 16.
Court jails man nine years for cryptocurrency fraud in Lagos
Ā