Justice Daniel Osiagor of the Federal High Court sitting in Lagos, on Monday, sentenced Taofeek Oriola to nine years imprisonment for money laundering offences linked to alleged fraudulent cryptocurrency transactions.
Oriola was arraigned by the Economic and Financial Crimes Commission on a three-count charge bordering on money laundering and concealment of proceeds of unlawful activities.
The prosecution alleged that the convict disguised the true ownership of assets acquired through illicit crypto dealings.
EFCC told the court that Oriola, sometime in April 2026 in Lagos State, engaged in the disguise of the true source of a 2014 Range Rover (Supercharged), which he knew formed part of the proceeds of your unlawful activity derived from fraudulent cryptocurrency transactions.”
Count two further alleged that he concealed the origin of a five-bedroom apartment with boys’ quarters located at Ibeju-Agbe, Ibeju-Lekki, also traced to the same alleged unlawful proceeds.
The charges were said to be contrary to Section 18(2) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 18(3) of the same Act.
Delivering judgment, Justice Osiagor held that the prosecution had proved its case beyond a reasonable doubt and convicted the defendant accordingly.
“The defendant is hereby found guilty as charged,” the judge ruled.
Justice Osiagor imposed three years’ imprisonment on each of the three counts, to run concurrently, with an option of fine.
“The defendant shall serve three years on each count, to run concurrently, with an option of N200,000 fine on each count,” the judge held.
The court also ordered Oriola to perform seven days of community service.
In addition, Justice Osiagor ordered the forfeiture of several assets to the Federal Government, including a 2014 Range Rover Supercharged, a five-bedroom apartment with boys’ quarters in Ibeju-Agbe, a parcel of land measuring 653.479 square metres in the same area, and an iPhone 16.
“The listed properties are hereby forfeited to the Federal Government of Nigeria as proceeds of unlawful activities,” the court ruled.
