Court jails man nine years for cryptocurrency fraud in Lagos

Justice Daniel Osiagor of the Federal High Court sitting successful Ikoyi, Lagos, has convicted and sentenced 1 Taofeek Daniel Oriola to 9 years imprisonment for wealth laundering linked to fraudulent cryptocurrency transactions.

According to the Economic and Financial Crimes Commission, EFCC, Oriola was arraigned and convicted on Monday, May 11, 2026, earlier the tribunal by the Lagos Zonal Directorate 1 of the bureau connected a three-count complaint bordering connected wealth laundering and concealment of proceeds of unlawful activities.

According to the EFCC, the suspect concealed assets believed to person been acquired done fraudulent cryptocurrency dealings.

One of the charges read: “That you, TAOFEEK DANIEL ORIOLA (Male), adult, sometime successful April 2026 successful Lagos State, wrong the jurisdiction of this Honourable Court, engaged successful the disguise of the existent root of a 2014 Range Rover (Supercharged) with VIN No. SALGS3TF7EA180971, which you knew formed portion of the proceeds of your unlawful enactment 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 nether Section 18(3) of the aforesaid Act.”

Another number stated: “That you, TAOFEEK DANIEL ORIOLA (Male), adult, sometime successful April 2026 successful Lagos State, wrong the jurisdiction of this Honourable Court, engaged successful the d...