By Paul Joseph
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 offences linked to fraudulent cryptocurrency transactions.
Oriola was prosecuted by the Economic and Financial Crimes Commission, Lagos Zonal Directorate 1, on a three-count charge bordering on money laundering and concealment of proceeds of unlawful activities.
According to the charges, the convict was accused of disguising the true source of assets believed to have been acquired through fraudulent cryptocurrency dealings.
One of the charges stated that Oriola concealed the origin of a 2014 Range Rover Supercharged with Vehicle Identification Number SALGS3TF7EA180971, which investigators alleged was purchased with proceeds from illegal cryptocurrency transactions.
Another count accused him of disguising the ownership and source of funds used to acquire a five-bedroom apartment with boys’ quarters located at Ibeju-Agbe in the Ibeju-Lekki area of Lagos State.
When the charges were read before the court, Oriola pleaded guilty.
Following his plea, prosecution counsel, H.U. Kofarnaisa reviewed the facts of the case and presented several exhibits, which were admitted by the court as evidence.
Delivering judgment on Monday, Justice Osiagor found the defendant guilty and sentenced him to three years imprisonment on each count, with the sentences to run concurrently. The court also gave him the option of paying a N200,000 fine on each count.
In addition, the judge ordered the convict to carry out seven days of community service.
The court further directed the forfeiture of all recovered assets linked to the offence to the Federal Government of Nigeria.
The forfeited properties include the 2014 Range Rover Supercharged, the five-bedroom apartment with boys’ quarters at Ibeju-Agbe, a parcel of land measuring 653.479 square metres in the same area, and an iPhone 16.
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