The Federal High Court in Ikoyi, Lagos, has convicted and sentenced Taofeek Daniel Oriola to nine years in prison for money laundering connected to fraudulent cryptocurrency activities. Justice Daniel Osiagor delivered the judgment on Tuesday, May 12, 2026.
EFCC Charges and Conviction
Oriola was arraigned by the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, on a three-count charge involving money laundering and concealment of proceeds from unlawful activities. The first count alleged that in April 2026, he disguised the true ownership and source of a 2014 Range Rover Supercharged (VIN SALGS3TF7EA180971), knowing it was derived from illegal acts. The second count stated he concealed the origin of a five-bedroom apartment with boys' quarters in Ibeju-Agbe, Ibeju-Lekki, Lagos, which was traced to proceeds of fraudulent cryptocurrency transactions. The third count related to similar concealment of assets.
The offences contravene Section 18(2) of the Money Laundering (Prevention and Prohibition) Act, 2022, and are punishable under Section 18(3) of the same Act. Oriola pleaded guilty to all charges.
Sentencing and Asset Forfeiture
Prosecuting counsel H. Kofarnaisa reviewed the facts and presented documentary evidence, which the court admitted without objection. Justice Osiagor found Oriola guilty on all counts and sentenced him to three years on each count, totaling nine years. However, the sentences will run concurrently. The convict also has the option of paying a fine of N200,000 on each count, along with seven days of community service.
The court ordered the forfeiture of all assets linked to the offences to the Federal Government. These assets include the 2014 Range Rover Supercharged, the five-bedroom apartment with boys' quarters in Ibeju-Agbe, a parcel of land measuring 653.479 square meters in the same area, and an iPhone 16.
Implications
This judgment underscores the commitment of Nigerian courts to combat financial crimes, particularly those involving cryptocurrencies. The EFCC continues to pursue cases of money laundering and fraud to uphold the rule of law and protect the integrity of the financial system.
