Court jails man nine years for money laundering in Lagos

By Adebola Isimijola, Lagos.

A Federal High Court sitting in Ikoyi, Lagos, on Monday, May 11, 2026, sentenced a cryptocurrency fraud suspect, Taofeek Daniel Oriola, to nine years imprisonment for money laundering offences.

The conviction was delivered by Justice Daniel Osiagor of the Federal High Court after Oriola was prosecuted by the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, Ikoyi.

Oriola was arraigned on a three-count charge bordering on money laundering and concealment of proceeds of unlawful activities linked to alleged fraudulent cryptocurrency transactions.

In one of the counts, the EFCC told the court that the convict, in April 2026 in Lagos State, disguised the true ownership of a 2014 Range Rover Supercharged with VIN No. SALGS3TF7EA180971, knowing it formed part of proceeds of unlawful activity.

The prosecution further alleged that he also concealed the origin of a five-bedroom apartment with boys’ quarters located at Ibeju-Agbe, Ibeju-Lekki area of Lagos State, said to have been acquired from illicit cryptocurrency transactions.

Oriola pleaded guilty to all the charges when they were read to him.

Following his plea, prosecution counsel, H.U. Kofarnaiza, reviewed the facts of the case and tendered exhibits, which were admitted by the court.

Delivering judgment, Justice Osiagor convicted and sentenced the defendant to three years imprisonment on each count, to run concurrently. The court also gave him an option of a ₦200,000 fine on each count.

In addition, the judge ordered Oriola to perform seven days of community service.

The court further ordered the forfeiture of all assets recovered from him to the Federal Government of Nigeria. The forfeited assets include a 2014 Range Rover Supercharged, a five-bedroom apartment with boys’ quarters at Ibeju-Agbe, a 653.479 square metre parcel of land in the same area, and one iPhone 16.