Tuesday, May 12, 2026 - Justice Daniel Osiagor of the Federal High Court sitting in Ikoyi, Lagos, has convicted and sentenced one Taofeek Daniel Oriola to nine years imprisonment for money 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, before
the court by the Lagos Zonal Directorate 1 of the agency on a three-count
charge bordering on money laundering and concealment of proceeds of unlawful
activities.
According to the EFCC, the defendant concealed assets
believed to have been acquired through fraudulent cryptocurrency dealings.
One of the charges read: “That you, TAOFEEK DANIEL ORIOLA
(Male), adult, sometime in April 2026 in Lagos State, within the jurisdiction
of this Honourable Court, engaged in the disguise of the true source of a 2014
Range Rover (Supercharged) with VIN No. SALGS3TF7EA180971, which you knew
formed part of the proceeds of your unlawful activity 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 under Section 18(3) of the same Act.”
Another count stated: “That you, TAOFEEK DANIEL ORIOLA
(Male), adult, sometime in April 2026 in Lagos State, within the jurisdiction
of this Honourable Court, engaged in the disguise of the true source of a
five-bedroom apartment with boys’ quarters situated at Ibeju-Agbe, in the
Ibeju-Lekki area of Lagos State, which you knew formed part of the proceeds of
your unlawful activity 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 under Section 18(3) of
the same Act.”
The defendant pleaded guilty to the charges after they were
read before the court.
Following the plea, prosecution counsel, H.U. Kofarnaiza,
reviewed the facts of the case and presented several exhibits, which were
admitted by the court as evidence.
In his judgment, Justice Osiagor found Oriola guilty and
sentenced him to three years imprisonment on each of the counts, with the
sentences to run concurrently.
The court also gave the convict an option of N200,000 fine
on each count.
Justice Osiagor further directed the defendant to carry out
seven days of community service.
The court equally ordered the forfeiture of all items
recovered from the convict to the Federal Government of Nigeria.
The forfeited assets include a 2014 Range Rover
(Supercharged) with VIN Number SALGS3TF7EA180971, a five-bedroom apartment with
boys’ quarters located at Ibeju-Agbe in the Ibeju-Lekki area of Lagos State, a
parcel of land measuring 653.479 square metres situated in the same area, as
well as one iPhone 16.
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