RismadarVoice Reporters
May 11, 2026
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 linked to fraudulent cryptocurrency transactions.
Oriola was prosecuted by the Economic and Financial Crimes Commission on a three-count charge bordering on money laundering and concealment of proceeds from unlawful activities.
According to the EFCC, the convict disguised the source of assets suspected to have been acquired through illegal cryptocurrency dealings, including a 2014 Range Rover Supercharged and a five-bedroom apartment with boys’ quarters located in the Ibeju-Lekki area of Lagos State.
The anti-graft agency also accused him of concealing ownership of a parcel of land in Ibeju-Agbe, Lagos.
Oriola pleaded guilty when the charges were read before the court.
Following his plea, prosecution counsel H.U. Kofarnaiza presented evidence and exhibits, which were admitted by the court.
In his judgment delivered on Monday, Justice Osiagor sentenced the defendant to three years imprisonment on each count, to run concurrently, amounting to a total jail term of nine years.
The court also gave the convict an option of a N200,000 fine on each count and ordered him to undertake seven days of community service.
Additionally, the court ordered the forfeiture of all recovered assets to the Federal Government, including the luxury vehicle, the five-bedroom property, a parcel of land measuring 653.479 square metres, and an iPhone 16 linked to the offence.
The EFCC said the conviction forms part of ongoing efforts to tackle financial crimes and illicit cryptocurrency-related transactions in the country.
