By The Federal High Court sitting in Ikoyi, Lagos, has sentenced Taofeek Daniel Oriola to prison over offences linked to money laundering and concealment of assets allegedly acquired through fraudulent cryptocurrency transactions.
Justice Daniel Osiagor handed down the sentence on Monday, May 11, after the defendant pleaded guilty to a three-count charge filed against him by the Economic and Financial Crimes Commission (EFCC).
According to the anti-graft agency, Oriola was accused of concealing the source of several assets suspected to have been acquired from unlawful cryptocurrency dealings. Among the properties traced to him were a 2014 Range Rover Supercharged and a five-bedroom apartment with boys’ quarters located in the Ibeju-Lekki area of Lagos State.
The EFCC told the court that the assets were proceeds of fraudulent activities and that the defendant acted contrary to provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
During proceedings, prosecution counsel H.U. Kofarnaiza reviewed the facts of the case and tendered exhibits which were admitted by the court after the defendant admitted guilt to the charges.
In his ruling, Justice Osiagor sentenced Oriola to three years imprisonment on each count, with the sentences to run concurrently. The court also gave him an option of fine amounting to ₦600,000 across the counts.
The judge further ordered the convict to carry out seven days of community service.
In addition to the sentence, the court directed that all items recovered from the defendant be forfeited to the Federal Government. The forfeited assets include the Range Rover SUV, the five-bedroom apartment, a parcel of land in Ibeju-Lekki, and an iPhone 16.
