The Federal High Court in Lagos, Nigeria, has sentenced a man to five years in prison for laundering proceeds of cybercrime through crypto, foreign currency, and real estate.
The trial judge delivered the judgement convicting felon, Emmanuel Mr Aitanu, on six counts filed by the Economic and Financial Crimes Commission of Nigeria (EFCC Nigeria).
The prosecution lawyer told the court that Mr Aitanu, and others still at large, conspired in 2017 to fraudulently divert funds into a sham account, “DLP Designs East Coast,” domiciled at Citibank.
According to the EFCC, the proceeds were retained in cryptocurrency wallets and Nigerian bank accounts, and partly spent on luxury vehicles and landed property in Lagos, Nigeria.
The counts against him included:
Retaining 265.8269 BTC in a crypto wallet
Retaining N20 million in a Zenith Bank account and
Purchasing a white 2015 Mercedes Benz C300 worth N17 million.
Others are:
Acquiring a plot of land at Ikota Village, and
Purchasing a grey Toyota Corolla
The offences contravened:
Sections 18(2)(a) and 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, which prohibit breaking up large transactions to evade reporting thresholds and deliberately concealing financial information from authorities.
Sections 27 and 36 of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015, which criminalises electronic fraud, identity theft, and the use of fraudulent websites, devices, or emails to defraud.
REGULATION | Nigerian National Faces 20-Year Imprisonment for Laundering Stolen Funds via Crypto
The scammer used P2P platform, @LocalBitcoins to cash out the stolen funds.https://t.co/GX2iQy0VZ0 @FBI @officialEFCC @DCI_Kenya @fscasouthafrica pic.twitter.com/NILI3DQ38v
— BitKE (@BitcoinKE) April 17, 2025
The judge sentenced Mr Aitanu to five years’ imprisonment and ordered the forfeiture to the federal government of $42,000, the Ikota Village plot of land, the Mercedes Benz, the Toyota Corolla, as well as all cryptocurrency and funds traced to his accounts.
The conviction comes weeks after the Federal High Court in Lagos sentenced 8 Chinese nationals to one year in prison each for crypto-linked cyberterrorism and internet fraud uncovered in December 2024.
CRYPTO CRIME | EFCC Nigeria Arraigns Foreign Nationals Accused of Cryptocurrency and Romance Fraud Following a ‘Landmark Raid’
The EFCC described the raid as its largest single-day operation, calling it a ‘landmark raid.’https://t.co/dltTTNnG3B @officialEFCC pic.twitter.com/aR7PvzaNHU
— BitKE (@BitcoinKE) February 21, 2025
According to EFCC spokesperson Dele Oyewale, the two were among 792 foreign nationals arrested during the December 2024 “Eagle Flush Operation,” a large-scale sting operation that targeted cryptocurrency investment and romance fraud syndicates operating out of Lagos.
REGULATION | EFCC #Nigeria Busts Up Crypto Fraud Syndicate in Lagos, Arrests 193 Foreign Nationals
The Commission is working with international partners and will investigate possible connections to organized crime.https://t.co/vDxrWamCNE @officialEFCC pic.twitter.com/GoFuq934rM
— BitKE (@BitcoinKE) December 17, 2024
This latest conviction forms part of the EFCC Nigeria’s broader enforcement efforts against non-compliance with the:
Money Laundering (Prevention & Prohibition) Act, 2022
Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regulations under the Financial Action Task Force (FATF) framework, particularly targeting Designated Non-Financial Businesses and Professions (DNFBPs) – including crypto asset businesses.
With Nigeria’s crypto sector under increasing international scrutiny, the EFCC has intensified efforts to curb the misuse of digital assets for fraud, money laundering, and terrorism financing.
REGULATION | Over $2 Billion in Suspicious Crypto Transactions Shake West Africa – SEC Nigeria Calls for Regional Regulatory Cooperation
“The Naira’s depreciation, Ghana’s Cedi weakness, and persistent forex shortages have fueled this shift.” – Dr Agamahttps://t.co/yn24lhmtLX pic.twitter.com/a7lKnTeE8H
— BitKE (@BitcoinKE) August 12, 2025
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