A man identified as Taofeek Daniel Oriola has been convicted and sentenced to nine years’ imprisonment for money laundering.
Oriola was sentenced by Justice Daniel Osiagor of the Federal High Court sitting in Ikoyi, Lagos, on Monday, May 11, 2026, after being arraigned by the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, Ikoyi, on a three-count charge bordering on money laundering and concealment of proceeds of unlawful activities.
Count one reads: “ 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.”
Count two reads: “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.”
According to the EFCC, the defendant pleaded guilty to the charges when they were read to him.
Following his plea, the prosecution counsel, H.U. Kofarnaiza, reviewed the facts of the case and tendered several exhibits, which were admitted in evidence by the court.
Delivering judgment, Justice Osiagor found the defendant guilty and sentenced him to three years’ imprisonment on each count, to run concurrently, with an option of a ₦200,000 fine for each count.
The judge ordered him to undertake seven days of community service and ordered the forfeiture of recovered items to the Federal Government, including a 2014 Range Rover Supercharged with VIN Number SALGS3TF7EA180971 and a five-bedroom apartment with boys’ quarters located at Ibeju-Agbe in the Ibeju-Lekki area of Lagos State.
The forfeited assets also included a parcel of land measuring 653.479 square metres situated at Ibeju-Agbe in the Ibeju-Lekki area of Lagos State, as well as one iPhone 16.
