Court Sentences Man To Five Years For Money Laundering, Orders Forfeiture Of $42,000, Crypto, And Properties

The Federal High Court in Lagos has sentenced Emmanuel Elegbenosa Aitanu to five years in prison for laundering proceeds of cybercrime, including funds in foreign currency, cryptocurrency, and investments in luxury vehicles and real estate.

Justice Dehinde Dipeolu delivered the verdict on Friday after finding Aitanu guilty on a six-count charge filed by the Economic and Financial Crimes Commission (EFCC) in case number FHC/L/416685/25.

Prosecuting counsel Bilkisu Buhari-Bala, assisted by Zenat Atiku, told the court that Aitanu and his accomplices—including one Peter Cruz and others still at large—conspired in 2017 to fraudulently divert funds into a sham account named “DLP Designs East Coast,” held with Citibank.

The EFCC alleged that Aitanu subsequently retained the proceeds of the crime in both cryptocurrency and Nigerian bank accounts. He also used part of the illicit funds to purchase high-end vehicles and landed property in Lagos.

Among the illicit assets linked to the convict were:

• 265.8269 BTC held in a crypto wallet,
• ?20 million in a Zenith Bank account,
• A white 2015 Mercedes Benz C300 valued at ?17 million,
• A grey Toyota Corolla (Chassis No. JTDBU4EE6AJ086693),
• And a plot of land at Ineh Oil, Ikota Village (Ojomu Chieftaincy Family Land), Eti-Osa Local Government Area.

The offences contravened Sections 18(2)(a) and 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, as well as Sections 27 and 36 of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015.

In addition to the five-year sentence, Justice Dipeolu ordered the forfeiture of the following to the Federal Government:

• $42,000,
• The plot of land at Ikota Village,
• The Mercedes Benz and Toyota Corolla,
• And all cryptocurrency and funds found in Aitanu’s accounts.

The ruling reinforces the EFCC’s commitment to identifying, tracing, and recovering assets acquired through cyber-enabled financial crimes.