Court Jails Nine Chinese Nationals Over Ponzi-Terrorism Scheme in Lagos

A Federal High Court sitting in Lagos on Monday sentenced nine Chinese nationals to one year imprisonment for their involvement in a Ponzi-terrorism scheme busted in Victoria Island, Lagos, in December 2024.

The convicts are: Qin Xiao Yong, Luo Mao Yang, Liu Ni Ni, Liu Gang, Sun Qi (a.k.a. Wan Jin Ping), Zhang Juan, Li De Wen, Fun Min, and Tan Ming.

Justice Daniel Osiagor delivered the judgment after the prosecuting counsel from the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Rildwan, informed the court of a plea bargain agreement which had been duly approved by the Commission.

Defence counsel, Folarin Dalmeida and Abdulkadir Wodi, confirmed the agreement and urged the court to adopt the terms of the plea bargain as the judgment of the court.

Consequently, Justice Osiagor adopted the plea bargain and sentenced the nine defendants to one year imprisonment.

He also ordered the forfeiture of all electronic gadgets recovered from them during the investigation.

In addition, the court directed each convict to pay a fine of M1 million.

Justice Osiagor further ordered the Nigerian Immigration Service to repatriate the convicts to their home country within seven days after completing their prison terms.