Benin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has secured the conviction of one Osamudiamen Philip Ikilo, who has been sentenced to two years imprisonment without option of fine for stealing Bitcoin worth $19,400 from a victim through fraudulent conversion.
Ikilo was arraigned before Justice W.I. Aziegbemhin of the Edo State High Court in Benin City on a one-count charge of stealing, contrary to Section 287 of the Criminal Law of Edo State 2022 and punishable under Section 294 of the same law.
The court delivered its judgment on Monday, March 23, 2026, bringing to a close a trial that exposed the growing menace of cryptocurrency-related scams in Nigeria’s digital economy.
The charge specifically alleged that sometime in March 2024, within the court’s jurisdiction, Ikilo stole 0.52092582 Bitcoin—valued at $19,400 and belonging to Cynthia Imade Alile—by fraudulently converting the cryptocurrency to his personal use after offering to assist her in cashing it out.
Initially pleading not guilty, Ikilo’s defence crumbled under prosecution evidence as EFCC counsel A.S. Bala-Ribah presented two witnesses and tendered key documents, all admitted by the court.
The convict, who testified in his own defence alongside another witness, could not rebut the overwhelming proof of his deceitful actions that left the victim deprived of her digital assets.
Justice Aziegbemhin, in her ruling, found Ikilo guilty as charged, underscoring the judiciary’s zero tolerance for financial crimes that erode public trust in emerging technologies like Bitcoin and other cryptocurrencies.
The sentence serves as a stern warning to fraudsters exploiting the anonymity and volatility of digital currencies to defraud unsuspecting Nigerians, many of whom are increasingly turning to crypto platforms for remittances, investments, and transactions amid naira depreciation and banking restrictions.
EFCC’s swift action in this case highlights its renewed focus on cyber-enabled fraud, with the anti-graft agency recovering assets and securing convictions in similar Bitcoin scams across the South-South region.
The conviction of Ikilo brings the total number of cryptocurrency fraudsters jailed by EFCC in Edo State this year to at least five, reflecting heightened vigilance against “yahoo boys” who have evolved from traditional advance-fee schemes to sophisticated crypto heists.
Industry experts note that such rulings reinforce regulatory calls for stricter Know-Your-Customer protocols on crypto exchanges and public education on scam red flags, like unsolicited conversion offers or unverified middlemen.
As Nigeria positions itself as Africa’s crypto capital—with over 33 million users trading billions monthly—cases like this emphasise the urgent need for balanced innovation that safeguards vulnerable investors while curbing criminal exploitation in the sector.
