Emmanuel Aitanu was sentenced to five years imprisonment by the Federal High Court in Lagos for laundering cybercrime proceeds via cryptocurrency, foreign currency, and real estate

The Federal High Court in Lagos on Friday sentenced Emmanuel Aitanu to five years imprisonment for laundering proceeds of cybercrime through cryptocurrency, foreign currency, and real estate.

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Trial judge Dehinde Dipeolu convicted Aitanu on six counts brought by the Economic and Financial Crimes Commission (EFCC), which detailed his involvement in diverting funds into a sham account named “DLP Designs East Coast” at Citibank in 2017.

According to the EFCC, Aitanu, alongside other suspects still at large including Peter Cruz, retained 265.8269 bitcoins in crypto wallets and N20 million in a Zenith Bank account.

He is also accused of using the proceeds to acquire luxury vehicles, including a 2015 Mercedes Benz C300 and a Toyota Corolla, as well as land in Ikota Village, Lagos.

The offences violated Sections 18(2)(a) and 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and Sections 27 and 36 of the Cybercrimes Act, 2015, which criminalize electronic fraud and concealment of financial information.

In addition to the prison term, the court ordered the forfeiture to the federal government of \$42,000, the Ikota Village land, the Mercedes Benz, the Toyota Corolla, and all cryptocurrencies and funds linked to Aitanu’s accounts.

This ruling comes shortly after the sentencing of eight Chinese nationals to one year imprisonment for cyberterrorism and internet fraud in a landmark case involving a transnational cryptocurrency scam uncovered last December.