Man jailed for $19,400 bitcoin fraud

The Edo State High Court sitting in Benin, the state capital, has convicted and sentenced one Osamudiamen Philip Ikilo to prison for $19,400 bitcoin fraud.

The convict was arraigned by the Economic and Financial Crimes Commission (EFCC) on one count charge of stealing before Justice W.I. Aziegbemhin

Upon arraignment the defendant pleaded not guilty to the charge, setting the stage for trial.

The charge read: “That you Osamudiamen Philip Ikilo (m) sometime in March 2024 within the jurisdiction of this Honourable Court did steal Bitcoin worth the sum of $19,400 belonging to one Cynthia Imade Alile by fraudulently converting the said sum to your own use, and thereby committed an offence contrary to Section 287 of the Criminal Law of Edo State Law 2022 and punishable under Section 294 of the same Law.”

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The prosecution counsel, A. S. Bala-Ribah, called two witnesses and tendered documents which were admitted by the court.

The defendant, on his part, called two witnesses including himself.

Delivering judgement on Monday, March 23, 2026, Justice Aziegbemhin found the defendant guilty of the charge and sentenced him to two years imprisonment without an option of fine.

A statement issued by the EFCC on Wednesday said Ikilo’s road to jail began when he offered to assist the petitioner convert her 0.52092582 bitcoin worth $19,400 but failed to remit the money to the petitioner as he converted same to his personal use.

The Star