One Mr Osamudiamen Philip Ikilo has been handed a two-year imprisonment for a Bitcoin fraud to the tune of $19,400.
He was found guilty and convicted of the crime by Justice W.I. Aziegbemhin of the Edo State High Court sitting in Benin City, the state capital.
Delivering the judgment on Monday, March 23, 2026, the judge sentenced Mr Ikilo to two years’ imprisonment without an option of fine.
The convict got into trouble when he offered to assist his victim, Ms Cynthia Imade Alile, to convert her 0.52092582 Bitcoin worth $19,400, but failed to remit the money after the conversion.
Ms Alile petitioned the Economic and Financial Crimes Commission (EFCC), which looked into the matter and brought him before the court for prosecution on a one-count charge of stealing.
“That you Osamudiamen Philip Ikilo (m) sometime in March 2024 within the jurisdiction of this court did steal Bitcoin worth the sum of $19,400 belonging to one Cynthia Imade Alile by fraudulently converting the said sum to your 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,” the charge read.
When the charge was read to him during arraignment by the EFCC, the defendant pleaded not guilty, setting the stage for trial.
In the course of the trial, prosecution counsel, A. S. Bala-Ribah, called two witnesses and also tendered documents which were admitted by the court. On his part, the defendant called two witnesses, including himself.