Edo Court Sentences Bitcoin Scammer to 2 Years in Prison

BENIN CITY – A Benin High Court has jailed a 30-year-old man, Osamudiamen Philip Ikilo, for two years without the option of a fine after convicting him of defrauding a victim of Bitcoin worth $19,400.

The Economic and Financial Crimes Commission (EFCC) Benin Zonal Directorate secured the victory on Monday, March 23, 2026, before Justice W.I. Aziegbemhin at the Edo State High Court. Ikilo, arraigned on a one-count charge of stealing under Section 287 of the Criminal Law of Edo State 2022, had pleaded not guilty, paving the way for a full trial.

The charge against him stated: “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 (Nineteen Thousand Four Hundred United States Dollars) 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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During proceedings, EFCC prosecution counsel A.S. Bala-Ribah presented two witnesses and key documents, including chat logs and transaction records, all admitted as evidence. Ikilo countered with his own testimony and one additional witness, but the court remained unconvinced.

Justice Aziegbemhin, in her ruling, described the offence as “a clear betrayal of trust in the volatile world of cryptocurrency,” holding that the prosecution proved its case beyond reasonable doubt.

Ikilo’s downfall traced back to March 2024, when Cynthia Imade Alile, the petitioner, sought help converting her 0.52092582 BTC – valued at $19,400 at the time – into cash. Posing as a reliable middleman, Ikilo collected the cryptocurrency but vanished with it, converting the funds for personal gain. Alile reported the scam to the EFCC, triggering a swift investigation.

This conviction underscores EFCC’s intensified campaign against cryptocurrency fraud in southern Nigeria. Benin Zonal Command head, ACE Usman Zakari, hailed the ruling as a “warning to crypto hustlers preying on innocent investors.” Official EFCC records show over 200 similar cases prosecuted in Edo State since 2024, amid a national surge in Bitcoin scams fueled by rising crypto adoption and naira volatility.

Ikilo joins a growing list of convicts in EFCC’s anti-fraud drive, with the agency reporting recoveries exceeding N5 billion from digital currency schemes last year alone. Victims like Alile, who testified emotionally about her losses, highlight the human cost: “I trusted him with my savings; now justice has been served,” she said post-judgment.

As crypto trading booms in Nigeria – with over 33 million users per Chainalysis reports – authorities urge vigilance against unsolicited conversion offers.