March 26, (THEWILL) — An Edo State High Court sitting in Benin City has sentenced Osamudiamen Philip Ikilo to two years’ imprisonment for defrauding a victim of Bitcoin valued at $19,400.
Justice W. I. Aziegbemhin delivered the judgement after finding Ikilo guilty of a one-count charge of stealing, in a case prosecuted by the Economic and Financial Crimes Commission (EFCC).
The anti-graft agency said in a statement that the defendant was arraigned and tried for fraudulently converting digital assets belonging to one Cynthia Imade Alile to his personal use.
Ikilo was prosecuted by its Benin Zonal Directorate following a petition alleging that he misappropriated Bitcoin entrusted to him for conversion.
The charge stated that Ikilo, sometime in March 2024, within the jurisdiction of the court, stole Bitcoin valued at $19,400 by dishonestly converting the asset to his own use, contrary to Section 287 of the Criminal Law of Edo State, 2022, and punishable under Section 294 of the same law.
Upon arraignment, the defendant pleaded not guilty, leading to a full trial. During proceedings, prosecution counsel, A. S. Bala-Ribah, called two witnesses and tendered documentary evidence, all of which were admitted by the court. The defendant also testified and called an additional witness in his defence.
Delivering judgement, Justice Aziegbemhin held that the prosecution proved its case beyond reasonable doubt and consequently sentenced Ikilo to two years’ imprisonment without an option of fine.
The EFCC further revealed that Ikilo’s legal troubles began when he offered to assist the complainant in converting 0.52092582 Bitcoin valued at $19,400 but failed to remit the proceeds after conversion, instead diverting the funds for personal use.
Felix Ifijeh is a journalist with years of professional reporting experience. Known for his keen news sense, compelling storytelling and commitment to accurate, impactful reporting, he has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience and a commitment to accurate, impactful journalism.
