The Federal High Court in Ikoyi, Lagos, has sentenced two Chinese nationals to 46 years’ imprisonment each for their involvement in a large-scale cryptocurrency fraud and money laundering operation.
Justice Daniel Osiagor delivered the judgment on Wednesday after finding Huang Haoyu, also known as Ken, and An Hongxu, directors of Genting International Co. Limited, guilty of multiple offences linked to financial crimes.
According to the Economic and Financial Crimes Commission (EFCC), the convicts laundered over N3.4 billion and transacted more than $2.5 million in USDT (Tether) through fraudulent platforms.
Proceedings took a new turn when the defendants changed their initial not guilty pleas to guilty after the prosecution had presented two witnesses and substantial documentary evidence before the court.
Prosecution counsel, Bilkisu Buhari-Bala, urged the court to impose stiff penalties, arguing that some of the charges, particularly those relating to attempts to undermine Nigeria’s economic system, attract severe punishment under the law.
In his ruling, Justice Osiagor sentenced both men to a cumulative 46 years in prison but granted them an option of N56 million fine.
Beyond the custodial term, the court ordered that the convicts undertake three days of community service and be repatriated to China after serving their sentences and fulfilling other conditions.
The judge also directed the forfeiture of numerous items recovered during investigation, including 1,596 mobile phones, thousands of SIM cards, over 500 office tables and 2,100 chairs, 43 computer systems, 194 routers, a central server, 126 air-conditioning units, generators, vehicles and other equipment seized from locations in Victoria Island and Ikoyi.
Meanwhile, a third defendant, Friday Audu, pleaded not guilty and will continue to stand trial separately.
Earlier, the EFCC informed the court that the syndicate allegedly recruited Nigerian youths to impersonate foreign nationals for online financial scams, contrary to provisions of the amended Cybercrimes Act, 2024.
The judgment sends a strong signal against cross-border cybercrime and financial fraud, reinforcing the need for strict enforcement to protect Nigeria’s financial system and young citizens from exploitation.
