A high court in Benin City, Edo state, has sentenced Osamudiamen Philip Ikilo to two years’ imprisonment for defrauding a victim of bitcoin worth $19,400.
The conviction was secured by the Economic and Financial Crimes Commission (EFCC) before Justice W.I. Aziegbemhin of the state high court.
Ikilo was arraigned on a one-count charge of stealing and initially pleaded not guilty, prompting a full trial.
According to the charge, the convict in March 2024 fraudulently converted 0.52092582 Bitcoin valued at $19,400, belonging to Cynthia Imade Alile, to his personal use within the court’s jurisdiction.
The offence is contrary to section 287 of the criminal law of Edo state, 2022, and punishable under section 294 of the same law.
During the trial, prosecution counsel A.S. Bala-Ribah called two witnesses and tendered documentary evidence, which the court admitted. The defendant also testified and called one additional witness in his defence.
Delivering judgement on March 23, 2026, Justice Aziegbemhin found Ikilo guilty and sentenced him to two years in prison without the option of a fine.
The court heard that the convict’s actions began after he offered to help the victim convert her Bitcoin holdings but failed to remit the proceeds, instead diverting the funds for personal use.
