The Economic and Financial Crimes Commission (EFCC), Benin Zonal Directorate, has secured the conviction of Osamudiamen Philip Ikilo for fraud.
Ikilo was arraigned before Justice W.I. Aziegbemhin of the Edo State High Court sitting in Benin City on a one-count charge of stealing.
According to the charge, the defendant, in March 2024, within the jurisdiction of the court, fraudulently converted 0.52092582 Bitcoin valued at $19,400, property of Cynthia Imade Alile, to his personal use, thereby committing an offence contrary to Section 287 of the Criminal Law of Edo State, 2022, and punishable under Section 294 of the same law.
The defendant pleaded not guilty to the charge, prompting a full trial.
During the proceedings, prosecution counsel, A. S. Bala-Ribah, called two witnesses and tendered documentary evidence, all of which were admitted by the court. The defence also presented two witnesses, including the defendant.
Delivering judgment on Monday, March 23, 2026, Justice Aziegbemhin found Ikilo guilty as charged and sentenced him to two years imprisonment without an option of fine.
The case arose after the defendant offered to assist the complainant in converting her Bitcoin but failed to remit the proceeds, instead diverting the funds for personal use.
Source: EFCC
