In a landmark judgment against transnational cybercrime, Justice Daniel Osiagor of the Federal High Court, Ikoyi, Lagos, on Wednesday sentenced two Chinese nationals to a cumulative 46 years’ imprisonment each for their roles in a massive cryptocurrency fraud and money laundering syndicate.
The convicts, Huang Haoyu (also known as Ken) and An Hongxu, directors of Genting International Co. Limited, were found guilty of orchestrating a scheme that laundered over N3.4 billion and handled more than $2.5 million in USDT (Tether) through fraudulent channels.
The sentencing followed a dramatic turn in the trial on Wednesday when the two directors opted to change their initial not guilty pleas to guilty.
This decision came after the Economic and Financial Crimes Commission (EFCC) had already presented two witnesses and a mountain of evidence.
Addressing the court, the prosecution counsel, Bilkisu Buhari-Bala, urged the court to impose the maximum sentence to serve as a deterrent, noting that some of the counts, specifically those involving the destabilisation of Nigeria’s economic structure, carry a potential life sentence.
While Justice Osiagor handed down the 46-year sentence, he provided an option of a N56 million fine.
Regardless of the fine, the court mandated three days of community service and immediate repatriation to China upon completion of their sentence and community service.
The court further ordered the forfeiture of 1,596 mobile phones and thousands of SIM cards, over 500 office tables and 2,100 chairs, 43 computer systems, 194 routers, and a network server, 126 air-conditioning units, generators, vehicles, and numerous household items recovered from highbrow locations in Victoria Island and Ikoyi.
However, a third defendant, Friday Audu, maintained his not guilty plea and will continue to face trial separately.
Before the court’s decision, the anti-graft agency had told Justice Osiagor that in 2024, the convicts conspired to bypass computer systems to destabilise Nigeria’s economic and social structures.
The Commission had also informed the judge that the defendants allegedly recruited Nigerian youths to impersonate foreign nationals for financial gain, a violation of the amended Cybercrimes Act of 2024.
NAN
