EDO COURT JAILS MAN FOR $19,400 BITCOIN FRAUD

March 25, 2026

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By Aishat Momoh. O.

The Economic and Financial Crimes Commission (EFCC) has secured the conviction of Osamudiamen Philip Ikilo for fraud involving Bitcoin valued at $19,400.

Ikilo was arraigned on a one-count charge of stealing before Justice W. I. Aziegbemhin of the Edo State High Court sitting in Benin City. He initially pleaded not guilty, prompting a full trial.

According to the charge, the defendant, in March 2024, fraudulently converted 0.52092582 Bitcoin belonging to Cynthia Imade Alile to his personal use, an offence 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, presented two witnesses and tendered documentary evidence, all of which were admitted by the court. The defendant also testified in his defence and called an additional witness.

Delivering judgment on March 23, 2026, Justice Aziegbemhin found Ikilo guilty as charged and sentenced him to two years imprisonment without an option of fine.

The court heard that the convict had offered to assist the petitioner in converting her Bitcoin to cash but instead diverted the funds for personal use, leading to his prosecution and eventual conviction.