Edo court jails man for $19,400 bitcoin fraud

The Benin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has secured the conviction and sentence of Osamudiamen Philip Ikilo for fraud.

The convict was charged with one count of theft before Justice WI Aziegbemhin of the Edo State High Court sitting in Benin City.

Once arraigned, the defendant pleads not guilty to the charges, setting the stage for trial.

The charge reads: That you Osamudiamen Philip Ikilo (l) sometime in March 2024 within the jurisdiction of this Honorable Court stole Bitcoin worth $19,400 (Nineteen thousand four Hundred United States Dollars) belonging to one Cynthia Imade Alile by fraudulently converting the said amount for your own use, and thereby committed an offense contrary to Section 287 of the Criminal Code of Edo State Law 2022 and punishable under Section 294 of the said Act. same.

During the trial, Public Prosecutor AS Bala-Ribah summoned two witnesses and also submitted letters which were accepted by the court. Meanwhile, the defendant called two witnesses including himself.
When delivering his verdict on Monday, March 23 2026, Judge Aziegbemhin found the defendant guilty of the charges and sentenced him to two years in prison without the option of a fine.

Ikilo’s road to prison began when he offered to help the applicant exchange his 0.52092582 Bitcoin worth $19,400 but failed to send the money to the applicant because he exchanged it for his personal use.