In a landmark ruling against transnational cybercrime, the Federal High Court in Ikoyi, Lagos, has sentenced two Chinese nationals to 46 years’ imprisonment each over a massive cryptocurrency fraud and money laundering operation.
Justice Daniel Osiagor delivered the judgment on Wednesday, convicting Huang Haoyu, also known as Ken, and An Hongxu, both directors of Genting International Co. Limited. The court found them guilty of laundering more than N3.4 billion and handling over $2.5 million in USDT (Tether) through fraudulent channels.
The sentencing followed a dramatic shift in the trial when the defendants changed their pleas from not guilty to guilty. Their decision came after the Economic and Financial Crimes Commission (EFCC) had presented two witnesses and substantial documentary evidence linking them to the syndicate.
Prosecution counsel, Bilkisu Buhari-Bala, urged the court to impose the maximum penalty, arguing that some charges — particularly those relating to the destabilisation of Nigeria’s economic structure — carry the possibility of life imprisonment.
Justice Osiagor imposed a 46-year jail term on each convict, with an option of a N56 million fine. The court also ordered three days of community service and directed that the convicts be repatriated to China after completing their sentence and community service.
In addition, the court ordered the forfeiture of assets recovered during investigations. These include 1,596 mobile phones, thousands of SIM cards, 43 computer systems, 194 routers, a network server, more than 500 office tables, 2,100 chairs, 126 air-conditioning units, generators, vehicles, and various household items seized from properties in Victoria Island and Ikoyi.
The EFCC had earlier informed the court that the convicts conspired in 2024 to bypass computer systems in a scheme aimed at destabilising Nigeria’s economic and social structures. The anti-graft agency also accused them of recruiting Nigerian youths to impersonate foreign nationals for financial gain, contrary to the amended Cybercrimes Act 2024.
Meanwhile, a third defendant, Friday Audu, maintained his not guilty plea and will face a separate trial.
The judgment marks one of Nigeria’s most significant convictions involving cryptocurrency fraud and foreign nationals, underscoring renewed efforts to clamp down on cyber-enabled financial crimes.
