Court Jails Man For $19,400 Bitcoin Fraud
The Benin Zonal Directorate of the Economic and Financial Crimes Commission has secured the conviction and sentence of Osamudiamen Philip Ikilo for fraud.
The convict was arraigned on one -count charge of stealing before Justice W.I. Aziegbemhin of the Edo State High Court sitting in Benin City.
Upon arraignment the defendant pleaded not guilty to the charge, setting the stage for trial.
The charge reads: That you Osamudiamen Philip Ikilo (m) sometime in March 2024 within the jurisdiction of this Honourable Court did steal Bitcoin worth the sum of $19,400 (Nineteen thousand, four Hundred United States Dollars) belonging to one Cynthia Imade Alile by fraudulently converting the said sum to your own use, and thereby committed an offence contrary to Section 287 of the Criminal Law of Edo State Law 2022 and punishable under Section 294 of the same Law.
In the course of the trial, prosecution counsel, A. S. Bala-Ribah called two witnesses and also tendered documents which were admitted by the court. On his part, the defendant called two witnesses including himself.
Delivering judgment on Monday, March 23, 2026 Justice Aziegbemhin found the defendant guilty of the charge and sentenced him to two years imprisonment without an option of fine.
Ikilo’s road to jail began when he offered to assist the petitioner convert her 0.52092582 Bitcoin worth $19,400 but failed to remit the money to the petitioner as he converted same to his personal use.
