Justice Daniel Osiagor of the Federal High Court in Lagos on Wednesday sentenced two Chinese nationals and directors of Genting International Co. Limited, Huang Haoyu (also known as Ken) and An Hongxu, to 46 years’ imprisonment each, or an option of a N56 million fine, for their involvement in a multi-billion-naira cryptocurrency and cybercrime scheme.
The court also ordered that the convicts undertake three days of community service and be repatriated to China after completing their sentences and community service.
The two men were among 792 suspects arrested by the Economic and Financial Crimes Commission (EFCC) in Lagos in December 2024 over internet and cryptocurrency fraud.
At the resumed trial, their lawyer, Mis Bridget Omateno, informed the court that Huang Haoyu and An Hongxu had changed their pleas from not guilty to guilty. The third defendant, Audu Friday, maintained his not guilty plea and will continue to face trial.
Although there was no plea bargain, the court re-read the seven-count charges against them. Both Huang Haoyu and An Hongxu pleaded guilty to all counts, while Audu Friday refused.
Prosecution counsel Bilkisu Buhari-Bala urged the court to impose maximum sentences, noting that the offences in counts one and two attract life imprisonment, while counts three and four carry 14-year terms.
The prosecution also requested the forfeiture of all assets recovered during the investigation, including those from Victoria Island and Ikoyi, as well as any investments traced to the convicts.
Justice Osiagor convicted Huang Haoyu and An Hongxu, sentencing each to a cumulative 46 years in prison, with an option to pay N56 million, and ordered their repatriation after completing three days of community service.
The court further ordered the forfeiture of numerous assets recovered across multiple locations in Victoria Island and Ikoyi, including 1,596 mobile phones, 2,120 office chairs, 544 office tables, 194 routers, 43 computer systems, a network server, 126 air-conditioning units, several generators, vehicles, hundreds of mattresses and bunk beds, thousands of SIM cards across different networks, and other electronic and household items.
The defendants were accused of conspiring in 2024 to access computer systems and destabilise Nigeria’s economic and social structure by employing youths to impersonate foreign nationals for financial gain.
They were also alleged to have retained $1,262,000 USDT in a Binance wallet and $1,300,203 USDT in a Bybit wallet, funds believed to be proceeds of fraud.
Between August and December 2024, they were said to have kept N3,407,824,740.78 in Genting International Co. Limited’s Union Bank account, with portions transferred to Duliang Pan, who remains at large, and N106,950,000 to Lagos Oriental Hotel Limited.
Separate charges against Audu Friday and the company involve unlawful foreign exchange transactions worth billions of naira and failure to submit required reports to the Special Control Unit Against Money Laundering (SCUML).
The EFCC described the convictions as a significant step in the fight against internet and cryptocurrency fraud, emphasizing the importance of holding perpetrators accountable.
The sentencing sends a strong message to those involved in cybercrime and highlights the need for vigilance in monitoring digital financial platforms.
Proceedings against Audu Friday will continue, with the court set to determine his culpability in the ongoing case.
This case underlines the Federal High Court’s commitment to tackling large-scale financial crimes and ensuring justice is served in Nigeria’s fight against cybercrime and money laundering.