Monday, July 13, 2026

Forex trader jailed two years for stealing N20 million cryptocurrency

The defendant was given an option of a N2 million fine. His company was also fined N1 million, and he was asked to return the N20 million to his victim.

• June 7, 2022
Court
Gavel used to illustrate the story

An Ikeja Special Offences Court on Tuesday sentenced a forex trader, Shola Henry, to two years imprisonment for stealing N20 million.

Justice Oluwatoyin Taiwo, in her ruling, held that “The prosecution, however, proved the charge of stealing against the defendant and he is found guilty as charged of count six.

“The defendant is hereby sentenced to two years’ imprisonment or pay a fine of N2 million. His company is also fined N1 million.

“The defendant is hereby given one year to make restitution of N20 million to his victim,” the judge said.

Justice Taiwo further held that the allegation of obtaining money under false pretence was not proved by the prosecution. She discharged and acquitted the convict on counts one to five.

The Economic and Financial Crimes Commission (EFCC) had charged the defendant and his company, Henry Enterprises, on eight amendment count charges, bordering on stealing and obtaining money under false pretences.

EFCC counsel, Ahmed Yerima, called five witnesses at the trial of the defendant.

Mr Yerima submitted that EFCC received a petition from one Anyasi Matthew, who alleged that the defendant defrauded him of the sum of N20 million, on the pretext that he was going to invest same in forex with 20 per cent profit in 30 days.

The prosecution said that the defendant stopped giving returns to the complainant after collecting the money and refused to return his capital to him as promised.

The prosecution stated that failure of the defendant to refund the money to the owner prompted him to petition the EFCC on the alleged fraud.

(NAN)

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

farmers

Agriculture

FG tasks ECOWAS on leveraging financing strategies for agroecology

The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Katsina State

Politics

Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

Kashim Shettima

NationWide

Speaker Abbas hails Shettima’s re-nomination as Tinubu’s running mate in 2027

Mr Tajudeen said the vice president had remained dependable since assuming office.

PTAD

NationWide

Harmonisation reforms will promote pension equity, restore confidence: PTAD

PTAD manages pensions under the old Federal Government pension arrangement.

NECO/WAEC logos

NationWide

Mixed reactions trail FG’s N50,000 approval for WAEC, NECO exam fee

Ms Ogunkoya urged the government to balance cost recovery with citizens’ access to essential public services.

Armed policemen

Hot news Home top

Man arrested for allegedly beating wife to death over food in Nasarawa

The police spokesman added that the suspect expressed remorse over the incident.

ROAD CRASH

Heading 5

Seven die in Bauchi-Maiduguri road crash

The police spokesperson said an investigation had commenced to determine the immediate and remote causes of the accident.

Federal Bureau of Investigation (FBI)

World

FBI offers $50,000 reward for information on fugitive wanted for violent crimes

A federal arrest warrant was issued for Mr Singh in the United States District Court, Central District of California, Los Angeles, California on July 1.