By David Akinmola
A Nigerian court has ordered the forfeiture of $222,000 (approximately ₦337 million) in cryptocurrency linked to an international cybercrime syndicate involving Chinese nationals, marking a major breakthrough in the country’s fight against financial and digital crimes.
The ruling, delivered by the Federal High Court in Abuja, followed investigations led by the Economic and Financial Crimes Commission (EFCC), which uncovered the funds as proceeds of criminal activities, including internet fraud and illegal money transfers.
According to court documents, the funds were traced to multiple digital wallets operated by the syndicate, which included both Nigerian collaborators and Chinese nationals. The syndicate was reportedly involved in a wide range of cybercrimes, including phishing, identity theft, and ransomware attacks targeting individuals and businesses across several countries.
Justice Emeka Nwite, who presided over the case, granted the EFCC’s request for a final forfeiture order after the commission provided “overwhelming evidence” linking the digital assets to illegal operations.
How the Scheme Was Uncovered
The EFCC revealed that the group operated a sophisticated cybercrime network that exploited loopholes in digital financial platforms. Their operations came under scrutiny following suspicious financial transactions flagged by a cryptocurrency exchange operating in Nigeria. Subsequent analysis of blockchain records helped investigators track the origin and movement of the digital assets.
“The successful seizure of the crypto funds is a testament to our enhanced forensic capabilities and commitment to fighting financial crime in all its forms,” said EFCC spokesperson Dele Oyewale in a statement released after the judgment.
International Collaboration and Growing Threat
The case also involved collaboration with international law enforcement partners, including Interpol and cybersecurity agencies in Asia. Authorities say it underscores the growing challenge of transnational cybercrime and the need for stronger regulation of digital assets.
Security experts warn that Nigeria, Africa’s largest economy, remains a key target for both cybercriminals and money launderers due to the rapid growth of fintech and cryptocurrency usage, often outpacing regulatory frameworks.
Chinese Nationals Under Scrutiny
While the court did not immediately release the names of the Chinese nationals involved, officials confirmed that several arrests were made during the investigation. Some of the suspects are reportedly facing trial in other jurisdictions, while extradition proceedings are being considered in certain cases.
Legal analysts have commended the court’s decision, saying it sends a strong signal to cybercriminals and highlights the evolving capacity of Nigerian institutions to trace and prosecute digital crimes.
Crypto Crime in Nigeria
The case adds to a growing list of high-profile crypto-related seizures in Nigeria as authorities intensify efforts to clean up the financial system. With cryptocurrency becoming a common tool for laundering illicit funds, regulatory bodies such as the EFCC and the Central Bank of Nigeria (CBN) have ramped up surveillance and compliance checks on digital currency platforms.
Observers believe this latest forfeiture sets a precedent for future prosecutions involving virtual assets and signals that Nigeria is stepping up its game in the global fight against cybercrime.
