Jun 3, 2026

Court Jails One for N2.9m Crypto Fraud in Maiduguri

By Afolabi Olaiya Idowu in news

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A Borno State High Court in Maiduguri has handed down a stiff sentence to a man who defrauded an investor of nearly N3 million through a bogus cryptocurrency scheme, underscoring growing concerns over the rise of digital investment scams across Nigeria.

Justice Aisha Kumaliya, presiding over the Borno State High Court, convicted and sentenced Bukar Ahmed Shuwa to ten years imprisonment after he admitted to fraudulently obtaining ₦2.95 million from a victim under the pretext of investing in a cryptocurrency venture known as “Crypto Bitget Wallet Coin Investment.”

The conviction followed his arraignment by the Maiduguri Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) on Wednesday, June 3, 2026.

Prosecutors accused Shuwa of deceiving one Mahmud Ali into parting with the money in 2024 by promising lucrative returns from a cryptocurrency investment opportunity that ultimately proved fraudulent.

According to court documents, the defendant induced the victim to transfer an aggregate sum of ₦2,950,000 through false representations linked to a digital asset investment platform.

Rather than investing the funds as promised, he allegedly diverted the money for personal use.

The charge before the court stated that Shuwa “fraudulently induced” the complainant to release the funds under the guise of a crypto investment scheme, an offence punishable under relevant provisions of the Borno State Penal Code Law, 2023.

When the charge was read, the defendant pleaded guilty, leaving little room for dispute over the facts of the case.

Following the plea, EFCC prosecuting counsel, A.D. Abdulmalik, urged the court to convict and sentence the defendant in accordance with the law.

In a plea for mercy, defence counsel H. Basharu informed the court that his client had already refunded the entire sum to the victim.

He appealed to the judge to consider restitution as a mitigating factor and impose a fine rather than a custodial sentence.

However, Justice Kumaliya maintained that financial crimes require firm judicial responses to deter similar conduct.

The court consequently sentenced Shuwa to ten years imprisonment, with an option of a ₦200,000 fine.

The judgment comes at a time when Nigerian authorities are intensifying efforts to combat cryptocurrency-related fraud and online investment scams.

Recent EFCC investigations have revealed that fraudulent investment and crypto schemes have cost Nigerians billions of naira, with hundreds of thousands of citizens reportedly affected nationwide.

The anti-graft agency has repeatedly warned members of the public against investing in unverified digital asset platforms and unrealistic profit schemes.

The case also highlights a growing pattern in which fraudsters exploit the increasing popularity of cryptocurrencies to lure unsuspecting investors with promises of extraordinary returns.

Experts have consistently advised Nigerians to conduct due diligence, verify investment platforms through relevant regulatory agencies, and remain wary of opportunities that guarantee quick profits.

For Shuwa, what began as an alleged shortcut to personal gain has ended in conviction and a prison sentence.

While the victim eventually recovered the lost funds, the court’s decision sends a strong message that fraudulent investment schemes—whether traditional or digital—will continue to attract serious legal consequences.

The EFCC said the convict’s downfall began when he persuaded the victim to part with millions of naira for a cryptocurrency investment that never existed, converting the funds for his personal benefit instead.