Nigeria: Nine Chinese nationals jailed for ponzi scheme
By Zuleihat Owuiye, Mamos Nigeria
A Federal High Court in Lagos has convicted and sentenced nine Chinese nationals to one year imprisonment for operating a Ponzi scheme linked to terrorism financing. The convicts, Qin Xiao Yong, Luo Mao Yang, Liu Ni Ni, Liu Gang, Sun Qi, Zhang Juan, Li De Wen, Fun Min, and Tan Ming, were sentenced by Justice Daniel Osiagor.
The Economic and Financial Crimes Commission had presented a plea bargain agreement with the convicts, which was approved by the commission and confirmed by defense lawyers Folarin Dalmeida and Abdulkadir Wodi. The court upheld the plea bargain and sentenced each convict to one year in prison.
In addition to the prison sentence, the court ordered the forfeiture of all electronic devices recovered during the investigation and imposed a fine of N1 million on each convict. The court also directed the Nigerian Immigration Service to deport the convicts to China within seven days of completing their jail terms.
The Ponzi scheme was uncovered in Victoria Island. The convicts were charged with operating a fraudulent scheme linked to terrorism financing. The court’s decision serves as a warning to individuals and groups involved in similar activities.
