A Federal High Court sitting in Lagos has sentenced two Chinese nationals, Huang Haoyu, also known as Ken, and An Hongxu, to 46 years’ imprisonment each for their involvement in a multi-billion-naira cryptocurrency and cybercrime fraud scheme.

Justice Daniel Osiagor handed down the sentence on Wednesday after the duo, both directors of Genting International Co. Limited, changed their pleas from not guilty to guilty on a seven-count charge bordering on cybercrime and money laundering. The court, however, granted them an option of a ₦56 million fine each.

In addition to the prison terms, the court ordered the convicts to perform three days of community service and directed that they be repatriated to China after serving their sentences.

Huang and An were among 792 suspected internet and cryptocurrency fraudsters arrested by operatives of the Economic and Financial Crimes Commission (EFCC) in Lagos in December 2024.

A third defendant, Audu Friday, pleaded not guilty and will continue to face trial.

At the hearing, defence counsel Bridget Omateno informed the court of her clients’ decision to withdraw their earlier pleas and admit to the offences. The charges were subsequently re-read, with Huang and An pleading guilty, while Audu maintained his not guilty plea.

Prosecution counsel, Bilkisu Buhari-Bala, urged the court to impose the maximum penalties provided by law, noting that some of the counts carried life imprisonment and others up to 14-year jail terms. She also sought the forfeiture of all assets recovered during the investigation to the Federal Government.

Justice Osiagor granted the prosecution’s prayers and ordered the forfeiture of properties and items recovered from multiple locations in Victoria Island and Ikoyi, Lagos.

The forfeited items include 1,596 mobile phones, 2,120 office chairs, 544 office tables, 194 routers, 43 computers, a network server, 126 air conditioners, generators, vehicles, hundreds of mattresses and bunk beds, thousands of SIM cards and other electronic and household items.

According to the charge, the convicts conspired in 2024 to unlawfully access computer systems with the intent to undermine Nigeria’s economic and social structures. They allegedly recruited Nigerian youths to impersonate foreign nationals for financial gain, retained over $2.5 million in cryptocurrency wallets and laundered more than ₦3.4 billion through the accounts of Genting International Co. Limited.

Investigators further alleged that additional funds were transferred to an account belonging to one Duliang Pan, who is currently at large, as well as ₦106.95 million to Lagos Oriental Hotel Limited.

Meanwhile, proceedings against Audu Friday will continue, as he also faces separate charges of unlawful foreign exchange transactions and failure to make statutory disclosures to the Special Control Unit Against Money Laundering, contrary to existing financial regulations.