By Nkechi Eze
The Borno State High Court sitting in Maiduguri has convicted and sentenced Bukar Ahmed Shuwa to 10 years imprisonment for defrauding an investor of N2.95 million through a fraudulent cryptocurrency investment scheme.
According to an official signed statement by the Head of Media and Publicity of the Economic and Financial Crimes Commission (EFCC), Dele Oyewale, the conviction was secured on Wednesday before Justice Aisha Kumaliya following the defendant’s arraignment by the Maiduguri Zonal Directorate of the anti-graft agency.
Shuwa was prosecuted on a one-count amended charge bordering on cheating involving the sum of N2,950,000. The charge stated that he fraudulently induced one Mahmud Ali to part with the money under the pretext of investing in a Crypto Bitget Wallet Coin scheme.
The EFCC told the court that the defendant collected the funds in 2024 in Maiduguri, Borno State, with the promise of facilitating a cryptocurrency investment but instead diverted the money for personal use.
When the charge was read to him, Shuwa pleaded guilty.
Following the plea, prosecution counsel, A.D. Abdulmalik, urged the court to convict the defendant accordingly, arguing that the facts of the case clearly established the offence.
Counsel to the defendant, H. Basharu, appealed for leniency, informing the court that his client had fully refunded the money to the victim. He further urged the court to temper justice with mercy and consider imposing a fine instead of a custodial sentence.
After considering the submissions of both parties, Justice Kumaliya convicted the defendant and sentenced him to 10 years imprisonment with an option of a N200,000 fine.
The EFCC stated that the conviction stemmed from investigations which revealed that Shuwa deceived the complainant into believing that the funds would be invested in a cryptocurrency venture, only to divert the money to his personal use.
The Commission described the judgment as part of ongoing efforts to combat investment fraud and other financial crimes, particularly schemes that exploit public interest in digital assets and cryptocurrency investments.
