A Federal High Court sitting in Lagos has sentenced nine Chinese nationals to one year in prison each for operating a Ponzi scheme allegedly linked to terrorism financing. The conviction followed a plea bargain agreement approved by the Economic and Financial Crimes Commission (EFCC).
The convicted individuals—Qin Xiao Yong, Luo Mao Yang, Liu Ni Ni, Liu Gang, Sun Qi (a.k.a. Wan Jin Ping), Zhang Juan, Li De Wen, Fun Min, and Tan Ming—were all arrested in December 2024 during a raid in the Victoria Island area of Lagos.
According to the EFCC, the group had been running an illegal investment operation designed as a Ponzi scheme that drew financial scrutiny after being suspected of indirectly supporting terrorist activities. The EFCC counsel, Abdulrasheed Rildwan, told the court on Monday that a plea bargain deal had been reached and recommended its adoption by the court.
Justice Daniel Osiagor accepted the plea deal and sentenced each of the defendants to one year imprisonment. He also ordered the forfeiture of all electronic devices and digital equipment seized from the suspects during the investigation. In addition, a fine of ₦1 million was imposed on each convict.
The judge further instructed that upon completing their jail terms, the Nigerian Immigration Service must deport the convicts to China within seven days.
Defence counsel, Folarin Dalmeida and Abdulkadir Wodi, confirmed their clients’ acceptance of the agreement and did not object to the sentencing terms.
The case has reignited concerns about foreign nationals exploiting digital platforms to perpetrate financial fraud in Nigeria. Authorities say the successful prosecution serves as a warning to other international syndicates planning to operate similar scams within Nigerian borders.
The EFCC continues to clamp down on financial crimes and has emphasized its commitment to tackling fraudulent investment schemes that threaten Nigeria’s economy and national security.
This latest development is one of the highest-profile convictions involving foreign nationals in a cyber-financial crime case within Nigeria in recent years.
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