U.S. Court Sentences Nigerian Man to 7 Years for Involvement in Multi-Million Dollar Email Fraud
- Oludayo Adeagbo, a 45-year-old Nigerian-British man, was sentenced to seven years in U.S. prison for his role in a multi-million dollar business email compromise (BEC) scheme
- The BEC scam involves gaining unauthorized access to legitimate email accounts or creating fake accounts to deceive victims
- After being extradited from the UK in August 2022, Adeagbo pleaded guilty to wire fraud and conspiracy in both Texas and North Carolina
A 45-year-old Nigerian-British man, Oludayo Adeagbo, has been sentenced to seven years in a U.S. prison for his involvement in a multi-million dollar business email compromise (BEC) scheme.
Adeagbo, who was extradited from the United Kingdom to the U.S. in 2022, participated in cyber-enabled scams that targeted businesses, government entities, and educational institutions across the United States.
Source: Getty Images
What Is a BEC Scheme?
A business email compromise (BEC) scam is a sophisticated form of cyber fraud where perpetrators gain unauthorized access to legitimate email accounts or create fake accounts to deceive businesses or individuals.
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The scammers typically send fraudulent wiring instructions to victims, who are tricked into sending funds to bank accounts controlled by the criminals, TheCable reported.
The stolen money is often quickly transferred to other accounts, either in the U.S. or overseas, making recovery difficult.
The U.S. Department of Justice revealed that Adeagbo conspired with others to steal over $3 million from various organizations, including local government bodies, construction companies, and a Houston-area college.
In addition, Adeagbo and his associates defrauded a North Carolina university out of $1.9 million, The Punch reported.
Head of the Justice Department’s criminal division, Nicole Argentieri, said:
“Adeagbo and his coconspirators perpetrated transnational cyber-enabled fraud schemes that caused millions of dollars in losses.
“His extradition and sentencing underscore our commitment to pursuing cybercriminals who target American victims, no matter where they are.”
Criminal Operation Across Borders
Adeagbo’s involvement in the BEC scheme spanned multiple jurisdictions.
After being extradited from the UK in August 2022, he faced charges in both Texas and North Carolina.
The Justice Department confirmed that he pleaded guilty to one count each of wire fraud and conspiracy to commit wire fraud, leading to his sentencing.
U.S. Attorney for the Southern District of Texas, Alamdar S. Hamdani, said:
“This case highlights the global reach of cybercriminals and the damage they can inflict.
“Adeagbo ran a sophisticated cyber-criminal operation, hiding behind fake email accounts and anonymous internet addresses to steal from the innocent.”
Hamdani emphasized the growing threat of BEC schemes, calling them “an epidemic” that has inflicted financial ruin on individuals and businesses alike.
Court stops NEC, BoT from sacking Damagum as PDP chairman
In another development, Legit.ng reported the Federal High Court in Abuja has made a significant ruling regarding the leadership of the People's Democratic Party (PDP).
Justice Peter Lifu has restrained the National Executive Committee (NEC) and Board of Trustees (BoT) from removing Umar Damagum as the Acting National Chairman until the party's national convention in December 2025.
This decision was made in response to a suit filed by Senator Umar El-Gash Maina, who claimed that some stakeholders were secretly planning to replace Damagum with Phillip Salawu, a former Deputy Governor of Kogi State.
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