Nigerian Woman Bukky Olukoga Pleads Guilty to Fraud in the U.S

A Nigerian-born American citizen Bukky Olukoga has pleaded guilty in a U.S. federal court to operating an unlicensed money-transmitting business that transferred funds to individuals and entities in several countries, including Nigeria and China

Under a plea agreement dated June 15 and filed in the U.S. District Court for the District of Rhode Island, Ms Olukoga agreed to forfeit more than $200,000 linked to the unlicensed money-transmitting business.

She also agreed to identify all assets she owned, controlled, or transferred within the previous seven years, including any interest from the illegal conduct.

Prosecutors said the assets subject to forfeiture totalled $203,968.62, comprising $8,800 seized from her residence in August 2022, $15,894.91 in Bank of America accounts, and $179,273.71 from her Robinhood account.

The plea agreement requires that the forfeiture amount be paid to the U.S. Department of the Treasury by certified or cashier’s cheque at least 30 days before sentencing.

Should Ms Olukoga fail to pay the sum before sentencing, prosecutors said the forfeiture judgment would form part of the sentence, and the U.S. would seize all substitute assets to satisfy the amount.

The offence carries a maximum of five years’ imprisonment, a $250,000 fine, three years of supervised release, and a mandatory special assessment of $100, per the plea agreement.

In exchange for her guilty plea, prosecutors agreed to a recommendation for a lower prison term within the federal sentencing guideline range and to forgo additional charges, although the judge could impose a different term.

Prosecutors also said the government will oppose a probation or a “split sentence” that would allow Ms Olukoga, who first entered the U.S. in 1993, to serve part of her custodial term outside prison.

Court records showed that investigations into her financial activities began at least as early as 2021 as part of a probe into suspected bank fraud, conspiracy to commit bank fraud, money laundering, conspiracy to commit money laundering, operating an unlicensed money-transmitting business, tax-related offences, and currency structuring.

No sentencing date has been announced.