Jacob Olalekan Ponle, also known as Mr Woodberry, has been sentenced to eight years and three months in prison for a multimillion-dollar fraud.

Mr Woodberry, a known accomplice of imprisoned Nigerian fraudster Hushpuppi, was sentenced on July 11 by Judge Robert Gettleman of the United States District Court for the Northern District of Illinois in Chicago after being convicted on one count of fraud.

It was also revealed that seven other counts were dropped as part of a plea agreement in April. The offender is now anticipated to surrender to the United States Marshals Service for transfer to the Federal Correctional Institution in Danbury, Connecticut, where his family members, particularly his American fiancée, will be permitted to visit him.

Mr Woodberry, who will be deported after serving his prison sentence, will pay around $8 million in compensation to seven victims; the court determined that he has the ability to make the whole payment but waived any interest on the restitution value.

Prosecutors who discovered that he had 152 bitcoins, had sought for the court’s permission to sell it off. A 30-day notice was issued to the public for anyone with interest in the assets to file claims, but no one with legitimate interest turned up at the time of Mr Woodberry’s sentencing.

He Is expected to forfeit items in the Dubai police custody, such as one Rolls Royce, Lamborghini Urus, Mercedes-Benz G-Class AMG G55, four Rolex watches, one Patek Philippe watch, and three Audemars Piguet watches.

Mr Woodberry will also forfeit three gold and diamond-studded rings, five gold bracelets and two gold bracelet keys, six gold neck chains, one gold and diamond-studded necklace, one small gold nugget, two bank cards, about $1,835 in Emirati dirhams, and approximately $15.45 in South African rands. (Nigerian Tribune)

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