NewStats: 3,264,201 , 8,182,945 topics. Date: Tuesday, 10 June 2025 at 07:13 AM 6u6458

The top executives of a United States-based fintech company, Ping Express have been sentenced to 27 months imprisonment for breaching money laundering rules.

The fintech executives who are Nigerians with the names Anslem Oshionebo and Opeyemi Odeyale pleaded guilty to contravening money laundering rules after sending $167 million to Africa unchecked in less than three years.

While Oshionebo is the chief executive officer, oyedale is chief operating officer and both are suspected to have laundered $160 million out the to Nigeria.

This was revealed by the US Department of Justice at the weekend as it added that the Ping Express failed to seek sufficient details about the sources or motives of the funds involved in the transactions, or the customers initiating the transmissions.

It also said part of the money sent to Nigeria was also suspected to be proceeds of internet fraud.

It went further to state that the company’s Information Technology/Business Development Manager, Aleoghena Okhumale, was said to have also pleaded guilty to knowingly transmitting illegally-derived funds.

Both Oshionebo and Oyedale were sentenced to 27 months in federal prison, but Okhumale bagged a prison sentence of 42 months.

Ping Express also itted that it conducted money transmission business in states in which it was not licensed to do so, including Nevada, New Jersey, Utah, West Virginia, and Connecticut.

In addition, according to DOJ, one Collins Orogun itted last week that he accepted a fee in exchange for transferring money for ‘romance scam’ fraudsters and other criminals.

In one instance, an Indiana woman sent $15,000 to ‘Carson Jacks’, a purported oil roughneck in the Gulf of Mexico she fell in love with online, after he told her he’d contracted malaria.

In another, a second Indiana woman sent $6,300 to ‘Thomas Ken,” a purported Irish ship captain she fell in love with online, to fix his ship.

In two years, Orogun received more than $1.3 million in cash, cashier’s checks, and wires into several US bank s he controlled and then quickly moved more than $1 million of the funds to Africa through Ping Express.

“He faces up to 20 years in federal prison and is set to be sentenced on Jan. 23, 2023,” the statement said.

Ping Express, the company, now faces five years of probation and a fine of up to $500,000. Sentencing has been set for December 19, 2022.

https://www.vanguardngr.com/2022/07/nigerian-fintech-owners-bag-jail-term-in-us-over-167million-money-laundering/

Who would now trust the genuine ones without thinking they might just be another calamity in waiting..

Financial Frauds via online is having a toll of Fintechs around the world because there are less ethical hackers than the ever growing criminal hackers.

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Moh247:




KYC is very important for startups especially fintech

This is why established coy avoid or limit activity on fraud prone Nigeria


.

SMH @you......

@marv1 always act smart....I stated the instruction on how to reach out for more information....or don't you know NL has rules of the extent of information that can be posted? If you are really interested in earning online then follow the instruction on reaching out.
@Pharaoh13 stop sending PMs you won't get response from there, so do as instructed.

@Seniorwriter

KYC is very important for startups especially fintech

This is why established coy avoid or limit activity on fraud prone Nigeria

Many guys ran tab with cards on Uber , Amazon and far more established brands, they even Cashout on US benefits system


.

Afonja wire

This story is really inaccurate.

Neither of these two guys were accused of stealing or fraud, but rather not stopping fraudsters? But why has the same system not sent the CEO of Western Union and Moneygram to jail?

Why jail them? Why not fines? Do bank owners or managers get jailed because fraudsters keep money in their banks?.why havnt the managers of Western Union and Moneygram being jailed since all these years?

The story is 100% wrong. Neither of these two men stole any money. I know many grateful Nigerians who used Ping Express to their loved ones in Nigeria to the anger of the Big 2 ( Western Union and Moneygram). How can you jail a bank MD because fraudsters have s with the bank? Something is seriously wrong here. Why have the MDs of Western Union and Moneygram not been jailed for all the billions fraudsters have sent through their companies? Oh I forgot those are not immigrant owned businesses. Worst case they will be given a fine. Or maybe it's because they are "small boys"

All the people who used Ping Express never gave a dime in cash to the company, they sent the money using their bank debit cards. So why have the managers of the banks from where the money came from not being charged?

People will think this is $167 million cash somewhere. No $167 million anywhere. That's the total of funds they legitimately sent on behalf of people.

$50, $100, $200 here and there from 30,000 customers over 5 years. I myself sometimes sent $15 and sometimes $300 or more.

The allegations is on the $1 million + sent by a Fraudster, Collins over a 3 year period. If Ping Express had not verified their customers properly; how would they have been able to track the Collins guy? But Ping did proper verification for all customers.

But the banks where the monies came from to Ping Express are not being questioned.
This is a company I used for years and people came to know.

They followed every rule.

I know the stress I went through to get verified before using their services; license, phone call etc, things I never had to do with Western Union.

They are not accused of fraud, but rather not stopping fraudsters. Then why jail time? To kill their business finally?

When will the CEO of Moneygram and Western Union that Yahoo Boys have been using for over 20 years to send money, be arrested and jailed? NEVER.

Western Union and Moneygram have lost probably billions in the last few Years with the arrival of companies like Ping Express that made sending money to Africa not only faster, but cheaper, direct to bank s and 24/7.

Western Union that used to be only available during banking hours. They changed quickly when Ping Express and the new guys positively disrupted the system.

This is really unfortunate.

Okay

Nawaooo, why are our bright minds being jailed here and there?




I write business plan and proposals for people at an affordable price

ASLEM THE CORRUPT MAN OF THE YEAR

From a potential mark zuckerberg in the financial sector to a disgraced Hushppupi, crime never truly oays.

I'm not surprised with this latest development.

Wow u collected a fee to aid fraudster transfer ill-gotten dollars to a desired destination, that makes u an accomplice and a thief...before long now this guys will use their ill gotten wealth to pursue a political ambition like bobo chicago alias escobat

I see more fintech owners being jailed in Nigeria.

This I have seen.

Hushpuppi's everywhere....

[img]https://giffiles./216/216405.gif[/img]

Many Naija fintechs are fronts for criminal enterprises

Kaiii

Na dem dem, people from that ipob region have come again.

Bags as how?
Na award?

20yr jail for money laundering! and na them launder money and our natural resources .

Lol... Fintech right now is synonymous with money laundering

Moh247:




KYC is very important for startups especially fintech

This is why established coy avoid or limit activity on fraud prone Nigeria


.

I don’t think they are criminals,they are just one of those Nigerians that send dollar at black market rate to nigeria from the comfort of their apartment
Most Nigerians abroad now use them because of the better rate but the bad thing is,they can be arrested and prosecuted since majority of them are not ed
Only learner still use western union or money gram to send money home,majority use these type of people

Hmmmm