Jacob Olalekan Ponle popularly known as Mr Woodberry, the ally of convicted fraudster, Hushpuppi has bagged an eight-year and three months jail term by a US court for coordinating a multimillion-dollar fraud.

Mr Woodberry 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 learnt that seven other counts were dismissed following a plea bargain in April. The convict is now expected to surrender to U.S. Marshal Service for onward transfer to the Federal Correctional Institution in Danbury, Connecticut, where his family members, especially his American fiancée, would be allowed to visit him.

Mr Woodberry who will be deported after serving out his prison sentence, will pay seven victims about $8 million in restitution. The court discovered that he has the capacity to make the full payment but waived all interests 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.