The Lagos Zonal Command of the Economic and Financial Crimes Commission, EFCC, on Monday, arraigned Friday Audu, described as the mastermind behind an extensive cryptocurrency and romance fraud syndicate, before Justice Rahman Oshodi of the Special Offences Court in Ikeja, Lagos.
Audu and his firm, Genting Nigeria Limited, were docked on a seven-count charge involving the unlawful retention of crime proceeds, forgery, and possession of fraudulent documents totalling $2.5 million and N3.5 billion.
EFCC alleged that Audu led a 792-member network that orchestrated large-scale cryptocurrency scams and romance fraud schemes targeting victims in Nigeria and abroad.
He was apprehended on December 10, 2024, in Lagos during a covert operation by EFCC, code-named ‘Eagle Flush Operation.’
Among the charges, Audu is accused of retaining $1,262,000 in USDT (Tether cryptocurrency) through a Binance wallet address, TP6UTEmch6cto72Y7Pj3Bkn84LSqjSr7PX, and an additional $1,300,203 in USDT via a BYBIT wallet address, TQbgiFXAf17RX8j2nkFwwzBDo22WWrdcRn. Both accounts are alleged to contain funds derived from fraudulent activities.
“That you, Friday Audu and Genting Nigeria Limited, sometime in 2024 in Lagos, within the jurisdiction of this Honourable Court, conspired among yourselves to retain $1,262,000 USDT in the wallet address, property fraudulently obtained,”; one of the charges read.
Audu, however, entered a plea of “not guilty”; to all seven charges.
Following his plea, the prosecuting counsel, Bilikisu Buhari, urged the court to fix a date for trial and requested that the defendant be remanded in custody.
Buhari also opposed the bail application filed by defence counsel, Muiz Banire, SAN, stressing that the offences allegedly committed by Audu not only breached Nigerian law but carried grave implications for the country’s international reputation.
“The offences allegedly committed by the defendant severely tarnish the image of Nigeria and undermine the government’s efforts to attract foreign investment,”; Buhari argued.
She further maintained that the weight of evidence against the defendant could motivate him to abscond if granted bail.
Justice Rahman Oshodi subsequently adjourned the matter to June 2 and 3, 2025, for the court’s ruling on the bail application and commencement of trial. In the interim, he ordered that the defendant be remanded to a correctional facility.
