The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Command, on Monday arraigned one Friday Audu, alleged to be the ringleader of a massive cryptocurrency and romance fraud network, before Justice Rahman Oshodi of the Special Offences Court in Ikeja, Lagos.
Friday Audu, alongside his company, Genting Nigeria Limited, is facing a seven-count charge bordering on unlawful retention of criminal proceeds, forgery, and possession of fraudulent documents amounting to $2.5 million and N3.5 billion.
According to the EFCC, Friday Audu spearheaded a syndicate of 792 members involved in orchestrating sophisticated cryptocurrency and romance scams, targeting both Nigerian and international victims.
He was arrested on December 10, 2024, in Lagos, during a covert sting operation by the EFCC, code-named ‘Eagle Flush Operation.’
One of the charges states, “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.”
The Commission further accused Audu of retaining $1,262,000 in USDT (Tether cryptocurrency) via a Binance wallet address, and another $1,300,203 in USDT through a BYBIT wallet address—both allegedly linked to illicit funds.
Audu pleaded “not guilty” to all the charges.
Following his plea, the EFCC counsel, Bilikisu Buhari, requested that the trial be scheduled and the defendant be remanded in custody. She also objected to the bail application submitted by Audu’s counsel, Senior Advocate of Nigeria, Muiz Banire.
“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 added that the weight of the evidence may tempt Audu to flee if granted bail.
Justice Oshodi adjourned the case to June 2 and 3, 2025, for ruling on the bail application and commencement of trial. In the meantime, he ordered Audu be held in a correctional facility.
