A suspected Ponzi syndicate mastermind, Friday Audu and his company, Genting International Limited have been arraigned and remanded in prison on Monday by Justice Rahman Oshodi of the Special Offences Court, Ikeja for retention of criminal proceeds.
The defendant is suspected to be the mastermind behind recruiting of several young Nigerians for the organised crime syndicate and the activities of the 193 foreigners and 599 Nigerians who were arrested in December 2024 by Economic and Financial Crimes Commission.
The defendant is standing trial for alleged $2.6 million USDT and N3.5 billion filed by the Economic and Financial Crimes Commission, EFCC.
Already, the defendant and two other Chinese nationals, Huang Haoyu and An Hongxu, and their company, Genting are standing trial in a separate 12-count charge before the Federal High court for alleged cyber terrorism and Mutual Legal Assistance, MLA.
At the arraignment, he pleaded not guilty to seven count charge bordering on conspiracy, possession of fraudulent documents, forgery, and retention of criminal proceeds.
According to the charge sheet dated April 15, 2025, the EFCC alleged, “That you Friday Audu and Genting Nigeria Limited sometime in 2024 in Lagos within the Jurisdiction of this Honourable Court, conspired amongst yourselves to retain S1,262,000 USDT (One Million Two Hundred and Sixty-Two Thousand, dollars USDT in the wallet address “TP6UTEmch6cto72Ypj3Bkn84LsqjSr7PX (BINANCE)” property fraudulently obtained.
According to EFCC, the alleged offences contravenes sections 328 and 411 of the Criminal Law of Lagos state, 2011.
Part of the count reads, “That Friday Audu and Genting Nigeria Limited sometime in 2024 in Lagos within the Jurisdiction of this Honourable Court, retained $1,300,203 USOT (One Million Three Hundred and Two Hundred and Three, dollars) in the wallet address“TQbgiFXAf17RX8j2nkFwwzBDo22WWrdc(BYBIT)” property fraudulently obtained.
Count 3 reads, “That Friday Audu and Genting Nigeria Limited sometime in 2024 in Lagos within the Jurisdiction of this Honourable Court, conspired amongst yourselves to dishonestly retain in Genting International Co. Limited’s account number 0225100403 domiciled in Union Bank the sum of 407,824,740.78 (Three Billion, Four Hundred and Seven Million, Eight Hundred Twenty-Four Thousand, Seven Hundred and Forty naira) funds fraudulently obtained.
Addressing the court, Bilikisu Buhari, Prosecution Counsel, EFCC applied for a plea of guilty to be entered pursuant to a Section 257 ACJL.
Following the not guilty plea, the EFCC Prosecution Counsel Bilikisu Buhari, argued against the application for bail by the defendant.
Prosecution counsel, in a counter affidavit, informed the court that the offences alleged against Nigeria, tarnishing the image and reputation of the country as a whole and diminishes government’s efforts to sustain development in the country.
When the case came up on Monday, Buhari informed the court that the second defendant, Genting International Limited, did not have representative in court.
Buhari further argued that the defendant is a flight risk if granted bail.
Buhari informed the court that the first defendant resisted service and representation on behalf of the second defendant.
She expressed concern that the defendant would not be available to face his trial as the weight of the evidence against them was very strong and compelling.
However, Dr. Muiz Banire (SAN) appeared for the first and second defendant.
Although the counsel claiming to represent the defunct company appeared, he admitted he had not been properly briefed.
When the second defendant was asked for the representative of the second defendant, he stated that the company is dead, and they were briefed by a counsel to represent the dead second defendant counsel.
According to the charge sheet dated April 15, 2025, the EFCC alleged that Audu and Genting International Limited conspired to retain $1,262,000 USDT in a Binance wallet (TP6UTEmch6cto72Y7Pj3Bkn84LSqjSr7PX), and another $1,300,203 USDT in a BYBIT wallet (TQbgiFXAf17RX8j2nkFwwzBDo22WWrdcRn), all proceeds of fraudulent transactions.
The anti-graft agency also alleged that the defendants retained N3.5 billion in Genting International’s Union Bank account and forged a document titled Ultimate Beneficial Ownership, UBO, Declaration Form, purportedly signed by one Mr. Baffale Yakubu.
Buhari added that the company is no longer operational.
The court heard that service of the charges was effected by pasting them at the company’s last known address, as reflected in the Corporate Affairs Commission, CAC, status report.
The prosecution then applied for a not-guilty plea to be entered on behalf of the second defendant under Section 257 of the Administration of Criminal Justice Law, ACJL
Dr. Muiz Banire (SAN), representing Audu, adopted the bail application and further affidavit, urging the court to grant bail.
He argued that the charges are similar to those already filed at the Federal High Court, where Audu had previously been granted bail.
However, the EFCC opposed the application, asserting that the charges differ, with the FHC case focusing on cyberterrorism and mutual legal assistance (MLA), while the current case involves forgery and criminal proceeds retention.
The prosecution also challenged the credibility of the further affidavit, stating that it was deposed to by a litigation clerk who allegedly obtained information from Audu’s driver—an account the EFCC claimed was false, citing its suspects’ register that showed Audu had no visitors on the referenced date.
EFCC also alleged the defendant sometimes in 2024 knowingly forged a document titled “Ultimate Beneficial Ownership, UBO, Declaration Form” and purpoted same to have been signed by one Mr. Baffale Yakubu.
According to the prosecution, the alleged offences violate Sections 328, 365 and 411 of the Criminal Law of Lagos state, 2011 and Sections 6 and 1(3) of the Advance Fee Fraud and Other fraud related Offences Act, 2006.
EFCC also alleged the defendant sometimes in 2024 knowingly forged a document titled “Ultimate Beneficial Ownership, UBO, Declaration Form” and purported same to have been signed by one Mr Baffale Yakubu.
According to the prosecution, the alleged offences violate Sections 328, 365 and 411 of the Criminal Law of Lagos state, 2011 and Sections 6 and 1(3) of the Advance Fee Fraud and Other fraud related Offences Act, 2006.
The court adjourned ruling and trial to June 2 and 3, 2025.