EFCC Arraigns Suspected Mastermind Of $2.5m Cryptocurrency, Romance Scams In Lagos

Audu, alongside his company, Genting Nigeria Limited, faced a seven-count charge bordering on the retention of proceeds of crime, forgery, and possession of fraudulent documents, amounting to $2.5 million and N3.5 billion. The EFCC alleged that Audu led a 792-member syndicate involved in large-scale cryptocurrency investment and romance scams that defrauded numerous unsuspecting victims both locally and abroad.

He was arrested on December 10, 2024, in Lagos during a covert operation by EFCC operatives, codenamed ‘Eagle Flush Operation’.

Among the charges presented in court was the alleged retention of $1,262,000 in USDT (Tether cryptocurrency) via a Binance wallet address, TP6UTEmch6cto72Y7Pj3Bkn84LSqjSr7PX. Another charge accused Audu of keeping $1,300,203 in USDT through a BYBIT wallet address, TQbgiFXAf17RX8j2nkFwwzBDo22WWrdcRn, both allegedly proceeds of 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, pleaded “not guilty” to all charges.

Following the plea, prosecuting counsel, Bilikisu Buhari, requested a trial date and urged the court to remand the defendant in custody. The EFCC counsel opposed the bail application filed by the defence counsel, Muiz Banire, SAN, stating that the allegations against Audu not only violated Nigerian laws but also had far-reaching implications for the country’s global image.

“The offences allegedly committed by the defendant severely tarnish the image of Nigeria and undermine the government’s efforts to attract foreign investment,” Buhari told the court. She further argued that the weight of the evidence could incentivise the defendant to flee if granted bail.

Justice Rahman Oshodi adjourned the case till June 2 and 3, 2025, for ruling on the bail application and commencement of trial. He also ordered that the defendant be remanded in a correctional facility pending the hearing.