A compliance officer with Union Bank Plc, Mr. Chidubem Ogbura, on Monday testified before Justice Daniel Osiagor at the Federal High Court in Lagos as the ₦3.4 billion fraud trial involving Friday Audu and three others resumed.
The defendants are alleged to be part of a cryptocurrency and romance fraud syndicate comprising 792 members, with the total fraud amounting to ₦3.4 billion.
Taking the stand as the first prosecution witness for the Economic and Financial Crimes Commission (EFCC), Ogbura revealed that Friday Audu was a signatory to the Union Bank account of Genting International Company Ltd, one of the companies allegedly used to channel proceeds from the criminal scheme.
Under direct examination by EFCC counsel, Bilkisu Buhari-Bala, Ogbura explained that his responsibilities as a compliance officer included responding to regulatory inquiries, such as the EFCC’s letter dated December 16, 2024, concerning Genting International Ltd. He presented the company’s account opening documents and bank statements, which the court admitted into evidence without objection.
During cross-examination by Clement Onwuenwunor (SAN), counsel for the second defendant, NAIJAONPOINT confirmed that both Friday Audu and Bafale Yakubu were signatories to the said account. He further acknowledged that the second and third defendants’ names appeared in the bank statements.
While responding to questions from Adeniyi Joshua, counsel to the third defendant, Chidubem clarified that the third defendant was neither listed as a director nor a signatory to Genting International Ltd. He also stated that, based on the bank’s Know Your Customer (KYC) documents, the company’s account was not opened with the intention of “gaining business.”
After his testimony, the court discharged NAIJAONPOINT .
Following that, Emeka Ukpoko (SAN), counsel for the first defendant, urged the court to direct the Nigerian Correctional Service to furnish a medical report for the second defendant, citing concerns about his health.
Justice Osiagor adjourned the case to July 4, 2025, for continuation of trial, during which more EFCC witnesses are expected to testify.
Earlier, the EFCC had arraigned Friday Audu, Chinese nationals Huang Haoyu and An Hongxu, alongside Genting International Ltd, on a 12-count charge bordering on cybercrime, money laundering, and unauthorized foreign exchange transactions. All defendants pleaded not guilty.
According to the EFCC, the accused persons, including one Dualiang Pan (currently at large), ran a sophisticated fraud network that used fake identities to scam victims. Nigerian youths were reportedly recruited to impersonate foreigners, enabling the movement and concealment of illicit funds.
Investigators revealed that the syndicate maintained cryptocurrency wallets holding $1.2 million and $1.3 million, managed by Chukwuemeka Okeke, Alhassan Garba, and Ifesinachi Jacobs—funds believed to be proceeds of fraud.
Additionally, ₦3.4 billion was reportedly deposited into Genting Ltd’s Union Bank account, from which ₦106 million and ₦913 million were traced to transfers into Dualiang Pan’s UBA account.
The group also allegedly engaged in foreign exchange transactions exceeding ₦2 billion, conducted outside the Central Bank of Nigeria’s official platform.
The charges against them contravene:
Section 29(2) of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 2004;
Sections 18 and 27 of the Cybercrime (Prohibition, Prevention, etc.) Act, 2015; and
Sections 18(2)(d) and 21(c) of the Money Laundering (Prevention and Prohibition) Act, 2021.