A compliance officer at Union Bank, Mr. Chidubem Ogbura, on Monday appeared before Justice Daniel Osiagor of the Federal High Court in Lagos as the trial of Friday Audu and three others continued.
The accused are alleged to have operated a cryptocurrency and romance fraud syndicate comprising 792 members and valued at ₦3.4 billion.
Taking the stand as the EFCC’s first prosecution witness, Chidubem testified that Audu was a signatory to the Union Bank account of Genting International Company Ltd, one of the entities allegedly used to funnel proceeds from the illicit scheme.
Under examination by EFCC counsel, Bilkisu Buhari-Bala, NAIJAONPOINT explained that part of his duties as a compliance officer involved addressing regulatory inquiries—such as the EFCC’s request dated December 16, 2024, regarding Genting International Ltd. He presented the company’s account opening documents and statements, which were admitted into evidence unopposed.
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 account. He also acknowledged that the bank statements contained the names of the second and third defendants.
Responding to questions from the third defendant’s counsel, Adeniyi Joshua, Chidubem clarified that the third defendant was neither a director nor a signatory to Genting International Ltd. He added that the company’s account was not opened for the purpose of “gaining business,” based on the bank’s Know Your Customer (KYC) documentation.
Following the conclusion of his testimony, the court discharged NAIJAONPOINT .
Subsequently, Emeka Ukpoko (SAN), counsel to the first defendant, requested the court to order the Nigerian Correctional Service to provide a medical report for the second defendant, citing concerns over his health.
Justice Osiagor adjourned the case to July 4, 2025, for the continuation of trial, during which additional EFCC witnesses are expected to testify.
The EFCC had earlier arraigned Friday Audu, Huang Haoyu, An Hongxu, and Genting International Ltd on a 12-count charge involving cybercrime, money laundering, and unauthorized foreign exchange dealings. All defendants pleaded not guilty.
According to the EFCC, the accused, alongside a suspect named Dualiang Pan (currently at large), operated an extensive fraud network using fake identities to deceive victims. Nigerian youths were allegedly recruited to impersonate foreigners, facilitating the movement and concealment of criminal proceeds.
The syndicate reportedly held $1.2 million and $1.3 million in cryptocurrency wallets managed by Chukwuemeka Okeke, Alhassan Garba, and Ifesinachi Jacobs, believed to be fraud proceeds.
Additionally, ₦3.4 billion was said to have been deposited in Genting Ltd’s Union Bank account, from which ₦106 million and ₦913 million were transferred to Dualiang Pan’s UBA account.
They also allegedly conducted foreign exchange transactions exceeding ₦2 billion outside the official platform of the Central Bank of Nigeria.
The charges against them violate 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.