KEY POINTS

• Friday Audu and his company, Genting Nigeria Limited, were arraigned for allegedly orchestrating a $2.5 million cryptocurrency and romance fraud syndicate, with charges including forgery and retaining illicit funds.

• The prosecution opposed bail, citing risks to Nigeria’s international reputation and Audu’s potential flight, while the defense seeks a fair trial amid adjournment to June 2025.

• The case underscores Nigeria’s challenges in combating cybercrime, with experts linking rising fraud to economic instability and calling for regulatory overhauls to address root causes.

On May 5, 2025, the Economic and Financial Crimes Commission (EFCC) arraigned Friday Audu, the alleged mastermind behind a large-scale cryptocurrency and romance scam worth $2.5 million, before Justice Rahman Oshodi of the Special Offences Court in Ikeja, Lagos.

Audu, who was arrested on December 10, 2024, during a surprise operation by EFCC operatives dubbed “Eagle Flush Operation,” is facing serious charges along with his company, Genting Nigeria Limited. The charges, outlined in a seven-count indictment, include the retention of proceeds from crime, forgery, and possession of fraudulent documents.

According to SaharaReporters, these charges stem from fraudulent activities involving both cryptocurrency and romance scams that allegedly involved over $2.5 million in stolen funds and an additional N3.5 billion.

According to the EFCC, Audu orchestrated a criminal network comprising 792 members engaged in elaborate cryptocurrency investment schemes and romance scams targeting unsuspecting victims globally. The fraudulent operations were facilitated through various wallet addresses, including those on prominent cryptocurrency exchanges such as Binance and BYBIT.

Among the specific charges, Audu and his company are accused of retaining substantial sums in cryptocurrency, including $1,262,000 USDT (Tether) on a Binance wallet and $1,300,203 USDT on a BYBIT wallet, funds obtained through deceptive means.

“The accused masterminded a complex operation to launder millions of dollars, involving both cryptocurrency transactions and fraudulent romantic relationships to exploit vulnerable individuals,” said Bilikisu Buhari, the prosecution counsel. “The evidence against Audu is robust, and we believe that his release on bail could result in him fleeing the jurisdiction.”

Audu pleads not guilty

In court, Audu pleaded “not guilty” to all the charges, and his defense counsel, Muiz Banire, SAN, sought bail for the defendant. However, the prosecution opposed the bail application, arguing that Audu’s alleged crimes severely impacted Nigeria’s international reputation, particularly in efforts to attract foreign investments. They further claimed that the weight of the evidence would motivate Audu to abscond if granted bail.

“The accused’s actions have not only undermined Nigeria’s financial standing but have also caused immense harm to individuals who were tricked by these scams,” said Bilikisu Buhari in her counter-affidavit.

The case was adjourned until June 2 and 3, 2025, when the court will rule on the bail application and commence the trial.

Subsequently, the judge ordered that Audu remain in a correctional facility while awaiting trial. The trial will focus on the extent of the fraudulent activities and the mechanisms used to exploit cryptocurrency platforms to launder the stolen funds.

The EFCC has vowed to continue its efforts to uncover similar fraud schemes and bring perpetrators to justice, especially those exploiting emerging technologies for criminal gain.