The Federal High Court in Lagos was the scene of explosive revelations, as a compliance officer with Union Bank Plc, Mr. Chidubem Ogbura, took the stand in the high-profile trial of Friday Audu and three others accused of masterminding a massive cyberfraud syndicate involving over 792 operatives.
Ogbura, the first prosecution witness in the case, testified before Justice Daniel Osiagor that Audu was a signatory to a Union Bank account operated by Genting International Company Limited, a company allegedly used to launder proceeds from the N3.4 billion cryptocurrency and romance fraud racket.
The ongoing trial, initiated by the Economic and Financial Crimes Commission (EFCC), involves Friday Audu, two Chinese nationals, Huang Haoyu and An Hongxu, and the corporate entity, Genting International Ltd.
They face a 12-count charge bordering on conspiracy, cybercrime, money laundering, and illegal forex dealings.
All defendants have pleaded not guilty.
Led in evidence by EFCC counsel Barrister Bilkisu Buhari-Bala, Ogbura detailed how his team responded to a regulatory request from the EFCC dated December 16, 2024, regarding Genting’s suspicious financial activities.
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He presented the company’s account opening documents and transaction statements, which were admitted into evidence.
During cross-examination, the Union Bank officer confirmed that both Friday Audu and Bafale Yakubu had signatory rights to the account.
He also acknowledged that the names of the second and third defendants appeared in the account transactions.
However, when asked if the third defendant was a director or signatory to the account, Ogbura clarified: “No.”
Further scrutiny revealed that the account was not set up for the declared purpose of “gaining business,” as per Union Bank’s Know Your Customer (KYC) documentation.
Upon concluding his testimony, Ogbura was discharged by the court.
In a separate development during the hearing, Emeka Ukpoko (SAN), counsel to the first defendant, urged the court to compel the Nigerian Correctional Service to submit a medical report on the second defendant, citing unspecified health concerns.
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Justice Osiagor adjourned proceedings until July 4, 2025, when more EFCC witnesses are expected to testify.
According to the EFCC, the defendants collaborated with a fugitive suspect, Dualiang Pan, to operate a digital fraud ring that exploited cryptocurrency investments and fake romantic relationships to deceive unsuspecting victims, many of whom were overseas.
Nigerian youths were allegedly recruited to impersonate foreigners and channel fraudulent proceeds through digital wallets and bank accounts.
Specifically, the commission alleges that over $2.5 million was stashed in cryptocurrency wallets managed by operatives Chukwuemeka Okeke, Alhassan Garba, and Ifesinachi Jacobs, while N3.4 billion was held in Genting Ltd’s Union Bank account. Additionally, funds totaling N1.019 billion were allegedly funneled to the fugitive Pan through a UBA account.
The EFCC further claims that the syndicate bypassed official Central Bank channels to conduct illegal forex transactions exceeding N2 billion, in violation of Nigeria’s financial regulations.
The case underscores the growing threat of cyber-enabled financial crime in Nigeria, particularly involving foreign collaborators and unregulated crypto markets.
