The Economic and Financial Crimes Commission (EFCC) has arraigned suspected fraud kingpin, Friday Audu, in Lagos.
EFCC accused Audu of masterminding a $2.5 million and N3.5 billion crypto and romance scam syndicate.
The Lagos Zonal Command of EFCC brought Audu before Justice Rahman Oshodi on Monday, May 5, 2025.
He was arraigned at the Special Offences Court in Ikeja, alongside his company, Genting Nigeria Limited.
Audu faces a seven-count charge involving possession of crime proceeds, forgery, and fraudulent document retention.
According to EFCC, Audu led a syndicate of 792 members involved in global cryptocurrency and romance scams.
He was arrested during a covert sting operation tagged “Eagle Flush Operation” on December 10, 2024.
EFCC alleged that Audu retained $1,262,000 in USDT through a Binance wallet linked to illicit funds.
He also allegedly held another $1,300,203 in USDT via a BYBIT wallet suspected to contain fraud proceeds.
The wallets were identified as: TP6UTEmch6cto72Y7Pj3Bkn84LSqjSr7PX (Binance) and TQbgiFXAf17RX8j2nkFwwzBDo22WWrdcRn (BYBIT).
One charge reads, “You conspired to retain $1,262,000 USDT in a fraudulently obtained wallet.”
Audu pleaded not guilty to all seven charges during Monday’s court session.
Prosecuting counsel, Bilikisu Buhari, urged the court to deny bail and fix trial dates immediately.
She stated that Audu’s crimes severely damaged Nigeria’s global reputation and investment appeal.
“These offences undermine government efforts to attract foreign investors,” Buhari told the court.
She further argued that the weight of evidence could cause Audu to flee if granted bail.
The defence counsel, Senior Advocate of Nigeria Muiz Banire, filed a bail application on Audu’s behalf.
Justice Rahman Oshodi adjourned the case to June 2 and 3, 2025, for bail ruling and trial commencement.
He ordered that the defendant be remanded in a correctional facility pending further proceedings.
EFCC continues investigations into other members of the alleged fraud network.
The anti-graft agency warned the public to remain vigilant against online crypto and romance scams.
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