The Lagos Zonal Command of the Economic and Financial Crimes Commission (EFCC) on Monday arraigned Friday Audu, identified as the alleged ringleader of a vast cryptocurrency and romance scam syndicate, before Justice Rahman Oshodi at the Special Offences Court in Ikeja, Lagos.

Audu, along with his company, Genting Nigeria Limited, faces a seven-count charge bordering on possession of fraudulent documents, unlawful retention of proceeds of crime, and forgery.

The total amount involved is estimated at $2.5 million and N3.5 billion.

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According to the EFCC, Audu allegedly headed a criminal network comprising 792 individuals involved in large-scale cryptocurrency fraud and romance scams targeting both local and international victims.

He was arrested on December 10, 2024, in Lagos during a covert sting operation codenamed “Eagle Flush Operation.”

The anti-graft agency alleges that Audu retained $1,262,000 in USDT (Tether cryptocurrency) through a Binance wallet address, TP6UTEmch6cto72Y7Pj3Bkn84LSqjSr7PX, and another $1,300,203 in USDT via a BYBIT wallet, TQbgiFXAf17RX8j2nkFwwzBDo22WWrdcRn—both believed to contain proceeds of fraudulent activities.

One of the charges reads: “That you, Friday Audu and Genting Nigeria Limited, sometime in 2024 in Lagos, within the jurisdiction of this Honourable Court, conspired among yourselves to retain $1,262,000 USDT in the wallet address, property fraudulently obtained.”

Audu pleaded “not guilty” to all the charges.

Following the plea, prosecuting counsel Bilikisu Buhari urged the court to remand the defendant and set a date for the trial. She also opposed the bail request submitted by the defence counsel, Senior Advocate of Nigeria, Muiz Banire.

“The offences allegedly committed by the defendant severely tarnish the image of Nigeria and undermine the government’s efforts to attract foreign investment,” Buhari said, adding that the weight of the evidence could tempt the defendant to flee if released on bail.

Justice Oshodi adjourned the case to June 2 and 3, 2025, for ruling on the bail application and commencement of trial. In the meantime, Audu has been remanded in a correctional facility.

Benue Kidnap Kingpin Arrested, Threatens To Reveal Accomplices

Security forces have apprehended a suspected kidnapping kingpin, Ngbede Ekoja Echono, widely known as Ocheanpla, in Benue State’s Apa Local Government Area.

The suspect, believed to have masterminded several abductions and armed attacks around the Odugbo, Opaha, and Obinda regions, has allegedly threatened to expose other members of his criminal syndicate.