COURT ADJOURNS ARRAIGNMENT OF ALLEGED CHINESE PONZI SYNDICATE OPERATOR TO MAY 5
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An Ikeja Special Offences Court has adjourned the arraignment of Friday Audu, accused of involvement in a $2.6 million USDT and ₦3.5 billion fraud, to May 5, 2025.
Audu is to be arraigned alongside his company, Genting International Ltd, on a seven-count charge brought by the Economic and Financial Crimes Commission (EFCC), bordering on retention of stolen property, forgery, and possession of fraudulent documents.
When the case was called on Monday, EFCC counsel, Mrs. Bilikisu Buhari, informed the court that the matter was fixed for the arraignment of the defendants. While Dr. Muiz Banire (SAN) appeared for the first defendant, Friday Audu, the second defendant, Genting International Ltd, had no legal representation. Buhari told the court that Audu resisted service on behalf of the company, prompting the prosecution to seek leave to serve hearing notices on the company’s last known address.
Justice Rahman Oshodi granted the request and adjourned the matter until May 5 for arraignment.
According to the charge sheet dated April 15, 2025, the EFCC alleged that Audu and his company fraudulently retained over $2.6 million in two cryptocurrency wallet addresses associated with Binance and Bybit platforms. They were also accused of retaining ₦3.5 billion in a Union Bank account belonging to Genting International Ltd. Furthermore, the anti-graft agency alleged that Audu, in 2024, forged a document titled “Ultimate Beneficial Ownership (UBO) Declaration Form,” purportedly signed by one Mr. Baffale Yakubu.
The EFCC stated that the alleged offences contravene Sections 328, 365, and 411 of the Criminal Law of Lagos State, 2011, as well as Sections 6 and 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
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