Union Bank Witness Links Friday Audu To N3.4bn Fraud Syndicate

A compliance officer with Union Bank, Mr. Chidubem Ogbura, on Monday testified before Justice Daniel Osiagor of the Federal High Court in Lagos in the ongoing trial of Friday Audu and three others accused of orchestrating a 792-member cryptocurrency and romance fraud syndicate valued at N3.4 billion.

Testifying as the first prosecution witness, Chidubem disclosed that Audu is a signatory to the Union Bank account of Genting International Company Ltd — one of the entities allegedly used to launder proceeds from the fraudulent operations.

Led in evidence by EFCC counsel, Bilkisu Buhari-Bala, the witness explained that his responsibilities included responding to regulatory inquiries, such as the one made by the EFCC on December 16, 2024, concerning Genting International Ltd.

He submitted the company’s account opening documents and bank statements, which the court admitted into evidence without objection.

During cross-examination by Clement Onwuenwunor (SAN), counsel to the second defendant, the witness confirmed that both Friday Audu and Bafale Yakubu were signatories to the account. He further acknowledged the presence of the names of the second and third defendants in the bank statements.

When questioned by counsel to the third defendant, Adeniyi Joshua, Chidubem clarified that the third defendant was neither a signatory nor a director of the company. He also confirmed that the account was not opened for the purpose of “gaining business,” as indicated in the bank’s Know Your Customer (KYC) documentation.

Having concluded his testimony, the witness was discharged by the court.

Subsequently, Emeka Ukpoko (SAN), counsel to the first defendant, urged the court to compel the Nigerian Correctional Service to produce a medical report on the second defendant, citing health concerns.

Justice Osiagor adjourned the matter to July 4, 2025, for continuation of trial, with more EFCC witnesses expected to testify.

The EFCC had arraigned Friday Audu, Huang Haoyu, An Hongxu, and Genting International Ltd on a 12-count charge bordering on cybercrime, money laundering, and illegal foreign exchange transactions. All defendants pleaded not guilty.

According to the EFCC, the defendants—allegedly working with one Dualiang Pan (now at large)—ran a vast fraud ring using fake identities to target unsuspecting victims. Nigerian youths were reportedly recruited to impersonate foreign nationals, facilitating the transfer and retention of illicit funds.

The syndicate allegedly retained $1.2 million and $1.3 million in cryptocurrency wallets operated by Chukwuemeka Okeke, Alhassan Garba, and Ifesinachi Jacobs, believed to be proceeds of fraud. In addition, the EFCC claims N3.4 billion was deposited in Genting Ltd’s Union Bank account, from which N106 million and N913 million were transferred to Dualiang Pan’s UBA account.

They are also accused of carrying out foreign exchange transactions worth over N2 billion outside the Central Bank of Nigeria’s official platform.

The charges brought against them contravene Section 29(2) of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 2004; Sections 18 and 27 of the Cybercrime (Prohibition, Prevention, etc.) Act, 2015; and Sections 18(2)(d) and 21(c) of the Money Laundering (Prevention and Prohibition) Act, 2021.