Court Adjourns Arraignment of Friday Audu Over Alleged $2.6m, N3.5bn Fraud to May 5

An Ikeja Special Offences Court has adjourned the arraignment of Friday Audu, accused of retaining $2.6 million USDT and N3.5 billion in fraud proceeds, to May 5.

Audu is to be arraigned alongside his company, Genting International Ltd., on a seven-count charge filed by the Economic and Financial Crimes Commission (EFCC), bordering on retention of stolen property, forgery, and possession of fraudulent documents.

At the hearing on Monday, EFCC counsel Mrs. Bilikisu Buhari informed the court that the matter was scheduled for the arraignment of the defendants. Dr. Muiz Banire (SAN) represented Audu, the first defendant, while Genting International Ltd., the second defendant, had no legal representation.

Buhari told the court that Audu had resisted service and refused to accept service on behalf of the company. Consequently, the prosecution sought leave to serve the second defendant at its last known address.

Justice Rahman Oshodi granted the application and adjourned the matter to May 5 for arraignment.

According to the charge sheet dated April 15, the EFCC alleged that Audu and his company conspired to retain $1,262,000 USDT in a Binance wallet (TP6UTEmch6cto72Y7Pj3Bkn84LSqjSr7PX) and $1,300,203 USDT in a BYBIT wallet (TQbgiFXAf17RX8j2nkFwwzBDo22WWrdcRn), both allegedly obtained through fraudulent means.

The commission further alleged that Audu and Genting International Ltd. dishonestly retained N3.5 billion in the company’s account (0225100403) at Union Bank, funds purportedly obtained through fraud.

Additionally, the EFCC accused Audu of forging a document titled “Ultimate Beneficial Ownership (UBO) Declaration Form” in 2024, falsely purporting it to have been signed by one Mr. Baffale Yakubu.

The prosecution said the alleged offences contravene Sections 328, 365, and 411 of the Criminal Law of Lagos State, 2011, and Sections 6 and 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.