Court to Rule June 2 on Bail in $2.6m USDT, N3.5bn Fraud Case Against Friday Audu, Defunct Genting International

Justice Rahman Oshodi of the Ikeja Special Offences Court has fixed June 2 and 3, 2025, for ruling on the bail application filed by Friday Audu, a key suspect in a high-profile fraud case involving $2.6 million in USDT and N3.5 billion allegedly obtained through fraudulent means.

Audu is standing trial alongside his now-defunct company, Genting International Ltd, on a seven-count charge brought by the Economic and Financial Crimes Commission (EFCC). The charges include conspiracy, retention of stolen property, forgery, and possession of fraudulent documents.

According to the EFCC’s charge sheet dated April 15, 2025, Audu and the defunct Genting International Ltd allegedly conspired to retain $1,262,000 USDT in a Binance wallet (TP6UTEmch6cto72Y7Pj3Bkn84LSqjSr7PX) and another $1,300,203 USDT in a BYBIT wallet (TQbgiFXAf17RX8j2nkFwwzBDo22WWrdcRn). The funds are believed to be proceeds of fraudulent transactions.

The EFCC further accused the defendants of retaining N3.5 billion in a Union Bank account belonging to Genting International and of forging a document titled “Ultimate Beneficial Ownership (UBO) Declaration Form,” purportedly signed by one Mr. Baffale Yakubu.

At the hearing on Monday, EFCC counsel Mrs. Bilikisu Buhari informed the court that the second defendant, Genting International Ltd, is no longer operational and lacked representation in court. She explained that service of the charges was effected by pasting the documents at the company’s last known address, as recorded by the Corporate Affairs Commission (CAC).

Although a lawyer claiming to represent the defunct firm was present in court, he admitted to not having been properly briefed. Consequently, the EFCC applied to the court to enter a not-guilty plea on behalf of the company in line with Section 257 of the Administration of Criminal Justice Law (ACJL).

Counsel to the first defendant, Dr. Muiz Banire (SAN), adopted the bail application and a further affidavit, urging the court to grant Audu bail. Banire argued that the current charges mirror those already filed at the Federal High Court, where Audu had previously been granted bail.

However, the EFCC opposed the application, contending that the cases differ. The Commission stated that the Federal High Court case focused on cyberterrorism and mutual legal assistance (MLA), while the current matter centers on forgery and the retention of criminal proceeds.

The prosecution also challenged the credibility of the further affidavit filed by Audu’s legal team. According to the EFCC, the document was deposed to by a litigation clerk who claimed to have obtained information from Audu’s driver. The Commission disputed the account, stating that its suspects’ register showed Audu had no visitors on the date in question.

Additionally, the EFCC alleged that Audu knowingly forged the UBO Declaration Form in 2024 and passed it off as being signed by Mr. Yakubu.

The alleged offences, according to the EFCC, 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.

Justice Oshodi adjourned the case for ruling on the bail application and continuation of trial to June 2 and 3, 2025.