BY MICHAEL AKINOLA
Justice Rahman Oshodi of the Ikeja Special Offences Court has fixed June 2 and 3 for ruling on the bail application filed by Friday Audu, a key suspect in an alleged $2.6 million USDT and N3.5 billion fraud case.
Audu, alongside his now-defunct company, Genting International Ltd, is facing a seven-count charge bordering on conspiracy, retention of stolen property, forgery, and possession of fraudulent documents.
The charges were brought by the Economic and Financial Crimes Commission (EFCC).
According to the charge sheet dated April 15, 2025, the EFCC alleged that Audu and Genting International Ltd conspired to retain $1,262,000 USDT in a Binance wallet (TP6UTEmch6cto72Y7Pj3Bkn84LSqjSr7PX), and another $1,300,203 USDT in a BYBIT wallet (TQbgiFXAf17RX8j2nkFwwzBDo22WWrdcRn), all proceeds of fraudulent transactions.
The anti-graft agency also alleged that the defendants retained N3.5 billion in Genting International’s Union Bank account and forged a document titled Ultimate Beneficial Ownership (UBO) Declaration Form, purportedly signed by one Mr. Baffale Yakubu.
When the case came up on Monday, EFCC counsel Mrs. Bilikisu Buhari informed the court that the second defendant, Genting International Ltd, did not have representative in court.
She added that the company is no longer operational.
The court heard that service of the charges was effected by pasting them at the company’s last known address, as reflected in the Corporate Affairs Commission (CAC) status report.
Although counsel claiming to represent the defunct company appeared, he admitted he had not been properly briefed.
The prosecution then applied for a not-guilty plea to be entered on behalf of the second defendant under Section 257 of the Administration of Criminal Justice Law (ACJL).
Dr. Muiz Banire (SAN), representing Audu, adopted the bail application and further affidavit, urging the court to grant bail.
He argued that the charges are similar to those already filed at the Federal High Court, where Audu had previously been granted bail.
However, the EFCC opposed the application, asserting that the charges differ, with the FHC case focusing on cyberterrorism and mutual legal assistance (MLA), while the current case involves forgery and criminal proceeds retention.
The prosecution also challenged the credibility of the further affidavit, stating that it was deposed to by a litigation clerk who allegedly obtained information from Audu’s driver—an account the EFCC claimed was false, citing its suspects’ register that showed Audu had no visitors on the referenced date.
EFCC also alleged the defendant sometimes in 2024 knowingly forged a document titled “Ultimate Beneficial Ownership (UBO) Declaration Form” and purported same to have been signed by one Mr Baffale Yakubu.
According to the prosecution, the alleged offences violate 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.
The court adjourned ruling and trial to June 2 and 3, 2025.
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