EFCC Rearraigned Chinese Ponzi Scheme Syndicate Leader, Audu Friday

The Economic and Financial Crimes Commission EFCC has rearraigned the embattled Chinese nationals ponzi terrorism scheme syndicate Audu Friday alongside a company, Genting International Ltd, on the allegations bordering on forgery. 

The defendants were re-arraigned before Justice Rahman Oshodi of Special Offences Court Ikeja on an amended eight-count charge marked ID/25617C/25 and dated May 17, 2025.

At the resumed of trial on Monday, the prosecution counsel Rotimi Oyedepo SAN leading Bilkisu Buhari-Bala informed the court of the amended eight counts charge and urged the court accept same for defendant’s plea to be taken

Oyedepo informed the court that the defendants, sometime in 2024 in Lagos, allegedly forged a document titled Ultimate Beneficial Ownership Declaration Form, purportedly signed by one Baffale Yakubu.

The prosecutor said that the first defendant, Friday Audu, and the second defendant, Genting International Ltd, knowingly forged documents and falsely held themselves out as other individuals in order to perpetrate fraudulent activities.

The first defendant, Audu, pleaded not guilty to the charges, while the court entered a not guilty plea on behalf of the second defendant, Genting International Ltd.

Barau, when being led in evidence, said he dropped out of junior secondary school, and denied being a director or shareholder in the company.

“I have never heard of Genting International before the EFCC invited me,” he told the court. “I am not a director. It is only my brother, Baffale Yakubu, who is a director.”

When shown the document listing him as a shareholder with 12 million shares and the email address nasirubarau@gmail.com, the witness responded: “I don’t know this document. This is the first time I am seeing it. That is not my email. I don’t understand anything about shares.”

Under cross-examination by defence counsel, Barau admitted making a statement at the EFCC.

He confirmed that two people his lawyer, Mr. Nojim Adeoye, and one Rabiu Ismail, had written statements on his behalf, which he then signed.

“Yes, that is my signature,” he acknowledged when shown the signed statement.

He had also stated that he had his primary school and finished his secondary school education, though under re-examination, he said he did not finish his secondary school education.

Asked if he was a director at a bureau de change company owned by his brother, he said yes, and that he was an assistant.

After hearing from the witness, Justice Oshodi adjourned the matter till Tuesday for ruling on Friday Audu bail application and continuation of trial.