The Economic and Financial Crimes Commission (EFCC) has arraigned Friday Audu, alleged mastermind of a sophisticated cryptocurrency investment and romance fraud syndicate, before Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja, Lagos.
Audu, alongside his company, Genting Nigeria Limited, faces a seven-count charge, including retention of stolen property, forgery, and possession of fraudulent documents amounting to $2.5 million and ₦3.5 billion. The charges stem from his alleged role in orchestrating fraudulent activities involving a 792-member syndicate, which was dismantled in December 2024 during the EFCC’s surprise operation, “Eagle Flush.”
The prosecution counsel, Bilikisu Buhari, argued against bail, citing the severity of the charges and the potential risk of flight, while the defense counsel, Muiz Banire, SAN, submitted a bail application on behalf of the defendant. Justice Oshodi has adjourned the matter until June 2 and 3, 2025, for a ruling on the bail application and the commencement of trial, ordering Audu’s remand in a correctional facility.