An operative of the Economic and Financial Crimes Commission (EFCC), Rasheeda Chindaya, has given testimony against Friday Audu, who is accused of being a key figure in an internet fraud syndicate said to have about 792 members.
Audu is being tried alongside Genting International Co. Limited on an amended eight-count charge relating to forgery, impersonation, possession of fraudulent documents, and computer-related fraud.
Chindaya appeared before the Lagos State Special Offences Court sitting in Ikeja on Wednesday.
BACKGROUND
In December 2024, the EFCC carried out its largest single-day crackdown on cryptocurrency and romance scam networks, arresting 792 suspects in Lagos.
The arrests were made at a seven-storey building located in Victoria Island, Lagos.
The syndicate allegedly comprised 114 Chinese nationals, 40 Filipinos, two Khazartans, one Pakistani, and one Indonesian.
According to the anti-graft agency, the foreigners were using the facility to “train Nigerians on how to initiate romance and investment scams”.
The EFCC further stated that the group funded its operations through a company identified as Genting International Co. Limited (GICL).
In July 2025, a Federal High Court in Lagos ordered the final forfeiture of digital assets valued at $222,729 recovered from the syndicate.
WEDNESDAY’S PROCEEDINGS
While being led in evidence by prosecution counsel, Bilikisu Buhari, Chindaya informed the court of the findings from the EFCC’s investigation into the syndicate’s activities.
Buhari explained that Genting International Co. Limited was initially registered with Nasiru Barau and Yakubu as directors, holding share capital of N10 million and N18 million respectively.
She told the court that in 2025, both directors were removed and replaced by Ifeanyi, who held shares worth N12 million, and Matthew, with N18 million in shares.
The prosecutor said the company was presented as a “gaming company”, adding that the bank verification number (BVN) attached to its bank accounts belonged to Audu.
She disclosed that the BVN was linked to about 10 corporate accounts involving multiple vendors.
Buhari further told the court that the company operated accounts that at one point held balances running into billions of naira, including about N34 billion.
She added that some of the funds were traced to bureau de change (BDC) operators and entities such as Truly Reality and Garuba.
The court was also informed that Audu was the sole signatory to Genting’s bank accounts.
According to the prosecutor, bank documents showed requests for an increase in the company’s cash limit, as well as a board resolution appointing Audu as the sole signatory.
She stated that funds were frequently transferred from Genting’s accounts to BDC operators for conversion into United States dollars and cryptocurrency through digital wallets.
The court adjourned the case to February 24 and 26, 2026, for the continuation of trial.