A Union Bank compliance officer, Chidubem Ogbura, has testified in the ongoing trial of Friday Audu and three others accused of orchestrating a cryptocurrency and romance fraud syndicate that allegedly defrauded victims of over N3.4 billion.
Seven hundred and ninety-two (792) members of the syndicate were arrested during a raid conducted by the Economic and Financial Crimes Commission (EFCC) at a building in Lagos on 10 December 2024.
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EFCC is prosecuting Mr Audu and his co-defendants at the Federal High Court in Lagos on 12 counts of cybercrime, money laundering, and illegal foreign exchange transactions linked to members of their syndicates.
Mr Ogbura, the first prosecution witness presented by the prosecution, appeared before trial judge Daniel Osiagor.
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He told the court that Mr Audu is a signatory to a Union Bank account held by Genting International Company Ltd—a firm allegedly used to launder proceeds from the syndicate’s criminal operations.
Led in evidence by EFCC counsel Bilkisu Buhari-Bala, Mr Ogbura explained that his compliance duties include responding to regulatory enquiries.
He said the EFCC had requested information on Genting International Ltd on 16 December 2024.
The witness tendered account opening documents and statements linked to the company, which the court admitted into evidence without objection.
During cross-examination by Clement Onwuenwunor, who is a Senior Advocate of Nigeria (SAN) and defence lawyer for the second defendant, Mr Ogbura confirmed that both Mr Audu and Bafale Yakubu were listed as signatories to the account.
He also acknowledged seeing the names of the second and third defendants in the account records.
When asked by Adeniyi Joshua, counsel for the third defendant, whether his client was a signatory or director of the company, the witness answered “no.”
He further confirmed that the bank’s Know Your Customer (KYC) documentation did not indicate that the account was opened for the purpose of “gaining business.”
Following the completion of his testimony, Mr Ogbura was discharged from the witness stand.
Afterward, Emeka Ukpoko, also a SAN, counsel for the first defendant, requested that the Nigerian Correctional Service produce a medical report on the second defendant, citing unspecified health concerns.
Mr Osiagor adjourned proceedings till 4 July for continuation of the trial, with more EFCC witnesses expected to testify.
Background
The EFCC had arraigned Mr Audu, Huang Haoyu, An Hongxu, and Genting International Ltd on 12 counts of cybercrime, money laundering, and illegal foreign exchange transactions.
All defendants pleaded not guilty.
They, like many other members of their syndicate, are accused of operating a cyber-fraud syndicate alongside a Chinese national, Dualiang Pan, who is said to remain at large.
According to the EFCC, the group recruited Nigerian youths to impersonate foreigners in romance and investment scams.
The defendants allegedly retained $1.2 million and $1.3 million in crypto wallets controlled by Chukwuemeka Okeke, Alhassan Garba, and Ifesinachi Jacobs—funds believed to be proceeds of fraud.
They also reportedly laundered N3.4 billion through Genting Ltd’s Union Bank account, with transfers of N106 million and N913 million traced to Pan’s UBA account.
The EFCC said the defendants conducted foreign exchange transactions totalling over N2 billion without using the official Central Bank of Nigeria (CBN) platform.
The offences violate Section 29(2) of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 2004; Sections 18 and 27 of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015; and Sections 18(2)(d) and 21(c) of the Money Laundering (Prevention and Prohibition) Act, 2021.
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Meanwhile, the Federal High Court in Lagos on Thursday and Friday sentenced seven Chinese nationals to one year imprisonment each for cyberterrorism and internet fraud linked to the same syndicate uncovered in December 2024.
The convicts — Peng Li Huan, Zhang Jin Rong, He Kun, Rachelle Cabalona, Caselyn Pionela, Guo Long Long, and Zhang Hua Zhai — were arrested during a December 10 EFCC raid on a Lagos facility that uncovered 792 suspects, including 158 foreign nationals.
Arraigned on separate one-count cases before Justices Ayokunle Faji, Chukwujekwu Aneke, and Yellim Bogoro, the defendants were accused of using computer systems to destabilise Nigeria’s economic and social structures by recruiting youths for online fraud.
Prosecutors Ms Buhari-Bala, Chineye Okezie, and Banjo Temitope told the court that all seven had entered plea bargains with the Commission.
After confirming their consent to the deals, the courts sentenced each defendant to one year in prison with a N1 million fine option.
The courts also ordered their deportation within seven days of completing their jail terms, under the supervision of the Nigerian Immigration Service (NIS).
The offences contravened Section 18 of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015 (as amended), and Section 2(3)(d) of the Terrorism (Prevention and Prohibition) Act, 2022.
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