The Economic and Financial Crimes Commission (EFCC) has re-arrested Friday Audu, the suspected mastermind behind a sprawling cybercrime syndicate linked to 193 foreign nationals and numerous Nigerians arrested in December 2024 for cryptocurrency investment fraud and romance scams.
Audu’s dramatic re-arrest unfolded just moments after securing bail from the Federal High Court in Ikoyi, Lagos, on Thursday.
As he stepped outside the courthouse, EFCC officials swiftly detained him, leading him into a waiting white van before speeding away. Meanwhile, his co-defendants were taken away by correctional officers.
Inside the Multi-Billion Naira Cybercrime Case
Audu, alongside Chinese nationals Huang Haoyu and An Hongxu and their company, Genting International Ltd, is facing a 12-count charge of cybercrime and financial fraud.
Prosecutors allege that the syndicate recruited young Nigerians to pose as foreigners online, orchestrating a network of digital deception aimed at defrauding individuals and institutions worldwide.
The EFCC claims that Audu was the key recruiter in the operation, overseeing a sophisticated scheme that funnelled illicit funds through cryptocurrency wallets and local bank accounts.
Court Grants Bail—Then Comes the Arrest
Despite the seriousness of the charges, Justice Daniel Osiagor granted Audu bail set at N50 million, requiring two sureties: one being a serving director in a government agency and another being a Lagos-based property owner willing to surrender land title documents.
Both sureties must provide their passport photographs and employment details for verification.
However, his Chinese counterpart, Huang Haoyu, was denied bail, with the court ruling that his residency status in Nigeria was unclear, making him a flight risk. The third defendant, An Hongxu, had not yet filed a bail application and was also remanded in custody.
N3.4 Billion Laundering Scheme Unravelled
Investigators allege the crypto fraud syndicate illegally retained over ₦3.4 billion ($3.8 million) across multiple accounts. Key transactions include:
$1.2 million held in a crypto wallet controlled by Chukwuemeka Okeke.
$1.3 million laundered through crypto wallets belonging to Alhassan Garba and Ifesinachi Jacobs.
Funds held in a Union Bank account under Genting International Ltd.
Illicit transfers of N106 million and N913 million to Dualiang Pan’s UBA account.
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Authorities also accuse the defendants of conducting unauthorised foreign exchange transactions worth over ₦1.1 billion and ₦962 million, bypassing Nigeria’s official forex market as mandated by the Central Bank of Nigeria (CBN).
The Legal Battle Ahead
The case has been adjourned until May 2, 2025, for trial. Prosecutors, led by Bilikisu Buhari, have pushed for accelerated proceedings, citing the scale and sophistication of the operation.
The court ordered that all defendants remain in EFCC custody until their bail conditions are met.
Legal experts suggest that this case could become one of Nigeria’s largest cybercrime trials, given its international links and the rising trend of digital fraud in West Africa.
The outcome could set a precedent for future financial crime prosecutions in the country’s tightening regulatory landscape.
Global Financial Digest
