A compliance officer with Union Bank Plc, Mr Chidubem Ogbura, on Monday, testified before the Federal High Court in Lagos in the ongoing trial of Friday Audu, two Chinese nationals, and a company over an alleged N3.4 billion cryptocurrency and romance scam.
Presided over by Justice Daniel Osiagor, the case involves Audu, Chinese nationals Huang Haoyu and An Hongxu, and Genting International Company Limited.
The Economic and Financial Crimes Commission (EFCC) had accused the quartet of operating a 792-member syndicate that allegedly defrauded unsuspecting victims through cyber-enabled romance scams and crypto fraud.
Led in evidence by EFCC counsel, Bilkisu Buhari-Bala, Ogbura informed the court that Audu was a signatory to Genting International’s Union Bank account, which the EFCC alleged was used to launder proceeds from the fraudulent scheme.
Ogbura, the prosecution's first witness, said his role involved processing regulatory compliance requests, including a December 16, 2024, EFCC request seeking account details of Genting International.
The witness submitted the company’s account opening documents and transaction statements, which were admitted into evidence by the court without objection.
Under cross-examination by Clement Onwuenwunor (SAN), counsel to the second defendant, Ogbura confirmed that Friday Audu and one Bafale Yakubu were listed as signatories to the company’s account.
He also noted that the names of the second and third defendants appeared in the account statements.
However, when questioned by counsel for the third defendant, Adeniyi Joshua, Ogbura clarified that the third defendant was neither a signatory nor a director of Genting International.
He further stated that the account was not opened to secure business, based on the bank’s Know Your Customer (KYC) documentation.
After completing his testimony, Ogbura was discharged by the court.
Counsel for the first defendant, Emeka Ukpoko (SAN), requested that the Nigerian Correctional Service provide a medical report on the second defendant, citing undisclosed health issues.
The defendants are facing a 12-count charge brought by the EFCC, bordering on conspiracy, cybercrime, money laundering, and illegal foreign exchange transactions.
They all pleaded not guilty. According to the EFCC, the accused worked in collaboration with one Dualiang Pan, allegedly the mastermind who remains at large, to run a sophisticated fraud network.
The syndicate reportedly recruited Nigerian youths to pose as foreign nationals to defraud victims, especially through online romance schemes.
The anti-graft agency alleged that over $2.5 million in cryptocurrency was retained in wallets controlled by Nigerian associates, while N3.4 billion was laundered through Genting International’s Union Bank account. In addition, the defendants allegedly transferred N106 million and N913 million to Pan’s UBA account and conducted illegal forex transactions exceeding N2 billion.
The alleged offences violate provisions of Nigeria’s foreign exchange laws, the Cybercrime Act, and the Money Laundering (Prevention and Prohibition) Act.
Justice Osiagor adjourned the case to July 4, 2025, for the continuation of the trial.
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