A Bureau De Change (BDC) operator, Al-Hassan Garba,has told the Federal High Court in Lagos how he converted cryptocurrency (USDT) into naira and paid the equivalent amounts into the bank account of a firm, Genting International Ltd.
He was testifying in the ongoing trial involving the alleged Nigerian mastermind, Friday Audu, who is said to be behind the activities of 193 foreigners and several others arrested in a single raid in December 2024.
Mr Audu and three others are standing trial over an alleged N3.4 billion cyber and romance fraud scheme.
Testifying before Justice Daniel Osiagor, the witness, who was led in evidence by EFCC’s lead counsel Rotimi Oyedepo (SAN), explained the role he played in the alleged illicit financial activities of the defendants.
Mr Garba told the court that he had been a licensed BDC operator for over a decade, trading under the name Hugo.
He confirmed knowing two of the defendants Mr. Ken, the first defendant, and Friday Audu, the second defendant, and said he also had business dealings with the fourth defendant, Genting International Ltd.
According to him, Ken approached him in 2023 to convert cryptocurrency (specifically USDT) into naira, after which he was given the account details of Genting International Ltd to receive the naira equivalent.
“USDT is a digital currency; it’s not physical. When they have USDT, I provide a wallet address for them to transfer it to, and I then credit the equivalent naira value into the account provided, always that of Genting International Ltd,” Garba testified.
He further explained that the wallet is essentially a set of numbers associated with a digital account used for cryptocurrency transactions.
He said these transactions, which became frequent from September 2024, often involved amounts ranging from N5 million to N10 million per day.
When asked about his interaction with the EFCC, he confirmed that he was contacted during the course of the investigation.
He also said that Friday Audu later reached out to him to ask if the EFCC had spoken with him.
“He asked me what day they contacted me, and I told him Monday. He said he would extend his own response, but I told him I didn’t need any extension,” Garba recounted.
The witness identified several large payments he made to Genting International Ltd, including N13 million on August 26, 2024, and N15.9 million on August 27, 2024.
He also acknowledged that other transactions were carried out by his associates, including one Ifesinachi, who had access to the relevant wallets.
He confirmed a N116 million transaction on September 1, 2024, and another on September 3, 2024, made by his brother, Sani.
All payments were allegedly linked to the conversion of cryptocurrency for the defendants.
When shown his previous statements to the EFCC dated January 6, 19, 20, 29; February 11; March 14; and April 4, the witness confirmed he authored them.
The court admitted the statements in evidence as Exhibits B1 to B8 without any objection form the defence.
The Economic and Financial Crimes Commission (EFCC) had earlier arraigned Friday Audu, Huang Haoyu, a.k.a. Ken, An Hongxu, and Genting International Ltd on a 12-count charge bordering on cybercrime, money laundering, and illegal foreign exchange transactions. All four defendants pleaded not guilty.
According to the EFCC, the defendants were allegedly part of a cyber syndicate involving one Dualiang Pan (now at large), operating a network of over 792 members. The syndicate reportedly lured victims under false identities through online romance scams and other forms of cyber fraud.
The EFCC alleged that the defendants used Nigerian youths to impersonate foreign nationals and helped retain over $2.5 million in crypto wallets controlled by Chukwuemeka Okeke, Alhassan Garba, and Ifesinachi Jacobs—funds believed to be proceeds of fraud.
Additionally, the anti-graft agency said the defendants retained N3.4 billion in Genting International Ltd’s Union Bank account and transferred N106 million and N913 million to accounts belonging to Dualiang Pan at UBA.
The EFCC also accused them of conducting illegal foreign exchange transactions totaling over N2 billion without routing them through the Central Bank of Nigeria (CBN), in violation of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act.
The alleged offences contravene Section 29(2) of the Foreign Exchange Act, 2004; Sections 18 and 27 of the Cybercrime (Prohibition, Prevention, etc.) Act, 2015; and Sections 18(2)(d) and 21(c) of the Money Laundering (Prevention and Prohibition) Act, 2021.
Justice Osiagor adjourned further hearing to July 4, 2024.
