Justice Rahman Oshodi of the Ikeja Special Offences Court has scheduled 2-3 June to rule on the bail application of Friday Audu, a key defendant in an alleged $2.6 million USDT and ₦3.5 billion fraud case.
Audu and his defunct company, Genting International Ltd, face seven counts of conspiracy, retaining stolen funds, forgery, and possessing fraudulent documents, as prosecuted by the Economic and Financial Crimes Commission (EFCC).
According to the charges filed on 15 April 2025, Audu and his company allegedly held 1,262,000 USDT in a Binance wallet and 1,262,000 USDT in a Binance wallet and 1,300,203 USDT in a BYBIT wallet—proceeds of suspected fraud.
They are also accused of retaining ₦3.5 billion in Genting International’s Union Bank account and forging a Ultimate Beneficial Ownership (UBO) Declaration Form, purportedly signed by a Mr. Baffale Yakubu.
During the hearing, EFCC counsel, Bilikisu Buhari, noted that Genting International Ltd, now inactive, had no representative present.
Charges were served by posting them to the company’s last known address.
Audu’s lawyer, Dr. Muiz Banire (SAN), urged the court to grant bail, citing similar charges at the Federal High Court where Audu had previously been released.
However, the EFCC opposed this, arguing that the current case involves distinct offences, including forgery and retaining criminal proceeds.
The prosecution also disputed a sworn affidavit from Audu’s legal team, claiming it relied on false information from his driver.
The alleged offences violate Lagos state criminal law and anti-fraud statutes. Justice Oshodi adjourned the case for ruling and trial on 2-3 June 2025.
