An Ikeja Special Offences Court on Monday ordered the remand of one Friday Audu at the Kirikiri Correctional Centre over alleged $2.6 million and N3.5 billion fraud.
Justice Rahman Oshodi directed that Audu be held at the Kirikiri Medium Correctional Centre, pending a decision on his bail application.
The judge adjourned the matter to June 2 for ruling on bail and the start of trial proceedings.
The Economic and Financial Crimes Commission (EFCC) arraigned Audu and his former company, Genting International Ltd., on a seven-count charge.
The charges involve conspiracy, retention of stolen property, forgery, and possession of fraudulent documents.
The defendants pleaded not guilty to all the charges presented against them.
Mr Henry Ezeamaka appeared for the company, holding brief for Mr Edwin Anikwem (SAN).
Audu’s lawyer, Mr Muiz Banire (SAN), told the court about a bail application dated April 4.
Banire urged the court to admit the defendant to bail on favourable and reasonable terms.
He described the EFCC’s claim that Audu might abscond as mere speculation without solid basis.
He said Audu is facing a similar charge before a Federal High Court and was granted bail.
“The prosecution did not allow him enjoy the bail before he was re-arrested,” Banire said.
Banire added that Audu cannot flee because the EFCC is holding his international passport.
He asked the court to grant bail under terms similar to those from the Federal High Court.
EFCC counsel, Mrs Bilikisu Buhari, opposed the bail application in a counter affidavit dated April 4.
She argued that the defendant may interfere with prosecution witnesses if granted bail.
Buhari said the case at the Federal High Court involves different charges from the present matter.
She also challenged the credibility of the further affidavit filed by the first defendant.
“The other case involves cyber terrorism and money laundering,” Buhari told the court.
She said this matter concerns forgery and retention of criminal proceeds.
“The defendant may tamper with prosecution witnesses. We urge the court to deny the bail request,” Buhari said.
According to the charge sheet dated April 15, 2025, EFCC alleged conspiracy to retain $1,262,000 USDT in a Binance wallet.
The commission also alleged retention of another $1,300,203 USDT in a BYBIT wallet from fraudulent transactions.
EFCC claimed the defendants kept N3.5 billion in a Union Bank account under Genting International Ltd.
They allegedly forged a document titled Ultimate Beneficial Ownership Declaration Form, signed in the name of Mr Baffale Yakubu.
The EFCC said the offences contravene Sections 328, 365, and 411 of the Lagos State Criminal Law, 2011.
They also violate Sections 6 and 1(3) of the Advance Fee Fraud and Other Related Offences Act, 2006. (NAN)
