The Economic and Financial Crimes Commission (EFCC) has rearrested Audu Friday, a key suspect in an alleged N3.4 billion international Ponzi terrorism syndicate, initially arrested in December 2025.
Following his rearrest, he was swiftly taken to a transport hub near the courthouse and placed into a vehicle.
Earlier, Justice Daniel Osiagor of the Federal High Court, Lagos, had granted AuduFriday bail in the sum of N50 million, with two sureties – one of whom must be a serving director and a property owner with verifiable title documents deposited in court.
However, the court denied bail to two other co-defendants, Chinese nationals accused of orchestrating the large-scale fraud syndicate that led to the arrest of 792 persons in Lagos late last year.
The defendants – Huang Haoyu, Friday Audu, An Hongxu, and Gentting International Ltd – were arraigned before Justice Osiagor on a 12-count charge of cybercrime.
The EFCC prosecution counsel, Bilikisu Buhari-Bala, opposed the bail application, arguing that the defendants posed a flight risk.
“We have filed a counter-affidavit on March 19, urging Your Lordship to deny bail because these defendants are the key masterminds behind the alleged fraud scheme. The first defendant is a flight risk, and even their employees were denied bail on Monday by this court.”
She further urged the court to refuse bail and instead order an accelerated trial.
Lead counsel for the first defendant, Emeka Okpoko (SAN), pleaded for bail on liberal terms.
Meanwhile, Clement Onwuenwunor (SAN), representing the second defendant, AuduFriday, also sought bail, requesting that court officials verify any granted bail conditions.
In a brief ruling, Justice Osiagor granted Audu Friday bail under the stipulated conditions.
However, the court denied bail to the first defendant and remanded him at IkoyiCorrectional Centre.
The third defendant, who had not yet filed a bail application, was also remanded in custody.
The trial was adjourned to May 2, 2025.
According to the EFCC, the defendants engaged in unauthorized foreign exchange transactions with Alhassan Garba, involving N1.1 billion and N962 million without using the official foreign exchange market regulated by the Central Bank of Nigeria.
According to the EFCC the offences violate Section 29(2) of the Foreign Exchange Monitoring and Miscellaneous Provisions Act 2004, Sections 18 and 27 of the Cybercrime (Prohibition) Act 2015 and Sections 18(2)(d) and 21(c) of the Money Laundering Act 2021.
Wale Igbintade
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