In a landmark case highlighting Nigeria's fight against cybercrime, a prosecution witness has detailed the extensive operations of an alleged fraud mastermind and his network of 792 individuals before a Lagos court. The testimony comes as the nation's police chief pledges enhanced collaboration with financial regulators to protect investors.
Court Hears Details of Massive Cybercrime Syndicate
Rasheeda Chindaya, an operative with the Economic and Financial Crimes Commission (EFCC), testified on Wednesday before Justice Rahman Oshodi at the Lagos State Special Offences Court in Ikeja. The trial concerns Friday Audu, the alleged Nigerian coordinator of a sophisticated international scam network.
Chindaya narrated how Audu's activities led to the arrest of 792 suspects in a nationwide operation in December 2024. The arrests included 193 foreigners and 599 Nigerians linked to a syndicate engaged in cryptocurrency investment fraud, romance scams, computer-related fraud, and money laundering.
Audu is standing trial alongside a company, Genting International Limited, on an amended eight-count charge. The charges include forgery, impersonation, possession of fraudulent documents, and computer-related fraud, as preferred by the EFCC.
Unprecedented Scale and Corporate Facade
Led in evidence by prosecution counsel Bilikisu Buhari, the witness detailed the findings of the commission's investigation. She revealed that Genting International Limited was incorporated with Nasiru Barau and Yakubu as directors, with share capital structures of N10 million and N18 million respectively.
Investigations exposed the company as a front, presented publicly as a gaming entity. A search of the company's bank accounts showed that the Bank Verification Number (BVN) linked to them matched that of Friday Audu. Chindaya testified that Audu was the sole signatory to Genting's accounts.
The EFCC operative further stated that the BVN was connected to about 10 corporate accounts, with numerous vendors involved in the transactions. Financial links were also uncovered between Genting International and other companies.
Due to the unprecedented scale of the case, the EFCC mobilized officers from multiple zonal offices. Some offices were converted into holding cells to accommodate the large number of suspects. Chindaya described the operation as historic for the commission.
A disturbing revelation from her testimony was that over 600 Nigerian youths had been fully trained in cyber fraud through this network, operating without legitimate employment. Following the testimony, Justice Oshodi adjourned the case until February 24 and 26, 2026, for the continuation of the trial.
Police Pledge to Bolster SEC Enforcement
In a related development aimed at strengthening Nigeria's financial integrity, the Inspector-General of Police (IGP), Kayode Egbetokun, has assured the Securities and Exchange Commission (SEC) of the police's full support.
Egbetokun gave this assurance during a meeting with the SEC management at the Force Headquarters in Abuja. He described the commission's role as critical to the stability and growth of Nigeria's economy, emphasizing that effective enforcement in the capital market would support economic recovery and development.
The police chief stated that strengthening the police unit attached to the SEC would significantly enhance the commission's enforcement capabilities and deter financial crimes within the sector. He highlighted that robust regulation and enforcement bring far-reaching benefits for investor confidence and national economic growth.
Egbetokun also congratulated the SEC on achieving a N100 trillion market capitalisation milestone, describing it as a major boost for the economy.
Speaking earlier, the Director-General of SEC, Dr. Emomotimi Agama, reiterated the commission's mandate to protect investors, ensure fair and transparent markets, and promote economic growth built on trust. He issued a stern warning against unregulated operators exploiting public trust through fraudulent investment schemes.
Agama noted that many of these schemes, often disguised as cryptocurrency and forex investments, promise unrealistic returns of up to 200% within 30 days. He lamented that these schemes target vulnerable Nigerians, resulting in severe financial losses, broken trust, and broader social harm.
The dual developments in court and at the police headquarters underscore a concerted national effort to tackle sophisticated financial crimes from both the enforcement and regulatory perspectives.
