The Economic and Financial Crimes Commission (EFCC) has rearrested Audu Friday, a key suspect in a N3.4 billion international Ponzi terrorism syndicate. Initially arrested in December 2025, Friday was swiftly taken to a transport hub near the courthouse after his rearrest.
Earlier, Justice Daniel Osiagor of the Federal High Court in Lagos had granted Audu Friday bail in the sum of N50 million, with two sureties. One of the sureties must be a serving director and a property owner, providing verifiable title documents to the court. However, two co-defendants, both Chinese nationals accused of orchestrating the large-scale fraud syndicate, were denied bail. These defendants, Huang Haoyu and An Hongxu, along with Friday Audu and Gentting International Ltd, were arraigned before Justice Osiagor on 12 counts of cybercrime.
The EFCC’s prosecution counsel, Bilikisu Buhari-Bala, argued against bail, stating that the defendants were flight risks. “We have filed a counter-affidavit urging Your Lordship to deny bail, as these defendants are the key masterminds behind the alleged fraud scheme,” she told the court, adding that even employees involved in the scheme were denied bail earlier.
Lead counsel for the first defendant, Emeka Okpoko (SAN), requested bail on more liberal terms, while Clement Onwuenwunor (SAN), representing Audu Friday, sought the court’s verification of bail conditions if granted.
In a brief ruling, Justice Osiagor granted Audu Friday bail under the stipulated conditions but denied bail for the first defendant, remanding him at the Ikoyi Correctional Centre. The third defendant, who had not yet filed a bail application, was also remanded in custody.
The trial is set to resume on May 2, 2025.
According to the EFCC, the defendants were involved in unauthorized foreign exchange transactions with Alhassan Garba, totaling N1.1 billion and N962 million, outside the official foreign exchange market regulated by the Central Bank of Nigeria. These actions violated several provisions of Nigerian law, including the Foreign Exchange Monitoring and Miscellaneous Provisions Act 2004, the Cybercrime (Prohibition) Act 2015, and the Money Laundering Act 2021.
