The Economic and Financial Crimes Commission EFCC on Thursday has rearrested Mr. Audu Friday who is among those alleged to have masterminded the establishment and operation of the international Ponzi scheme cum terrorism syndicate arrested in December 2025.
Audu was swiftly bungled to a hummer bus station at the Road leading to the Car Park outside the court premises.
Justice Daniel Osiagor of Federal High Court, Lagos had earlier granted bail to Audu in the sum of N50 million with two sureties who must be a serving director with a property owner and the title documents deposited in court.
In the same, the court refused the bail application of the two other co-defendants, who are Chinese nationals, that masterminded the monumental fraud syndicate of 792 persons arrested in Lagos late last year.
The defendants —Huang Haoyu, Friday Audu, An Hongxu, and Gentting International Ltd— appeared before Justice Daniel Osiagor on a 12-count charge of cybercrime.
The prosecution counsel Bilikisu Buhari-Bala had earlier in the day argued that defendant is a flight risk, the employees of this defendants were denied bail on Monday by this court.
She urged the court to refuse bail and other accelerated trial.
“We have filed a counter affidavit on the 19th of March praying your Lordship should denied bail bcoz these set of defendants are the major Kingpin in the scheme of the alleged fraud.
“The 1st defendant is a flight risk, the employees of this defendants were denied bail on Monday by this court. I urged the court to refuse bail and other accelerated trial,” said Bilikisu.
But counsel to first defendant Emaka Opoko SAN persuaded the Court to admit the first defendant to bail on the most liberal terms and conditions.
Counsel to second defendant Clement Onwuenwunor SAN motion a motion for bail on behalf of second defendant Audu Friday and urged the court to grant the bail on a liberal terms.
He also pray for an order that the court officials should verify the bail conditions if granted.
In a short ruling, Justice Osiagor admitted second defendant Audu Friday to bail in the sum of N50 million and two sureties who must be a director level.
But the Court refused the 1st and defendant’s bail and reminded him in Ikoyi Correctional Services Centre while the third defendant who has not file bail was reminded in prison custody.
Justice Osiagor adjourned trial in the case to May 2, 2025.
The Prosecution had revealed that the defendants engaged in unauthorised foreign exchange transactions with Alhassan Garba, involving the dollar equivalent of ₦1.1 billion and ₦962 million, among other sums, without using the official foreign exchange market regulated by the Central Bank of Nigeria.
According to the EFCC, these offences contravene Section 29(2) of the Foreign Exchange Monitoring and Miscellaneous Provisions Act 2004.
They also violate Sections 18 and 27 of the Cybercrime (Prohibition) Act 2015 and Sections 18(2)(d) and 21(c) of the Money Laundering Act 2021.
