Forgery allegation rocks EFCC fraud trial involving over 700 arrests

DDM News

A Bureau De Change operator, Baffale Yakubu, has told the court that his signature was forged in a high-profile fraud case.

The case involves Genting International Ltd, a firm accused of aiding large-scale financial crimes that led to the arrest of over 700 people.

The arrests occurred in December 2024 at Oyin Jolayemi Street on Victoria Island, Lagos.

According to Yakubu, the signature forgery was discovered in the process of investigating the financial activities of the company.

Diaspora Digital Media (DDM) gathered that Yakubu testified before Justice Rahman Oshodi at a Lagos court during proceedings initiated by the Economic and Financial Crimes Commission (EFCC).

EFCC counsel, Bilikisu Buhari, led Yakubu in evidence as he detailed how he was introduced to the firm through a Chinese associate named Kenny in June 2024.

Yakubu claimed Kenny had asked him to act as a company director to secure a lottery license in Nigeria.

Yakubu said Kenny was abroad and needed someone in Nigeria to help with the paperwork and identity requirements for registration.

He revealed that he submitted personal information, including signature, international passport, phone number, email, and address.

Yakubu also involved his brother, Nasir Mohamed Bararu, when the Chinese contact requested a second director for registration purposes.

In July 2024, Yakubu said he met Friday Audu, who Kenny introduced as the main coordinator of the business.

Yakubu said both he and his brother were later disqualified from acting as directors because he was a Bureau De Change operator.

Yakubu told the court that by July 2024, he and his brother had requested removal from the company registration.

However, he said the matter resurfaced in December 2024 when EFCC launched investigations into Genting International Ltd.

Yakubu said Audu called him, warning that EFCC would reach out, and advised him to deny being a signatory to any account.

EFCC officials later showed Yakubu documents suggesting that he and his brother were the legal owners of Genting International Ltd.

Yakubu denied ever seeing or signing the bank-related documents used to open the company’s account.

He told the court he only provided documents for CAC registration but was unaware of other uses for his information.

Yakubu further revealed that EFCC presented a company resolution that made Friday Audu the account signatory, allegedly backed by forged signatures.

During cross-examination by his lawyer, Kunle Adegoke (SAN), Yakubu reaffirmed that he had no knowledge of any fraudulent financial operations.

He also said he was not aware of being listed as company secretary and confirmed that Kenny was now in prison for unrelated offences.

Justice Oshodi adjourned the matter to September 28, 29, and October 2, 2025, for further hearing.

Meanwhile, Friday Audu and Genting International Ltd face eight amended charges, including forgery, filed on May 17, 2025.

Audu, the first defendant, has been granted bail by the court with strict conditions.

He must present two sureties who are gainfully employed and show proof of tax compliance over three years in Lagos.

Additionally, the court directed EFCC to notify Nigeria Immigration Service to seize Audu’s passport pending the trial’s conclusion.

The EFCC maintains that Genting International Ltd was a conduit for money laundering and other illicit transactions under the guise of lottery licensing.

Sources familiar with the case told DDM that several foreign nationals are under surveillance, while over 700 Nigerians arrested at the Victoria Island location are still being profiled.

The arrests followed months of surveillance based on intelligence about suspicious international financial transfers and cryptocurrency transactions.

While details of the broader investigation remain classified, EFCC believes a large syndicate operated under false identities to exploit Nigeria’s regulatory gaps.

Yakubu’s testimony is expected to play a crucial role in establishing how identities and corporate structures were manipulated to launder money.

The case has attracted national attention due to its scale and involvement of both local and foreign nationals.

Legal experts suggest it may become one of Nigeria’s landmark fraud prosecutions in 2025.

Diaspora Digital Media (DDM) will continue monitoring developments in the case and the implications for Nigeria’s financial regulation and foreign investment compliance.

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