Market News

 By : Yetunde Ayobami Ojo

A Bureau De Change (BDC) operator, Al-Hassan Garba, on Thursday, narrated before the Federal High Court in Lagos how he converted cryptocurrency (USDT) into naira and paid the proceeds into the bank account of Genting International Limited, in connection with an alleged N3.4 billion cyber and romance fraud involving a businessman, Friday Audu and three others.

Garba, testifying before Justice Daniel Osiagor, was led in evidence by Economic and Financial Crimes Commission (EFCC) counsel, Rotimi Oyedepo (SAN), alongside Bilkisu Buhari-Bala and Hanatu Kofanaisa.

He told the court that he has been a licensed BDC operator for over 10 years, operating under the business name “Hugo.” He confirmed his business dealings with the first and second defendants, identified as Mr. Ken and Friday Audu, as well as with the fourth defendant, Genting International Limited.

Garba testified that in 2023, Ken contacted him to convert USDT (a stable cryptocurrency) into naira. He was subsequently given the bank account details of Genting International Limited to deposit the naira equivalent after each transaction.

“USDT is a digital currency, so I provide a wallet address for them to send the funds. Once I receive the USDT, I transfer the equivalent naira amount into the account of Genting International Limited,” he said.

He added that the transactions became frequent from September 2024, often ranging between N5 million and N10 million daily. He identified two large transactions: N13 million on August 26, 2024, and N15.9 million on August 27, 2024.

Garba further explained that other individuals, including his brother, Sani, and an associate named Ifesinachi, also carried out similar transactions using wallets under his control. He confirmed a N116 million transaction on September 1, 2024, and another large payment on September 3, 2024.

When asked about his interaction with the EFCC, Garba stated that the agency had contacted him during their investigation. He also confirmed that Friday Audu reached out to inquire whether the anti-graft agency had contacted him.

The court admitted into evidence several statements Garba made to the EFCC between January and April 2025, marking them as Exhibits B1 to B8 without objection.

The EFCC had earlier arraigned Friday Audu, Huang Haoyu, An Hongxu, and Genting International Limited on a 12-count charge bordering on cybercrime, money laundering, and illegal foreign exchange dealings. The defendants all pleaded not guilty.

According to the anti-graft agency, the defendants were part of a syndicate led by a suspect at large, Dualiang Pan, which operated with over 792 members using false online identities to lure victims, particularly through romance scams and other cybercrimes.

The EFCC alleged that the syndicate used Nigerian operatives to impersonate foreigners and laundered the proceeds of fraud, amounting to over $2.5 million, held in cryptocurrency wallets controlled by Chukwuemeka Okeke, Al-Hassan Garba, and Ifesinachi Jacobs.

Additionally, N3.4 billion was reportedly retained in Genting International Limited Union Bank account, while N106 million and N913 million were transferred to accounts linked to Pan at UBA. The EFCC claimed these transactions violated forex regulations, as over N2 billion was exchanged without routing through the Central Bank of Nigeria.

Their offences allegedly contravene Section 29(2) of the Foreign Exchange Act, 2004; Sections 18 and 27 of the Cybercrime Act, 2015; and Sections 18(2)(d) and 21(c) of the Money Laundering (Prevention and Prohibition) Act, 2021.

Justice Osiagor, therefore, adjourned the matter to July 4, 2024, for the continuation of the trial.