Justice Rahman Oshodi of a Lagos Special Offences Court, Ikeja, has remanded a businessman, Friday Audu, at the Medium Correctional Facility over an alleged $2.6 million and N3.5 billion fraud case.

The judge ordered Audu’s remand after he was arraigned alongside a company, Genting International Limited, by the Economic and Financial Crimes Commission (EFCC) and pleaded not guilty.

Audu and Genting International Limited, now defunct, were arraigned on a seven-count charge bordering on conspiracy, retention of stolen property, forgery, and possession of fraudulent documents.

The anti-graft commission alleged that Audu and Genting International Limited conspired to retain $1,262,000 in a Binance wallet and another $1,300,203 USDT in a BYBIT wallet, all proceeds of fraudulent transactions.

The EFCC also alleged that the defendants retained N3.5 billion in Genting International’s Union Bank account and forged a document titled “Ultimate Beneficial Ownership (UBO) Declaration Form”, purportedly signed by one Mr Baffale Yakubu.

At the resumed proceedings yesterday, EFCC counsel, Mrs Bilikisu Buhari, informed the court that the second defendant, Genting International Limited, did not have representation in court.

She added that the company is no longer operational, noting that the commission had served the charges by pasting them at the company’s last known address, as reflected in the Corporate Affairs Commission (CAC) status report.

Although a counsel, Mr Henry Eziamaka, announced his appearance for the second defendant, the defunct company, he admitted he had not been properly briefed.

The prosecution applied for a not-guilty plea to be entered on behalf of the second defendant under Section 257 of the Administration of Criminal Justice Law (ACJL).

Following the not-guilty plea of the defendants, Dr Muiz Banire (SAN), representing the first defendant, Audu, urged the court to adopt the bail application, further affidavit, and written address, and admit the first defendant to bail.

After listening to arguments on the bail application, the judge remanded Audu in Kirikiri Medium Correctional Facility pending the ruling on the bail application and adjourned the case to June 2 and 3 for ruling and trial.