The Economic and Financial Crimes Commission (EFCC) has arraigned two Chinese nationals, a Nigerian, and their company at the Federal High Court in Lagos over an alleged ₦3.4 billion cyber fraud and conspiracy to destabilise Nigeria’s economy.
The defendants, identified as Huang Haoyu, Friday Audu, An Hongxu, and their company, Gentting International Ltd, appeared before Justice Daniel Osiagor on a 12-count charge of cybercrime. They all pleaded not guilty to the charges.
Allegations of Economic Sabotage
According to the prosecution, led by Mrs. Bilikisu Buhari, the accused individuals committed the alleged offences in Lagos in 2024. The EFCC stated that they conspired with an accomplice, Dualiang Pan—who remains at large—to gain unauthorised access to computer systems, thereby compromising Nigeria’s economic infrastructure.
The defendants are accused of recruiting Nigerian youths to impersonate foreign nationals for fraudulent purposes. Prosecutors further alleged that they facilitated the retention of illicit funds in cryptocurrency wallets and bank accounts.
Fraudulent Transactions Uncovered
Court documents reveal that the accused procured one Chukwuemeka Okeke to retain $1.2 million in his cryptocurrency wallet, despite knowing that the funds were linked to criminal activity. Similarly, Alhassan Garba and Ifesinaci Jacobs allegedly held $1.3 million in crypto wallets, also suspected to be proceeds of fraud.
Investigations further indicated that the defendants retained ₦3.4 billion in the Union Bank account of Gentting International Ltd, believed to be part of the fraudulent scheme. Additionally, they allegedly transferred large sums, including ₦106 million and ₦913 million, into an account belonging to Dualiang Pan at United Bank for Africa (UBA).
Ongoing Legal Proceedings
Following their arraignment, the court proceedings have drawn significant attention due to the severity of the allegations. The EFCC continues its investigation into the cyber fraud network and the financial transactions linked to the suspects. If convicted, the accused could face severe legal consequences under Nigeria’s cybercrime and financial regulations.
The case underscores ongoing concerns about cybercrime’s impact on Nigeria’s financial stability, with authorities ramping up efforts to curb economic sabotage linked to digital fraud schemes. Further court sessions are expected as the prosecution presents its case against the accused.
