Justice Rahman Oshodi of the Special Offences Court, Ikeja, on Tuesday, granted bail for ₦50 million to Friday Audu, a businessman facing trial alongside a company, Genting International Ltd, over allegations of forgery and fraudulent misrepresentation.
Audu and the corporate entity were re-arraigned by the Economic and Financial Crimes Commission (EFCC) on May 17, 2025, on an amended eight-count charge marked ID/25617C/25.
The charges, which include forgery, impersonation, and possession of fraudulent documents, replaced earlier counts that included conspiracy and retention of stolen property, which were dropped in the amended charge.
According to the EFCC, Audu allegedly forged a document titled Ultimate Beneficial Ownership Declaration Form, purportedly bearing the signature of a bureau de change operator, Mr Baffale Yakubu.
He is also accused of impersonating Yakubu and another individual, Nasiru Mohammed Barau, in official company filings and banking documents related to Genting International Ltd.
In his ruling, Justice Oshodi admitted the first defendant to bail in the sum of ₦50 million, with two sureties in like sum.
The sureties, Justice Oshodi said, must be individuals of financial means, employed gainfully, and must each provide an affidavit of means, evidence of three years’ tax payments to the Lagos State Government, and proof of maintaining a bank account with a minimum balance of ₦50 million.
The defendant was also ordered to deposit his international passport with the court.
The EFCC is to notify the Nigerian Immigration Service within 48 hours of the order to prevent Audu from leaving the country, the judge held.
The Chief Registrar (CR) of the Lagos High Court was also directed to verify compliance with all bail conditions.
Following the bail ruling, counsel for the EFCC, Mrs Bilkisu Buhari-Bala, called the fourth prosecution witness, Mr Baffale Yakubu, who narrated how he was dragged into the company formation without full knowledge of the implications.
Yakubu testified that he met Audu through a Chinese acquaintance, Kenny, in June 2024.
According to him, Kenny had expressed interest in obtaining a lottery licence in Nigeria and, being overseas, requested Yakubu to act as a nominee director to register a company with the Corporate Affairs Commission (CAC).
“I forwarded my personal information, including signature, email, international passport, and office address, for the registration.
“Later, Kenny asked me to introduce a second director. I suggested my brother, Nasiru Mohammed Barau, and sent his details too.”
The witness stated that in July 2024, he, alongside Kenny, met Audu in person.
During that meeting, he claimed they requested further information, including his Bank Verification Number (BVN), National Identification Number (NIN), email address, and bank account details, in a bid to apply for a Special Control Unit Against Money Laundering (SCUML) certificate.
Yakubu said that after providing the details, he was told that, due to his background as a bureau de change operator, he could not continue as a director in a company applying for a lottery licence.
He claimed he then requested the removal of his and his brother’s names as directors of Genting International Ltd.
Yakubu revealed that in December 2024, Audu called him and hinted that the EFCC had started investigating the company.
According to Yakubu, Audu allegedly advised him to claim, if questioned, that he was a director in Genting but not an active participant and that he should present Union Bank account details if asked.
However, when interrogated by EFCC officials in January 2025, Yakubu denied opening any bank account for the company.
He disclaimed a customer form that bore discrepancies in his mother’s name and local government of origin, and asserted that the signature on the form was not his.
“I told the EFCC that I had never seen the documents before. My signature was forged, and the details were not accurate,” he said.
During cross-examination by lead defence counsel, Mr Kunle Adegoke (SAN), Yakubu admitted that he initially agreed to serve as a director and willingly submitted the personal information and signatures required for the company’s registration.
He confirmed that the information he gave was authentic and voluntarily submitted.
However, he strongly denied being appointed as company secretary or authorising the opening of any Union Bank account.
He reiterated that he had never seen the documents linking him to the account until they were shown to him at the EFCC office.
Yakubu’s testimony follows that of Mr Chidubem Ogbuka, a Regulatory Compliance Officer with Union Bank, who appeared as the third prosecution witness on Monday.
Ogbuka presented documents linked to the disputed bank account allegedly associated with Yakubu and Genting International Ltd.
Also testifying earlier was Nasiru Mohammed Barau, Yakubu’s brother, who told the court that he had no prior knowledge of Genting International Ltd until the EFCC summoned him.
He denied being a director or shareholder in the company, despite CAC documents listing him as holding 12 million shares.
Barau also denied owning or operating the email address tied to company filings.
Justice Oshodi adjourned the matter to September 28, 29, and October 2, 2025, for continuation of the trial.
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