• Police pledge to support SEC track capital market scammers
A prosecution witness, Rasheeda Chindaya, has told a Lagos State Special Offences Court sitting in Ikeja how Friday Audu, the alleged Nigerian mastermind, coordinated activities that culminated in the arrest of a 792-person scam network in December 2024 over an international cryptocurrency investment and romance scam network.

Chindaya, an EFCC operative, testified before Justice Rahman Oshodi yesterday as the trial of Audu continued.

Audu is standing trial alongside a company, Genting International Limited, on amended eight-count charges bordering on forgery, impersonation, possession of fraudulent documents and computer-related fraud, preferred against him by the EFCC.

In a related development, the Inspector-General of Police (IGP), Kayode Egbetokun, has assured the Securities and Exchange Commission (SEC) of the police’s readiness to collaborate closely with the commission to strengthen enforcement and protect investors against scammers.

The mass arrests, carried out across different locations in December 2024, involved 193 foreigners and 599 Nigerians. According to EFCC, the suspects were linked to a sophisticated cybercrime syndicate engaged in cryptocurrency investment fraud, computer-related fraud, money laundering and romance scams.

Led in evidence by prosecution counsel, Bilikisu Buhari, the witness narrated the findings of investigations conducted by the commission.

Chindaya told the court that at the point of incorporation, Genting International had Nasiru Barau and Yakubu as directors, with a shared capital structure of N10 million and N18 million, respectively.

Investigations showed that Genting International was presented as a gaming company, adding that a search conducted on the company’s bank accounts revealed that the Bank Verification Number (BVN) linked to the accounts matched that of Audu.

The BVN, she said, was connected to about 10 corporate accounts, with many vendors involved in the transactions.

Chindaya further testified that investigations uncovered financial links between Genting International and other companies.

According to the EFCC operative, Audu was the sole signatory to Genting’s bank accounts.

Due to the scale of the investigation, Chindaya said the EFCC mobilised officers from multiple zonal offices, converting some offices into holding cells to accommodate suspects, describing the case as unprecedented in the commission’s history.

She further noted that as a result of the operation, over 600 Nigerian youths had been fully trained in cyber fraud without legitimate employment. After listening to her testimony, Justice Oshodi subsequently adjourned the matter till February 24 and 26, 2026, for continuation of trial.

EGBETOKUN gave SEC the assurance during a meeting with its management at the Force Headquarters (FHQ), Abuja, yesterday.

He described the role of the commission as critical to the stability and growth of Nigeria’s economy, stressing that effective enforcement in the capital market would support economic recovery and development.

The police chief stated that strengthening the police unit attached to SEC would significantly enhance the commission’s enforcement efforts and deter financial crimes in the sector.

According to him, effective regulation and enforcement in the capital market come with far-reaching benefits for investor confidence and national economic growth.

Egbetokun also congratulated the SEC on the attainment of a N100 trillion market capitalisation, describing the milestone as a major boost to the economy.

Speaking earlier, the Director-General of SEC, Dr Emomotimi Agama, said the commission had a mandate to protect investors, ensure fair and transparent markets and promote economic growth built on trust.

Agama, however, warned that unregulated operators were exploiting public trust through fraudulent investment schemes, often promising unrealistic returns of up to 200 per cent within 30 days.

He said many of the schemes were disguised as cryptocurrency and forex investments, targeting vulnerable Nigerians and leaving behind financial losses, broken trust and social harm.