On Monday, March 17, 2025, the Economic and Financial Crimes Commission (EFCC) arraigned two Chinese nationals, a Nigerian, and their company before the Federal High Court in Lagos over allegations of a ₦3.4 billion fraud and conspiracy to destabilize Nigeria’s economic structure.
The defendants—Huang Haoyu, Friday Audu, An Hongxu, and Gentting International Ltd—face a 12-count charge of cybercrime. They are accused of conspiring with an individual identified as Dualiang Pan, currently at large, to unlawfully access computer systems with the intent to destabilize Nigeria’s economic framework.
The prosecution alleges that the defendants recruited Nigerian youths to impersonate foreign nationals in fraudulent schemes. They purportedly directed Chukwuemeka Okeke to retain $1.2 million in his cryptocurrency wallet, funds suspected to be proceeds of fraud. Similarly, they allegedly instructed Alhassan Garba and Ifesinaci Jacobs to hold $1.3 million in their crypto wallets.
Additionally, the defendants are accused of retaining ₦3.4 billion in the Union Bank account of Gentting International Ltd, believed to be linked to their fraudulent activities. They allegedly conducted unauthorized foreign exchange transactions with Alhassan Garba, involving amounts equivalent to ₦1.1 billion and ₦962 million, bypassing official channels authorized by the Central Bank of Nigeria.
The charges contravene Section 29(2) of the Foreign Exchange Monitoring and Miscellaneous Provisions Act, 2004; Sections 18 and 27 of the Cybercrime (Prohibition) Act, 2015; and Sections 18(2)(d) and 21(c) of the Money Laundering Act, 2021.
All defendants pleaded not guilty. Justice Daniel Osiagor ordered their remand in EFCC custody and scheduled the hearing for their bail applications on March 20, 2025
