A Bureau De Change (BDC) operator, Al-Hassan Garba, on Tuesday told a Federal High Court in Lagos how he converted cryptocurrency (USDT) into naira and paid the equivalent amounts into the bank account of Genting International Ltd in the ongoing trial involving former government official, and three others over an alleged N3.4 billion cyber and romance fraud scheme.
Testifying before Justice Daniel Osiagor, Garba, who was led in evidence by EFCC counsel, Rotimi Oyedepo, SAN, alongside Bilkisu Buhari-Bala and Hanatu Kofanaisa, explained the role he played in the alleged illicit financial activities of the defendants.
Garba told the court that he had been a licensed BDC operator for over a decade, trading under the name Hugo.
He confirmed knowing two of the defendants Mr. Ken, the first defendant, and stated that he also had business dealings with the fourth defendant, Genting International Ltd.
According to him, Ken approached him in 2023 to convert cryptocurrency (specifically USDT) into naira, after which he was given the account details of Genting International Ltd to receive the naira equivalent.
“USDT is a digital currency; it’s not physical. When they have USDT, I provide a wallet address for them to transfer it to, and I then credit the equivalent naira value into the account provided, always that of Genting International Ltd,” Garba testified.
He further explained that the wallet is essentially a set of numbers associated with a digital account used for cryptocurrency transactions.
He said these transactions, which became frequent from September 2024, often involved amounts ranging from N5 million to N10 million per day.
When asked about his interaction with the EFCC, Garba confirmed that he was contacted during the course of the investigation.
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“He asked me what day they contacted me, and I told him Monday. He said he would extend his own response, but I told him I didn’t need any extension,” Garba recounted.
The witness identified several large payments he made to Genting International Ltd, including N13 million on August 26, 2024, and N15.9 million on August 27, 2024.
He also acknowledged that other transactions were carried out by his associates, including one Ifesinachi, who had access to the relevant wallets.
He confirmed a N116 million transaction on September 1, 2024, and another on September 3, 2024, made by his brother, Sani.
All payments were allegedly linked to the conversion of cryptocurrency for the defendants.
When shown his previous statements to the EFCC dated January 6, 19, 20, 29; February 11; March 14; and April 4, Garba confirmed authorship.
The court admitted the statements in evidence as Exhibits B1 to B8 without objection.
Justice Osiagor adjourned further hearing to July 4, 2024.
