The Nigerian striker, 24, has signed a one-year deal with the Us after impressing while on trial, having spent last season with non-league St Albans City.
"It's my big dream to be playing League football in England and I'm very happy to be a Colchester player," he told The Gazette.
"I like the way they play and I think they understand my game, they play it on the ground which will help me score some goals.
"I'm very positive because the midfield players we have at Colchester are very good."
Wasiu's arrival came a matter of days after Kevin Lisbie was tempted away from the club to join Ipswich Town.
The 29-year-old had been offered a major new contract by the U's, but eventually opted to head to Portman Road.
He commented: "Like any player I want to be at as big a club as possible, but I wasn't pushing for a move, not once did I say I wanted to leave."