EFCC: Two Witnesses Accuse Afriq Arbitrage CEO of Alleged Crypto Investment Fraud
Two prosecution witnesses have testified against Jesam Michael Ubi, founder and Chief Executive Officer of Afriq Arbitrage System Limited (AAS), over an alleged cryptocurrency investment fraud involving billions of dollars.
The witnesses testified on Wednesday, October 21, 2026, before Justice Obiora Egwuatu of the Federal High Court in Abuja, where Ubi is facing trial in an alleged $87 billion cryptocurrency investment fraud case.
The witnesses, identified as prosecution witnesses 25 and 26, are Samson Egbu, a resident of Nasarawa State, and Isaac Kwaghbee, a businessman based in Abuja. They told the court how they allegedly lost a combined 15,190 USDT through investments in the now-defunct Afriq Arbitrage System platform.
USDT, also known as Tether, is a cryptocurrency designed to maintain a value equivalent to one United States dollar.
Led in evidence by the prosecution counsel, Ekele Iheanacho, SAN, Egbu told the court that he invested 8,190 USDT after being persuaded by assurances from Ubi about the security and credibility of the investment platform.
According to him, the company’s founder repeatedly assured investors that their funds were safe and could only be accessed by the respective investors through the Binance platform.
“He (Jesam) repeatedly told us that your money cannot be touched. He told us that the money would be secured on the Binance platform and nobody except the investor can touch the money,” Egbu testified.
The second witness, Kwaghbee, disclosed that he invested 7,000 USDT through two separate registration accounts on the platform.
He told the court that the money represented proceeds from the sale of land inherited from his late father, which he sold to generate additional income for himself and his siblings after being attracted by the platform’s promise of high returns.
“The money I invested into the platform was proceeds of the land my late father died and left behind for our family. I sold it to make more money for myself and my siblings when the investment promised high yields,” he said.
Evidence presented during the proceedings indicated that Ubi allegedly promoted the platform through online videos, posters and other promotional materials, promising investors returns of 1.6 per cent within 24 hours.
He was also alleged to have used videos and photographs of an office purportedly located in the United States, alongside endorsements from local and international celebrities, to boost the platform’s credibility and attract investors.
However, the platform eventually collapsed and was shut down, contrary to the assurances allegedly given to investors.
Ubi has reportedly attributed the platform’s failure to another individual, Oluwasesan Abayomi.
During the proceedings, defence counsel, Uchena Njoku, SAN, objected to the admission of statements, investment documents and other materials tendered by the prosecution through the witnesses but reserved his reasons for the objection.
While cross-examining the witnesses, Njoku questioned aspects of their investments, alleging that the second witness used his second account on a different website rather than the AAS platform.
The defence counsel also challenged the witnesses to acknowledge that their initial investments had generated the expected returns before the platform’s operations were allegedly manipulated by someone other than the defendant.
Following the proceedings, Justice Egwuatu adjourned the case until December 2, 2026, for the continuation of the trial.
