Key Takeaways
- • Two prosecution witnesses, the 25th and 26th called by the EFCC, testified on October 21, 2026, before Justice Obiora Egwuatu of the Federal High Court, Abuja, that they lost a combined 15,190 USDT through Afriq Arbitrage System Limited (AAS).
- • Prosecutors allege AAS, led by founder and CEO Jesam Michael Ubi, promised a 1.6 per cent return within 24 hours and assured investors their funds were secure on Binance.
- • The case involves an alleged $87 billion cryptocurrency investment fraud, according to the prosecution's account as reported by Pointblank News.
- • The defence challenged the witnesses' accounts, arguing one investment was registered on a different website and that the platform was manipulated by someone other than the defendant, who has blamed Oluwasesan Abayomi.
- • The trial was adjourned until December 2, 2026, for continuation.
Summary
Two prosecution witnesses have testified against Jesam Michael Ubi, founder and Chief Executive Officer of Afriq Arbitrage System Limited (AAS), in a case alleging that the cryptocurrency investment platform defrauded investors. Samson Egbu, an investor based in Nasarawa State, and Isaac Kwaghbee, an Abuja businessman, testified on Wednesday, October 21, 2026, before Justice Obiora Egwuatu of the Federal High Court, Abuja. Identified as the 25th and 26th prosecution witnesses, they told the court they lost a combined 15,190 USDT, in a case involving an alleged $87 billion cryptocurrency investment fraud, according to Pointblank News.
Egbu testified that he invested 8,190 USDT after being persuaded by assurances about the platform's credibility and the security of investor funds. He said Ubi repeatedly told investors that their money could not be touched and would be secured on the Binance platform, accessible only by the account holders. Kwaghbee told the court he invested 7,000 USDT through two separate registration accounts, using proceeds from the sale of family land inherited from his late father, which he had hoped would generate returns for himself and his siblings.
The prosecution alleges AAS attracted investors with unusually high return promises. Promotional videos and posters reportedly showed Ubi promising a return of 1.6 per cent within 24 hours. He is also accused of using videos and photographs of what he presented as the company's United States headquarters, and of engaging local and foreign celebrities to promote the platform. The platform eventually collapsed and was shut down, leaving investors unable to recover their funds. Ubi has reportedly blamed one Oluwasesan Abayomi for the platform's failure.
At the proceedings, the Economic and Financial Crimes Commission (EFCC) tendered statements, investment documents and other materials obtained from the witnesses. Defence counsel Uchena Njoku, SAN, objected to the admission of the documents but reserved his reasons. During cross-examination, Njoku questioned Kwaghbee's use of two accounts, arguing the second investment was registered on a different website rather than the AAS platform, and challenged the witnesses to acknowledge that their initial investments had yielded the promised returns before the platform was allegedly manipulated by someone other than the defendant. Justice Egwuatu adjourned the case until December 2, 2026, for continuation of the trial.
Egbu testified that he invested 8,190 USDT after being persuaded by assurances about the platform's credibility and the security of investor funds. He said Ubi repeatedly told investors that their money could not be touched and would be secured on the Binance platform, accessible only by the account holders. Kwaghbee told the court he invested 7,000 USDT through two separate registration accounts, using proceeds from the sale of family land inherited from his late father, which he had hoped would generate returns for himself and his siblings.
The prosecution alleges AAS attracted investors with unusually high return promises. Promotional videos and posters reportedly showed Ubi promising a return of 1.6 per cent within 24 hours. He is also accused of using videos and photographs of what he presented as the company's United States headquarters, and of engaging local and foreign celebrities to promote the platform. The platform eventually collapsed and was shut down, leaving investors unable to recover their funds. Ubi has reportedly blamed one Oluwasesan Abayomi for the platform's failure.
At the proceedings, the Economic and Financial Crimes Commission (EFCC) tendered statements, investment documents and other materials obtained from the witnesses. Defence counsel Uchena Njoku, SAN, objected to the admission of the documents but reserved his reasons. During cross-examination, Njoku questioned Kwaghbee's use of two accounts, arguing the second investment was registered on a different website rather than the AAS platform, and challenged the witnesses to acknowledge that their initial investments had yielded the promised returns before the platform was allegedly manipulated by someone other than the defendant. Justice Egwuatu adjourned the case until December 2, 2026, for continuation of the trial.
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