Two prosecution witnesses in the ongoing trial of the founder/CEO of the Afriq Arbitrage System Limited, AAS, Jesam Michael Ubi, testified against him on Wednesday, October 21, 2026 at the Federal High Court, Abuja presided over by Justice Obiora Egwuatu.
The two
witnesses, PW 25, Samson Egbu who is based in Nasarawa State, and Abuja-based
businessman, Isaac Kwaghbee, PW26 told the court how Ubi used his company, AAS
to allegedly defraud them of about 15,109 USDT, an equivalent of
Fifteen Thousand, One Hundred and Nine United States Dollars , in the
ongoing $87,000,000,000 (Eighty-Seven Million USD) crypto currency investment
fraud case against Ubi.
USDT is a
stablecoin or a crypto token built to track one US dollar. It is currently at
par with the United States Dollar.
The
witnesses who are victims of Ubi and his firm, Arbitrage Trading
Platform, Afriq Arbitrage System, AAS, testified on the loss of their
investment capital and promised return on investment.
Led in
testimony by prosecution counsel, Ekele Iheanacho, SAN,
Egbu told the court he was lured into investing
USDT8,190 - (Eight Thousand, One Hundred and Ninety USDT) in the crashed crypto
investment platform by the assurance and seeming authenticity that were created
around it by the founded.
“He
(Jesam) repeatedly told us that your money cannot be touched. He told us that
the money would be secured in Binance platform and nobody except the investor
can touch the money,” Egbu said.
Also,
Kwaghbee said he made a total investment of USDT7,000, using two separate
registration accounts. "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.
Online
video tapes and posters show how the founder of the platform promised his
unsuspecting victims 1.6 percent return on investment within 24 hours to get
their buy-in. He also reportedly produced videos and photographs of the
company’s head office, which he claimed was in the United States; employed the
services of some local and foreign celebrities to promote the investment as
authenticity for the platform.
The
platform has long been shut down against the promises by the defendant who now
blames one Oluwasesan Abayomi for failure of the investment platform.
Addressing
the court on the statements, investment documents and other relevant materials
that were produced by the witnesses and tendered in court by the EFCC, the
defence Counsel, Uchena Njoku, SAN objected to the witness documents but
reserved his reason(s).
In his
cross-examination of the witnesses, Njoku said that the second witness invested
his second account in another website different from the AAS platform.
He also asked the witnesses to be sincere and tell the court that
their initial investments generated the expected return on investment until it
was manipulated by someone other than the accused.
Justice
Egwuatu adjourned the matter to December 2, 2026 for continuation of trial.
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