The Economic and Financial Crimes Commission (EFCC), on Thursday, April 16, 2026, presented Prosecution Witnesses 12, 13, 14, 15, and 16 before Justice Obiora Egwuatu of the Federal High Court, FCT, Abuja, in the ongoing trial of Jesam Michael Ubi and Afriq Arbitrage System (AAS) over alleged investment fraud.
The witnesses, who are victims of Ubi’s arbitrage trading platform, Afriq Arbitrage System, testified about the loss of their investment capital and the failure to receive promised returns on investment (RoI).
Led in evidence by prosecution counsel, Ekele Iheanacho, SAN, Prosecution Witness 12 (PW12), Okoye Eugene, a welder, told the court that he had earlier invested in an investment platform known as COTPS, which later crashed. He disclosed that the first defendant, through the platform’s social media group, encouraged him to continue investing even as it became apparent that the scheme had failed.
He further stated that the defendant subsequently migrated him and other investors to a Telegram group, where he introduced Afriq Arbitrage System (AAS) as a new investment opportunity.
According to PW12, he was persuaded to invest after the defendant assured them that their funds were safe and warehoused in the Binance liquidity pool, which he claimed was secure from unauthorised access. He added that the defendant shared pictures of his wife, children, and mother on the Telegram group to build trust among investors.
Based on these assurances, PW12 said he invested over $82,000 on behalf of himself, his friends, and family members.
He further told the court that in April 2023, the defendant informed investors of a system glitch, which allegedly prevented the payment of returns on investment. However, suspicion arose when the defendant claimed that a certain individual named Abayomi had stolen $87,000,000 from the interest pool, while insisting that investors’ capital remained intact.
PW12 stated that the defendant assured them that withdrawals could be processed within hours upon contacting the support team via email. He, however, lamented that neither his capital nor any returns have been paid to date.
Prosecution Witness 13 (PW13), Salihu Z. Ibrahim, a businessman from Auchi, Edo State, dealing in kitchenware, testified that he was also assured that his investment was secure and protected from external breaches. He said he was convinced to invest based on the defendant’s repeated claims that the funds were held in the Binance liquidity pool.
He added that as the platform began to experience issues and investors demanded access to their funds, they were removed from the Telegram group, threatened, and in some cases, arrested. He also alleged that figures on the platform were manipulated.
Prosecution Witness 14 (PW14), Johnson Veronica, told the court that she sold her cars and other properties to invest about $80,000 in AAS. She said the experience had devastated her life, leading to the loss of her marriage and life savings.
She further testified that the defendant later claimed he had travelled for liver treatment and, during his absence, a certain Abayomi allegedly compromised his and his wife’s biometric data to gain unauthorised access to the interest pool, from which $87,000,000 was stolen.
She, however, expressed doubt over the claim, noting that the defendant had previously stated that even he could not breach the system.
Prosecution Witness 15 (PW15), Ayam Sebastian Chinwendu, a civil servant, testified that she took loans to invest in both the AAS platform and a newly introduced token by the defendant. She said she invested over $3,000 and has since been unable to recover her funds.
Prosecution Witness 16 (PW16), Okonkwo Leonard Emeka, stated that he was introduced to the platform by his sister. He said he invested over $20,000 in AAS and an additional $17,000 in the newly floated token, hoping to earn returns. However, he noted that he has neither received his capital nor any returns.
According to him, “I have put in all I have into this and convinced others to invest, and now it is costing me my family. I don’t want the RoI anymore; I just want my invested capital so I can take care of my family.”
He also questioned the defendant’s lifestyle, stating that despite claims of financial losses, the defendant continued to live extravagantly, showcasing luxury properties, including swimming pools branded with his name, and driving expensive cars.
All the witnesses confirmed that the AAS platform is no longer accessible to investors. They also expressed doubt that the funds invested were used for arbitrage trading as claimed.
The prosecution tendered screenshots of the witnesses’ dashboards and other relevant pages of the investment platforms, which were admitted in evidence by the court.
The case was adjourned until May 14, 2026, for continuation of trial.
