Two prosecution witnesses have told the Federal High Court in Abuja how they allegedly lost a combined 15,190 USDT in the collapsed Afriq Arbitrage System (AAS) cryptocurrency investment platform founded by Jesam Michael Ubi.
According to Economic and Financial Crimes Commission’s spokesman, Dele Oyewole, the witnesses, Samson Egbu and Abuja-based businessman Isaac Kwaghbee, testified on Wednesday, October 21, 2026, before Justice Obiora Egwuatu in the ongoing trial of Ubi over an alleged $87 million cryptocurrency investment fraud.
Led in evidence by prosecution counsel, Ekele Iheanacho, SAN, Egbu, the 25th prosecution witness, said he invested 8,190 USDT after Ubi allegedly assured investors that their funds would be secured on the Binance platform and inaccessible to anyone other than the owners.
“He repeatedly told us that your money cannot be touched,” Egbu told the court.
Kwaghbee, the 26th prosecution witness, said he invested 7,000 USDT through two separate accounts, using proceeds from the sale of family land inherited from his late father. He said he sold the property to generate additional income for himself and his siblings after being attracted by the platform’s promise of high returns.
The prosecution alleged that Ubi promoted the platform by promising investors a 1.6 per cent return on investment within 24 hours, while using videos, photographs of an alleged United States head office and celebrity endorsements to attract investors. The platform has since collapsed, with Ubi reportedly blaming one Oluwasesan Abayomi for its failure.
Defence counsel, Uchena Njoku, SAN, objected to the admission of documents tendered through the witnesses but reserved his reasons. During cross-examination, he questioned Kwaghbee’s use of a second account on a different website and challenged the witnesses to acknowledge that their investments initially 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 trial.
