RismadarVoice Reporters, April 20, 2026
Several victims of the Afriq Arbitrage System (AAS) have told a Federal High Court in Abuja how they lost huge sums of money in an alleged investment fraud involving the platform and its promoter, Jesam Michael Ubi.
The testimonies were given on Thursday, April 16, 2026, when the Economic and Financial Crimes Commission (EFCC) presented Prosecution Witnesses 12 to 16 before Justice Obiora Egwuatu in the ongoing trial.
The witnesses, led in evidence by prosecution counsel Ekele Iheanacho, SAN, recounted how they were persuaded to invest in the arbitrage trading platform with assurances of safety and high returns, only to lose their funds.
One of the witnesses, Okoye Eugene, a welder, told the court he invested over $82,000 on behalf of himself, friends, and family members after being assured that the funds were secured in a Binance liquidity pool. He said the defendant gained their trust through online engagements and personal appeals but later cited technical issues and alleged theft by a third party as reasons for the collapse of returns.
Another witness, Salihu Z. Ibrahim, a trader from Edo State, said he was convinced to invest based on similar assurances but later experienced difficulties accessing his funds. He further alleged that investors who demanded their money were removed from communication platforms and faced intimidation.
Johnson Veronica, who testified as Prosecution Witness 14, told the court she invested about $80,000 after selling personal assets, including cars. She said the loss had devastating consequences on her life, including the breakdown of her marriage.
Other witnesses, including a civil servant, Ayam Sebastian Chinwendu, and Okonkwo Leonard Emeka, also narrated how they invested thousands of dollars, in some cases through loans, but have been unable to recover either their capital or returns.
They further alleged that despite claims of losses on the platform, the defendant continued to display a lavish lifestyle, raising doubts about the credibility of the explanations given to investors.
All the witnesses told the court that the AAS platform is no longer accessible and expressed disbelief that their funds were used for genuine trading activities as earlier claimed.
During the proceedings, the prosecution tendered screenshots and other materials from the investment platform, which were admitted as evidence by the court.
Justice Egwuatu subsequently adjourned the matter until May 14, 2026, for continuation of trial.
