EFCC Grills Investor in Jesam Ubi Fraud Trial

Abuja — The Economic and Financial Crimes Commission (EFCC) has called its 11th witness in the high-profile fraud trial of investment guru Jesam Michael Ubi and his Afriq Arbitrage System (AAS), exposing fresh details of alleged deceit that ensnared thousands.

Testifying before Justice Obiora Egwuatu at the Federal High Court in Maitama, Abuja, Gumbe Baba Ahmed, an Abuja-based physiotherapist, recounted how he, his wife, and his mother poured over $5,700 (approximately ₦9.5 million at current rates) into AAS. Led by Senior Advocate of Nigeria (SAN) Ekele Iheanacho, Ahmed produced three dashboard printouts from the platform, which the court admitted as Exhibits T-T20.

Ahmed said a friend lured him into the scheme, touting its reliability. Ubi, the first defendant, had boasted in a Telegram group for investors that AAS was “unhackable” and directly linked to Binance, the global crypto exchange, ensuring top-tier security and daily returns of 1.65%.

But the dream soured. Ahmed testified that he soon lost dashboard access, which Ubi dismissed as a “temporary glitch” affecting others. Returns then plummeted—to 0.35%, then a mere 0.065%—leaving investors, including Ahmed, unable to withdraw principal or profits despite repeated pleas.

Under cross-examination by defence SAN Uchenna Njoku, Ahmed denied knowledge of one Olusesan Abayomi’s role in AAS dealings.

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The case stems from a seven-count charge against Ubi, 42, and AAS for obtaining money under false pretences and unlicensed operations, filed in 2024. EFCC alleges the platform, marketed as an arbitrage crypto scheme, defrauded over 5,000 victims of more than ₦17 billion ($10 million) through Ponzi-style payouts before collapsing in mid-2024.

Prior testimony bolstered the prosecution. On March 3, PW10 Mohammed Dauda Ali from the Securities and Exchange Commission (SEC) confirmed AAS was unregistered and unlicensed. Ubi’s June 2024 SEC application was halted amid EFCC probes into complaints flooding in from defrauded investors nationwide.

Ubi, a serial entrepreneur with past ventures in tech and finance, has pleaded not guilty. His lawyers argue AAS was a legitimate trading platform disrupted by regulatory overreach. Yet, EFCC investigators link it to a wave of illicit crypto schemes exploiting Nigeria’s booming digital asset market, where SEC warnings on unregistered platforms have multiplied since 2023.

Justice Egwuatu adjourned the trial to April 16 and 17 for further hearings. As proceedings drag on, victims like Ahmed express frustration over frozen assets and delayed justice in a case highlighting Nigeria’s battle against investment scams.