Afriq Arbitrage CEO Faces Fresh Allegations as Investors Detail Losses in Court
Two investors have narrated how they allegedly lost thousands of dollars in the collapsed Afriq Arbitrage System cryptocurrency investment scheme as the trial of the platform’s founder, Jesam Michael Ubi, continued before the Federal High Court in Abuja.
The witnesses, Samson Egbu and Isaac Kwaghbee, appeared before Justice Obiora Egwuatu on Wednesday, October 21, 2026, to testify in the ongoing prosecution of Ubi over an alleged $87 billion cryptocurrency investment fraud.
Egbu, listed as prosecution witness 25, and Kwaghbee, prosecution witness 26, told the court that they invested a combined 15,190 USDT in the platform after being attracted by promises of substantial returns and assurances that their funds would remain secure.
The Economic and Financial Crimes Commission (EFCC), which is prosecuting the case, presented the witnesses as part of its efforts to establish the allegations against the founder of Afriq Arbitrage System Limited.
Testifying under examination by prosecution counsel, Ekele Iheanacho, SAN, Egbu said he invested 8,190 USDT after trusting assurances allegedly made by Ubi regarding the safety of investors’ funds.
He explained that the platform’s founder assured investors that their money would be secured on Binance and could not be accessed by anyone other than the account holders.
“He (Jesam) repeatedly told us that your money cannot be touched. He told us that the money would be secured on Binance platform and nobody except the investor can touch the money,” Egbu told the court.
Kwaghbee, an Abuja-based businessman, disclosed that he invested 7,000 USDT through two separate accounts registered on the investment platform.
He said the funds came from the sale of family land inherited from his late father, explaining that he disposed of the property in the hope of increasing the family’s financial resources.
According to him, the promise of high returns influenced his decision to invest the proceeds, which he intended to use to improve his financial position and that of his siblings.
The court also heard allegations that Ubi used aggressive promotional campaigns to attract investors to the platform.
Online videos and posters reportedly showed the founder promising returns of 1.6 per cent within 24 hours. He was also alleged to have displayed photographs and videos of a purported company headquarters in the United States and enlisted local and foreign celebrities to promote the scheme.
The promotional activities allegedly helped create an impression of legitimacy around the platform before it eventually collapsed and ceased operations.
Ubi has reportedly blamed the failure of the investment scheme on Oluwasesan Abayomi.
During the hearing, the defence challenged the documents presented by the prosecution, including witness statements and investment records. Defence counsel, Uchena Njoku, SAN, objected to their admission but reserved his reasons for a later stage.
Njoku also questioned the circumstances surrounding the witnesses’ investments, particularly Kwaghbee’s use of a second registration account on a website he claimed was different from the AAS platform.
The defence further suggested during cross-examination that the witnesses had initially received the returns promised on their investments before the platform was allegedly manipulated by another person.
The allegations against Ubi remain subject to determination by the court as the trial continues.
Justice Egwuatu subsequently adjourned the case until December 2, 2026, for further proceedings.
