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The Economic and Financial Crimes Commission (EFCC) has arraigned two suspects in separate fraud cases involving an alleged N336.9 million bank fraud and an alleged multi-million-dollar investment scam valued at more than AUD$8.4 million and US$3.6 million.
In Abuja, the anti-graft agency arraigned Usie Otukpa Osang before Justice Obiora Egwuatu of the Federal High Court on an eight-count charge bordering on impersonation and obtaining by false pretence.
The EFCC alleged that Osang, who also operated under the aliases Oscar Tyler and Ford Thompson, conspired with others still at large between May 2021 and May 2022 to defraud Australian investor Brian Jacques Creigh, Chief Executive Officer of Panacea Capital, of AUD$8,427,330.83 and US$3,639,462.
According to the Commission, the defendant allegedly deceived the investor into believing that Liquid Assets Group was a licensed online cryptocurrency trading and investment platform capable of generating substantial returns on investment.
The Commission further alleged that between August and November 2021, the defendant fraudulently obtained 19.806 Bitcoin, valued at US$1,079,313, through a Binance wallet linked to the scheme.
Osang pleaded not guilty to all eight counts.
Following his plea, prosecution counsel Christopher Mshelia asked the court to fix a date for trial and remand the defendant in custody, while defence counsel, K. I. Shuaibu, applied for bail.
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Justice Egwuatu adjourned the matter until July 14, 2026, for the hearing of the bail application and ordered that the defendant be remanded at the Kuje Correctional Centre.
Meanwhile, in Lagos, the EFCC arraigned Abdulkarim Muhammad Arome and his company, Cresco Oil and Gas Limited, before Justice O. A. Okunuga of the Lagos State High Court, sitting in Ikeja, over an alleged N336.9 million fraud involving Lotus Bank.
The defendants face an amended three-count charge bordering on conspiracy, stealing and retention of the proceeds of criminal conduct.
The Commission alleged that Arome, alongside one Peter Daniels Prosper, who is currently at large, conspired to steal funds belonging to Lotus Bank and dishonestly converted the money to personal use between 2022 and 2023.
The defendants pleaded not guilty to the charges.
Following the arraignment, prosecution counsel E. S. Okongwu urged the court to remand the defendants pending trial, while defence counsel informed the court of plans to file bail applications.
Justice Okunuga ordered that the defendants be remanded at the Ikoyi Correctional Centre and adjourned the matter until October 7, 2026, for the commencement of the trial.
