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From Sola Ojo, Abuja
Emotional testimonies dominated proceedings at the Federal High Court in Abuja as multiple victims of the alleged Afriq Arbitrage System (AAS) investment scheme narrated how they lost millions of naira and life savings to the platform.
The witnesses, presented by the Economic and Financial Crimes Commission (EFCC) before Justice Obiora Egwuatu, gave harrowing accounts of financial ruin, broken families, and shattered trust in the ongoing trial of Jesam Michael Ubi and his firm, Afriq Arbitrage System.
One of the victims, Okonkwo Leonard Emeka, broke down as he described the toll the failed investment had taken on his life.
“I have put in all I have into this and convinced others to invest and now this is costing me my family. I don’t want the RoI anymore. I just want the money I invested so that I can take care of my family,” he said.
Another witness, Johnson Veronica, told the court that she liquidated her assets including cars to invest about $80,000 in the scheme, a decision she said has had devastating consequences.
“Since the day I invested, my life has taken a drastic turn for the worse. I lost my marriage and all my life savings,” she said.
The court also heard from Okoye Eugene, a welder, who revealed how he was drawn deeper into the scheme even after suspecting fraud in an earlier investment platform.
“He told us our money was safe in the finance liquidity pool where no unauthorised person could access it,” Eugene said, adding that he eventually invested over $82,000 on behalf of himself, friends, and family.
Eugene further disclosed that the defendant used personal narratives to build trust among investors.
“He showed us pictures of his wife, children, and mother on the Telegram group. That gave me confidence to invest.”
However, the assurances later gave way to uncertainty when investors were informed of a “system glitch” and a purported $87 million theft by an associate identified as Abayomi.
“We were told the money stolen was from the interest pool, not the capital, and that we would still get our returns. But till today, nothing has been paid,” Eugene told the court.
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Another witness, Salihu Ibrahim, a kitchenware trader from Edo State, described how dissenting investors were allegedly silenced as the platform began to fail.
“When people started demanding their money, they were removed from the Telegram group, threatened, and even arrested,” he said.
He also alleged that figures on the platform were manipulated as confidence in the scheme declined.
Similarly, civil servant Ayam Sebastian Chinwendu said she took loans to invest in the platform and a related token, but has been left stranded.
“I invested over $3,000, and since then, I have not recovered anything,” she said.
Several witnesses also questioned the credibility of the defendant’s claims, particularly the alleged breach of a supposedly secure system.
“He told us not even him, the creator, could breach the platform. So how could someone else gain access?” Veronica queried.
Witnesses further expressed suspicion over the defendant’s lifestyle during the crisis, alleging he continued to display wealth despite investors being locked out of their funds.
“He was showing off luxury swimming pools with his name and expensive cars while we could not access our money,” one witness said.
All witnesses confirmed that the AAS platform is no longer accessible and maintained that they do not believe their funds were used for the arbitrage trading as claimed.
The EFCC tendered screenshots of investors’ dashboards and related platform records, which were admitted as evidence by the court.
Justice Egwuatu afterwards adjourned the case to May 14, 2026, for continuation of trial.
