An investor in the Afriq Arbitrage System Limited, AAS, has told the Federal High Court in Abuja how he allegedly sold a family property to raise funds for investment in the cryptocurrency platform.
The investor, Isaac Kwaghbee, who testified as the 26th prosecution witness in the ongoing trial of AAS founder and Chief Executive Officer, Jesam Michael Ubi, said he invested a total of 7,000 USDT in the platform through two separate accounts.
Kwaghbee, an Abuja-based businessman, gave the testimony on Wednesday before Justice Obiora Egwuatu while being led in evidence by the Economic and Financial Crimes Commission’s counsel, Ekele Iheanacho, SAN.
He told the court that the money invested was proceeds from the sale of land left to his family by his late father.
According to him, he sold the property after being attracted by the high returns allegedly promised by the investment platform, hoping to increase the funds for himself and his siblings.
Another prosecution witness, Samson Egbu, told the court that he invested 8,190 USDT in the platform after being assured that investors’ funds were secure.
Egbu, who is based in Nasarawa State, said Ubi had repeatedly assured investors that their funds could not be accessed by anyone other than the investors.
He further alleged that investors were told their funds would be secured on the Binance cryptocurrency platform.
The prosecution witnesses are among several investors giving evidence in the trial, in which Ubi is facing allegations relating to a multi-million-dollar cryptocurrency investment scheme.
The prosecution also presented materials relating to the operation of the platform, including investment documents and other exhibits tendered through the witnesses.
The court heard that promotional materials and online videos had allegedly been used to attract investors, with the platform reportedly promising returns of up to 1.6 per cent within 24 hours.
The prosecution also alleged that Ubi promoted the platform using videos and photographs of what was presented as the company’s United States headquarters, as well as endorsements involving local and foreign personalities.
AAS has since ceased operations.
During cross-examination, defence counsel, Uchena Njoku, SAN, challenged aspects of the witnesses’ evidence and documents.
Njoku suggested that Kwaghbee’s second investment was made through a different website and questioned the witnesses on whether their initial investments had generated the promised returns before the platform allegedly encountered problems.
The defence had previously attributed the failure of the investment platform to another individual, Oluwasesan Abayomi.
Justice Egwuatu adjourned the case until December 2, 2026, for continuation of trial.
