The Economic and Financial Crimes Commission (EFCC) has called its eleventh prosecution witness (PW11) in the ongoing trial of Jesam Michael Ubi and his company, Afriq Arbitrage System (AAS), before Justice Obiora Egwuatu of the Federal High Court, Maitama, Abuja.
Ubi and AAS are facing a seven‑count charge bordering on obtaining money under false pretence and operating an investment company without the requisite licence.
PW11, Gumbe Baba Ahmed, an Abuja‑based physiotherapist, testified that he, his wife, and his mother invested over $5,700 in AAS. Led in evidence by prosecution counsel, Ekele Iheanacho, SAN, the witness tendered three dashboard printouts from the investment platform, which were admitted as Exhibit T‑T20.
Ahmed recounted that he was persuaded to invest by a friend and was further assured by Ubi in a Telegram investors’ group that the platform was secure, linked directly to Binance, and immune to hacking. However, he later lost access to his profile and dashboard, which Ubi dismissed as a “system glitch.” Subsequently, the promised Return on Investment (ROI) was reduced from 1.65% to 0.35%, and later to 0.065%, with investors unable to access either their capital or returns.
Under cross‑examination by defence counsel, Uchenna Njoku, SAN, the witness denied knowledge of any dealings involving one Olusesan Abayomi in the platform.
The Court recalled earlier testimony from PW10, Mohammed Dauda Ali of the Securities and Exchange Commission (SEC), who confirmed that AAS was not registered with SEC and had no pending application to operate as an investment firm. Ali noted that although Ubi applied for assessment in June 2024, the process was halted due to EFCC’s ongoing investigation into alleged fraudulent activities.
Justice Egwuatu adjourned the matter to April 16 and 17, 2026 for continuation of trial.
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