The Federal High Court in Abuja on Wednesday granted ₦500 million bail to Usie Otukpa Osang, who is standing trial over allegations of impersonation, conspiracy and obtaining money by false pretence involving AUD$8,427,330.83 and US$3,639,462.
Justice Obiora Egwuatu granted the bail after ruling that Osang had presented sufficient material to justify his release pending trial.
Osang was arraigned by the Economic and Financial Crimes Commission (EFCC) on June 29, 2026, on an eight-count charge bordering on impersonation, conspiracy and obtaining money by false pretence. He pleaded not guilty to all the allegations.
In determining the bail application, Justice Egwuatu said the court was required to consider several factors, including the nature of the alleged offences, the defendant’s criminal record, the possibility of him jumping bail and other circumstances relevant to ensuring his attendance at trial.
The judge noted that the EFCC had previously found Osang suitable for administrative bail during its investigation and that he had deposited his international passport with the commission.
According to the court, there was evidence that Osang complied with the conditions attached to the administrative bail and did not abscond.
Justice Egwuatu further observed that “the prosecution did not deny the fact” that Osang complied with the terms of the bail previously granted by the EFCC.
The judge held that where material facts presented before the court are not controverted by the prosecution, the court is entitled to act on those facts.
He also considered Osang’s claim that he no longer had access to the cryptocurrency account referenced in the allegations, noting that “this fact was not controverted by the EFCC.”
The court consequently admitted Osang to bail in the sum of ₦500 million with two sureties in like sum.
Justice Egwuatu ordered that both sureties provide evidence of tax payments. One of the sureties must own property in Abuja valued at not less than the ₦500 million bail sum, while the second must be a civil servant not below Grade Level 15.
The defendant was also directed to deposit his international passport with the registrar of the court.
The case was subsequently adjourned until September 5, 2026, for trial.
The EFCC alleges that Osang, also known by the names “Oscar Tyler” and “Ford Thompson,” conspired with others still at large between May 2021 and May 2022 to defraud an Australian citizen, Brian Jacques Creigh, identified in the charge as the Chief Executive Officer of investment firm Panacea Capital.
In one of the counts, the commission alleged that Osang and his co-defendants obtained an aggregate AUD$8,427,330.83 from Creigh after allegedly representing that Liquid Assets Group was a licensed online cryptocurrency trading and investment platform capable of delivering significant returns.
The EFCC alleged that the representation was false and that the defendants knew it to be false.
The commission said the alleged offences contravened provisions of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
Following his arraignment, Osang’s legal team filed a bail application, relying on constitutional provisions and arguing that the offences for which he was charged were bailable.
The court had initially ordered his remand at the Kuje Correctional Centre pending determination of the bail application.
During proceedings on the bail application, the EFCC opposed his release, describing the allegations as offences with international dimensions.
The prosecution also alleged that Osang had access to cryptocurrency assets worth more than US$3 million and argued that his release could create a risk of interference with evidence.
Osang denied possessing cryptocurrency funds worth more than US$3 million and maintained that he had previously complied with the administrative bail granted by the commission.
His lawyers also argued that there was no evidence that he had attempted to abscond or interfere with the investigation while on administrative bail.
Justice Egwuatu ultimately found the circumstances sufficient to justify Osang’s release on bail, subject to the stringent conditions imposed by the court.