Emotional accounts dominated proceedings at the Federal High Court in Abuja as alleged victims of the Afriq Arbitrage System (AAS) investment platform testified about losing millions of naira and personal savings. The Economic and Financial Crimes Commission (EFCC) presented the witnesses before Justice Obiora Egwuatu in the ongoing trial of Jesam Michael Ubi and his company.
One of the witnesses, Okonkwo Leonard Emeka, became emotional in court as he described how he lost everything he had invested and even convinced others to participate. He said his greatest concern now was rebuilding his life and supporting his family rather than any expected returns.
Another investor, Johnson Veronica, told the court she sold assets, including vehicles, and invested about $80,000. She testified that the experience led to severe personal consequences, including the breakdown of her marriage and loss of savings.
Okoye Eugene, a welder, explained that he invested over $82,000 for himself and others after being reassured that funds were secured in a liquidity pool. He said confidence in the scheme was boosted by personal images shared by the operator in online groups. However, investors were later told of a system glitch and alleged theft involving $87 million, with assurances that only profits were affected.
Another witness, Salihu Ibrahim, alleged that investors who questioned the situation were removed from communication groups, threatened, or arrested as the platform began to collapse. A civil servant, Ayam Sebastian Chinwendu, also testified that she took loans to invest over $3,000 and has not recovered any funds.
Witnesses expressed doubts about claims that funds were safely managed and questioned inconsistencies in explanations given during the crisis. They also noted that the platform is no longer accessible and disputed claims about how investor funds were used.
The EFCC submitted screenshots and related digital records from investor accounts, which were accepted as evidence. The court adjourned the case to May 14, 2026, for continuation of trial.