EFCC drags suspected crypto fraudster to court over alleged AUD$8.4m, US$3.6m scam

The Economic and Financial Crimes Commission (EFCC) has arraigned a suspected cryptocurrency fraudster, Usie Otukpa Osang, before Obiora Egwuatu, Justice of the Federal High Court in Abuja, over an alleged investment scam involving AUD$8.43 million and US$3.64 million, accusing him of deceiving an Australian investor through a fake online cryptocurrency trading platform that promised unrealistic returns.

The Commission alleged that Osang, who was also identified by the aliases Oscar Tyler and Ford Thompson, fraudulently obtained AUD$8.43 million and US$3.64 million from an Australian investor through a fake cryptocurrency investment platform.

According to the EFCC, the alleged offences occurred between May 2021 and May 2022 when Osang and others still at large reportedly convinced Brian Jacques Creigh, an Australian citizen and Chief Executive Officer of investment firm Panacea Capital, to invest in what they falsely presented as Liquid Assets Group, a licensed online cryptocurrency trading and investment platform promising substantial returns.

The anti-graft agency further alleged that the defendant obtained 19.806 Bitcoin, valued at about US$1.08 million at the time, through a Binance wallet as part of the fraudulent scheme.

Osang pleaded not guilty to all eight charges.

Following his plea, Christopher Mshelia, prosecution counsel, asked the court to fix a trial date and remand the defendant, while defence counsel K.I. Shuaibu sought his bail.

Egwuatu adjourned the matter until July 14, 2026, for the hearing of the bail application and ordered that Osang be remanded at the Kuje Correctional Centre.

In a separate development in Lagos, Ismail Ijelu, Justice of the Lagos State High Court, admitted additional documentary evidence in the long-running trial of Nadabo Energy Limited and its Managing Director, Abubakar Ali Peters, who are facing a 27-count charge over an alleged N1.46 billion petroleum subsidy fraud.

The defendants are accused of using forged documents to obtain N1,464,961,978.24 from the Federal Government under the Petroleum Support Fund (PSF).

According to the EFCC, the defendants falsely claimed subsidy payments for nearly 19.5 million litres of Premium Motor Spirit (PMS), whereas investigations allegedly showed that only about 6.5 million litres were imported.

They are also accused of forging marine insurance documents to facilitate the subsidy claims.

Adaobi Amanda Obiakor, the third prosecution witness, an EFCC investigator, told the court that the investigation began after petitions were received in January 2012 from the then minister of petroleum resources and civil society organisations alleging widespread fraud in the fuel subsidy regime.

She testified that the Commission obtained documents from the Petroleum Products Pricing Regulatory Agency (PPPRA), Enterprise Bank, Sky Bank (now Polaris Bank), Petrocam Trading, and the Corporate Affairs Commission as part of its investigation.

The prosecution tendered petitions, banking records, shipping documents, certified company records, correspondence with government agencies, and an email sent to former EFCC Chairman Abdulrasheed Bawa during the investigation.

Although Paul Daodu, defence counsel, objected to the admissibility of the email on grounds that it failed to meet the requirements of the Evidence Act for electronic evidence, Ijelu overruled the objection and admitted it alongside other exhibits.

During cross-examination, Obiakor acknowledged that her name did not appear on the investigation report admitted before the court but maintained that she was part of the investigative team.

She also confirmed that she did not prepare or sign some of the documentary exhibits presented during the trial.

The court adjourned the matter until October 12 and 13, 2026, for the continuation of the trial.

Also in Lagos, the EFCC arraigned Abdulkarim Muhammad Arome and his company, Cresco Oil and Gas Limited, before O.A. Okunuga, Justice of the Lagos State High Court, over an alleged N336.99 million fraud involving Lotus Bank.

The defendants are facing an amended three-count charge bordering on conspiracy, stealing and retention of proceeds of criminal conduct.

According to the EFCC, Arome, the company and another suspect currently at large allegedly conspired to steal funds belonging to Lotus Bank and dishonestly converted N336,993,863.35 between 2022 and 2023.

The defendants pleaded not guilty to all charges.

Following the arraignment, prosecuting counsel E.S. Okongwu requested a trial date and urged the court to remand the defendants pending trial, while the defence indicated its intention to file bail applications.

Okunuga ordered that the defendants be remanded at the Ikoyi Correctional Centre and adjourned the case until October 7, 2026, for the commencement of trial.