A fish farmer from Warri, Mr Edafe Imirike, on Friday told the Federal High Court in Abuja that he was misled into investing $10,788.64 in Afriq Arbitrage System (AAS) Ltd, a cryptocurrency platform currently facing fraud charges.
The Economic and Financial Crimes Commission (EFCC) has charged the company and its Chief Executive Officer, Mr Jesam Michael, with multiple offences related to advance fee fraud and money laundering.
While giving evidence before Justice Obiora Egwuatu, Imirike—testifying as the first prosecution witness—stated that he was assured of the safety of his funds before committing to the investment.
“In October 2022, my sister who lives in Canada told me about Afriq Arbitrage System. I joined the Telegram platform owned by the defendant,” he said.
“He showed me Corporate Affairs Commission (CAC) and EFCC certificates to prove the platform was legitimate. I then invested $10,788.64 from my fish farming business.”
Imirike added that he had introduced two of his uncles to the platform as well.
Under cross-examination by defence counsel Uchenna Njoku (SAN), Imirike admitted that he was convinced of the legitimacy of the investment due to the documents presented.
“I invested based on the CAC and EFCC certificates and the assurance that our capital would be secured. I never knew he had the spare key to take the money whenever he wished,” he said.
When asked if his sister and uncles were alive and had authorised him to represent them, Imirike confirmed they were but said he could not recall whether they issued any letter of authority.
Imirike also confirmed that he had received returns on the investment.
“I withdrew a total of $137,” he said, clarifying a discrepancy with his initial petition, which he admitted withdrawing earlier after being promised a refund.
When the defence counsel alleged that Imirike had received returns totalling $11,910, he denied it.
“It was because you realised you have withdrawn more than you invested that you decided to settle with the defendant?” Njoku asked.
“Not correct,” the witness replied.
The defence also claimed the defendant had given Imirike ₦1 million and a 2016 Toyota Corolla in full settlement, but Imirike maintained these were given as compensation, not as a legal settlement.
“I sold the car,” he confirmed.
Njoku further alleged that Imirike’s petition dated 8 May 2025 was prompted by the defendant’s arraignment and a desire to “get a second bite,” a suggestion the witness denied.
Justice Egwuatu adjourned the case to 27 June and 4 July for continuation of trial.
StarReporters recalls that on 10 June, the court ordered Mr Michael’s remand in Kuje Correctional Centre, citing the gravity of the offence and the volume of evidence presented by the EFCC.
The judge noted that the anti-graft agency continues to receive additional petitions and said more than 50,000 investors were allegedly affected by the failed scheme.
The EFCC’s charge, marked FHC/ABJ/CR/134/2025, accuses Michael and AAS Ltd of fraud involving over $844,000, ₦590 million, and an additional $10,000. The commission claims the company collected deposits from the public without legal authorisation, contrary to Section 44(1) of the Banks and Other Financial Institutions Act, 2020.
Friday’s proceedings were reportedly observed by a large crowd of alleged victims.
(NAN)