Emotional testimonies took centre stage at the Federal High Court in Abuja as victims of the alleged Afriq Arbitrage System (AAS) investment scheme recounted how they lost millions of naira and life savings to the platform.
The witnesses, presented by the Economic and Financial Crimes Commission (EFCC) before Justice Obiora Egwuatu, gave harrowing accounts of financial ruin, broken relationships, and shattered trust in the ongoing trial of Jesam Michael Ubi and his firm, Afriq Arbitrage System.
One of the victims, Okonkwo Leonard Emeka, broke down in court as he described the personal toll of the failed investment.
“I have put in all I have into this and convinced others to invest, and now this is costing me my family. I don’t want the return on investment anymore. I just want my money back so I can take care of my family,” he said.
Another witness, Johnson Veronica, told the court she liquidated assets, including cars, to invest about $80,000 in the scheme, a decision she said has devastated her life.
“Since the day I invested, my life has taken a drastic turn for the worse. I lost my marriage and all my life savings,” she said.
Okoye Eugene, a welder, narrated how he invested over $82,000 for himself and others despite initial doubts, after being reassured that funds were secured in a “liquidity pool.”
“He showed us pictures of his wife, children, and mother on the Telegram group. That gave me confidence to invest,” Eugene told the court.
However, the assurances later gave way to uncertainty when investors were informed of a “system glitch” and a purported $87 million theft by an associate. Victims said they were told the loss affected only interest funds and that capital remained intact, promises that have not been fulfilled.
Another witness, Salihu Ibrahim, alleged that dissenting investors were silenced as the scheme began to collapse.
“When people started demanding their money, they were removed from the Telegram group, threatened, and even arrested,” he claimed.
Civil servant Ayam Sebastian Chinwendu also told the court she took loans to invest over $3,000 in the platform but has not recovered any funds.
Witnesses questioned the credibility of the defendant’s claims, particularly the alleged breach of a supposedly secure system, while also expressing concern over what they described as his continued display of wealth during the crisis.
All witnesses confirmed that the AAS platform is no longer accessible and insisted they do not believe their funds were used for arbitrage trading as claimed.
The EFCC tendered screenshots of investors’ dashboards and related records, which were admitted in evidence by the court.
Justice Egwuatu subsequently adjourned the matter to May 14, 2026, for continuation of trial.
