A man named Imirike has told the Federal High Court in Abuja that he was misled into investing $10,788.64 in Afriq Arbitrage System (AAS) Limited, a cryptocurrency trading platform currently facing charges of advance fee fraud brought by the Economic and Financial Crimes Commission (EFCC).
Testifying as the first prosecution witness (PW-1) before Justice Obiora Egwuatu, Imirike said he was introduced to the platform in October 2022 by his sister, who lives in Canada. He claimed he joined the Telegram group run by the CEO of the company, Mr. Jesam Michael, who gave assurances regarding the safety and legitimacy of the investment.
“He showed me documents from the Corporate Affairs Commission (CAC) and a certificate from the EFCC to convince me the platform was genuine,” Imirike said while being led in evidence by EFCC counsel Geraldine Ofulue and Martha Babatunde. “I invested the sum of $10,788.64 from my fish farming business.”
He added that he also introduced two of his uncles to the platform.
During cross-examination, defence counsel Uchenna Njoku (SAN) questioned Imirike about his motivations, asking whether he would have invested had he known the operation was fraudulent. Imirike responded that he was convinced the platform was legitimate due to the official documents presented by the defendant.
Njoku challenged the accuracy of Imirike’s stated investment amount and returns. He claimed that Imirike’s police statement indicated a $10,788.74 investment — a 10-cent discrepancy — and alleged that the witness received $11,910 in returns, more than he initially invested. Imirike denied this, saying he only withdrew a total of $137 and that the police statement figure was incorrect.
The defence further accused Imirike of having initially withdrawn his complaint at the police station after being promised a refund, which the witness acknowledged. However, he denied settling the matter in full or receiving more than he invested.
Njoku also alleged that in exchange for dropping the matter, Imirike was given N1 million and a 2016 Toyota Corolla. Imirike rejected the claim, stating that the money and car were compensation, not part of a settlement. He admitted he later sold the car.
When pressed on whether his renewed petition filed on May 8, 2025, was motivated by news that Michael had been arraigned in court, Imirike denied the suggestion.
Justice Egwuatu subsequently adjourned the trial to June 27 and July 4, 2025, for continuation.
Earlier on June 10, the court had ordered the remand of Jesam Michael in Kuje Correctional Centre after rejecting his bail application. The judge cited the gravity of the charges and evidence presented by the EFCC, including reports of over 50,000 victims affected by the alleged Ponzi scheme.
The EFCC has charged Michael and his company in suit number FHC/ABJ/CR/134/2025 with seven counts, including money laundering and advance fee fraud. The total value of the alleged fraud includes $844,416.36, N590 million, and an additional $10,000.
The commission accused the defendants of inviting the public to deposit money with AAS Limited, despite not being a licensed financial institution — a violation of Section 44(1) of the Banks and Other Financial Institutions Act, 2020.
The courtroom was packed with numerous victims of the alleged scheme, who came to witness Friday’s proceedings.
