Crime
EFCC Presents 11th Witness Against Jesam Ubi In Alleged Investment Fraud
EFCC Presents 11th Witness Against Jesam Ubi In Alleged Investment Fraud
The Economic and Financial Crimes Commission, EFCC has presented the Eleventh Prosecution Witness, PW11, against Jesam Michael Ubi and his Afriq Arbitrage System, AAS, before Justice Obiora Egwuatu of the Federal High Court, Maitama, Abuja.
Ubi and his company are being prosecuted by the Commission on a seven-count charge, bordering on obtaining under false pretence and operating an investment company without a licence.
The witness, Gumbe Baba Ahmed, an Abuja-based physiotherapist, who was led in his testimony by prosecution counsel, Ekele Iheanacho, SAN, told the court that he, his wife and his mother had an investment of over $5, 700 (Five Thousand Seven Hundred Dollars) in Afriq Arbitrage System. He presented three print out images of the investment company’s dashboard to show evidence of their participation in the investment platform. The three print outs were admitted in court as Exhibit T-T20.
He also told the court that he was convinced to invest in the Afriq Arbitrage System by his friend who was also an investor in the platform. He further disclosed that Ubi, the first defendant, assured him and other investors in a Telegram group chat of the investors that their investments could not be hacked and that the platform was directly connected to Binance, which he said was a popular and secure trading platform.
The witness, however, revealed that at a point, he began to notice that he could no longer have access to his profile and the investment platform’s dashboard, to which the first defendant dismissed as a system glitch, informing him that other investors had experienced similar issues and that it will be sorted out.
The witness also stated that with time, the first defendant surprisingly informed the investors that due to the system glitch, Return on Investment, ROI, which was set at 1.65% had been reduced to 0.35% and was even further reduced to 0.065%, yet that he was unable to access his capital and the ROI as promised by the first defendant.
During his cross-examination, defence counsel Uchenna Njoku, SAN sought to know if the witness was aware of the dealings of one Olusesan Abayomi in the investment platform, to which he answered in the negative.
It could be recalled that at the March 3, 2026 proceedings, Mohammed Dauda Ali, a staffer in the Investigation and Enforcement Department of the Securities and Exchange Commission, SEC, told the court that AAS was not registered with SEC and that there was no record of its application in the SEC system for registration to operate as an investment firm.
EFCC
Ali, who appeared before the court as the Tenth Prosecution Witness, PW10, also told the court that the first defendant only applied for assessment in June 2024 but that the assessment could not be carried out because the EFCC had already commenced investigation of AAS for alleged fraudulent activities.
Justice Egwuatu adjourned the matter till April 16 and 17, 2026 for continuation of trial.
Court Jails One Abdulrahman Mallam For False Information In Maiduguri
Justice Aisha Kumaliya of the Borno State High Court sitting in Maiduguri convicted and sentenced one Abdulrahman Mallam to six months imprisonment.
The convict was arraigned on Thursday, April 2, 2026 by the Maiduguri Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on a one -count charge for the offence of giving false information.
The charge read: “That you, Abdulrahman Mallam between the period of 24 October, 2025 to March, 2026 at the Economic and Financial Crimes Commission, 80, Baba Shehu Laminu Street, Maiduguri, within the Jurisdiction of this Honourable Court did make written statements to Alex Mbu Anjor and Sadiq Danjuma Junior, officers of the Economic and Financial Crimes Commission to wit: “I introduced myself to bank fraud section as a civil servant with Ministry of Youth and Sport Poverty Alleviation Borno State…. I was already retired when I stand as surety…” which statement you knew to be false and you thereby committed an offence contrary to section 39(2)(a) of the Economic and Financial Crimes Commission Establishment Act, 2024 and punishable under section 39(2)(b) of the same Act.”
The defendant pleaded “guilty” to the charge when it was read to him. Based on his plea, prosecution counsel, S.O Saka prayed the court to convict and sentence him accordingly. While counsel for the defendant A. B. Dikwa prayed the court to temper justice with mercy as the defendant is remorseful for his action.
Justice Kumaliya thereafter sentenced and convicted him to six months imprisonment with an option of N50, 000 (Fifty Thousand Naira) fine.
His journey to the correctional facility started when he gave false information to stand as a surety at the Economic and Financial Crimes Commission, EFCC, Maiduguri Zonal Directorate, Bank Fraud unit.
In another development, The Maiduguri Zonal Directorate of the Economic and Financial Crimes Commission, EFCC on Thursday, April 2, 2026 arraigned one Ibrahim Mohammed Tungushe before Justice Aisha Kumaliya of the Borno State High Court, Maiduguri.
Count two read: “That you, Ibrahim Mohammed Tungushe on or about November, 2025 in Maiduguri, Borno state within the jurisdiction of this Honourable Court dishonestly misappropriated and converted to your own use the aggregate sum of N 1,250,000.00 ( One Million Two Hundred and Fifty Thousand Naira) only, being proceeds from the sale of 100 cartons of indomie instant noodles, belonging to one Bukar Babakura which you received under the guise that you will supply same to your customers and make payments for it within 24 (twenty four) hours and thereby committed an offence contrary section 296 and punishable under section 297 of the Borno state penal code Law and other matter connected therewith (No. 3 Vol. 48 Law 2923) respectively.”
Jail
The defendant pleaded “not guilty” to the charges prepared against him by the EFCC.
Counsel for the prosecution S.O Saka prayed the court for a trial date and to remand the defendant in prison custody.
Thereafter, Justice Kumaliya adjourned till April 16, 2026 for commencement of trial and remanded the defendant in Maiduguri Maximum Custodial Centre.
His journey to the correctional facility started when he received 00 cartons of indomie instant noodles, belonging to the complainant received under the guise that the same will be supplied to customers and make payments within 24 (twenty four) hours. He neither returned the instant noodles nor the complainant’s money,
Court: Emefiele Violated CBN Act in Naira Redesign Exercise-Witness
Naira redesign. The Seventh Prosecution Witness, PW7, Chinedu Eneanya, in the trial of the former governor of the Central Bank of Nigeria, CBN, Godwin Ifeanyi Emefiele on Wednesday, April 1, 2026, told Justice Maryanne Anineh of the Federal Capital Territory High Court, Maitama, Abuja, that Emefiele violated the provisions of the CBN Act in the 2022 naira redesign exercise.
Emefiele is being prosecuted by the Economic and Financial Crimes Commission, EFCC, on a four-count charge, bordering on the alleged unlawful printing of new naira notes.
Testifying under cross-examination by defence counsel, Olalekan Ojo, SAN, at Wednesday’s proceedings, the witness disclosed that “the investigation conducted by the team showed that the defendant disobeyed the provisions of the CBN Act, 2007. The Central Bank must have board recommendations before the currency is redesigned.”
Further in his testimony, the witness disclosed that Emefiele presented three sample designs of the proposed naira notes in the denominations of N1000, N500 and N200, which were approved by the President.
“The president approved on the 11th page and directed that the design be done locally. However, investigation showed that what was eventually produced was not what was presented to the president,” he said.
The witness also disclosed that the original design of the old naira notes was handled by De La Rue, a UK-based company.
On whether the EFCC invited members of the CBN Board of Directors or its Committee of Governors during the investigation, Eneanya stated that the Commission obtained the statement of the official in charge of the Apex Bank’s Corporate Secretariat.
Earlier in the cross-examination, the witness identified Exhibit N1 to be the statement made by Ahmed Aliyu, Managing Director of the Nigeria Security Printing and Minting Company Limited, NSPMC
When asked if his investigation uncovered any contradiction in the content of Page six of Exhibit N1, the witness stated that the printing of the naira notes had been carried out locally before the investigation commenced. He also confirmed that the Central Bank of Nigeria paid NSPMC for the production of the currency.
Emefiele
Under re-examination, prosecution counsel, Abbas Mohammed, sought clarification on whether the President’s directive related to the design or production of the currency to which the witness stated that the redesign of the naira notes was carried out and given to President Buhari to approve.
“Investigation shows that the design of the currency was already shown to the president and it was approved,” the witness explained.
Justice Anineh thereafter adjourned the matter till May 11, 2026 for continuation of trial.
EFCC Arrests Tiktoker Ekeh For False Information About Commission
False information. Operatives of the Economic and Financial Crimes Commission, EFCC, have arrested Udoma David Ekeh, a Tiktok user, for spreading false information about the Commission and its officers.
Udeh, in December 2025, alerted the public that some operatives of the Ilorin Zonal Directorate of the Commission were kidnapped by bandits while on an assignment in a location in Kwara State.
EFCC Arrests Tiktoker
He also insinuated that the bandits demanded huge ransom from the EFCC before releasing the purported officers. All his claims are fabricated, together with the use of his Tiktok account to incite and misinform the public about the Commission’s relentless efforts in tackling the menace of internet fraud.
Preliminary investigations showed that the suspect is involved in romance scam by using his Facebook account to impersonate a foreigner with the name Garg Carta
He will be charged to court soon
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