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EFCC Presents 11th Witness Against Jesam Ubi In Alleged Investment Fraud

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EFCC Arraigns Gidado Ibrahim

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 Arraigns Gidado Ibrahim

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.

Crime

Navy Dismantles Illegal Refining Capacity, Destroys Site With 3 Storage Tanks in Rivers

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Troops Destroy 56 Illegal Refining Sites

Navy Dismantles Illegal Refining Capacity, Destroys Site With 3 Storage Tanks in Rivers

The Nigerian Navy, through FOB BONNY, has dismantled an illegal refining site discovered in Promise Land Community along Nanabie Creek, Bonny Local Government Area of Rivers State, further denying criminal operators the infrastructure required to process stolen crude oil.
Eereporter.com

The site was discovered on 30 September 2026 following credible intelligence and comprised one large cooking pot and 3 large storage tanks intended for illegal refining activities. On 2 October 2026, the Commanding Officer, FOB BONNY, Captain SMC Umeh, led a team to the location, where the illegal refining site and associated equipment were destroyed in accordance with established regulations.

The intervention represents a further disruption of illegal refining capacity within the Bonny area, particularly by removing infrastructure that could be used to process and store stolen crude oil. It also follows recent operations by FOB BONNY under Operation DELTA SENTINEL that uncovered substantial volumes of suspected stolen crude oil and associated illegal refining infrastructure within its Area of Operations

Troops Destroy 56 Illegal Refining Sites

Oil

The Nigerian Navy has continued to strengthen surveillance and monitoring across the area to prevent the establishment or reactivation of illegal refining sites and deny criminal operators the infrastructure required to sustain crude oil theft and related activities.

ABIODUN FOLORUNSHO

Navy Captain

Director Naval Information

Nigerian Navy
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Crime

Nigerian Police Foil Bandit Attack in Sokoto, Recover Rocket Launchers

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Police

Nigerian Police Foil Bandit Attack in Sokoto, Recover Rocket Launchers

The Sokoto State Police Command has foiled an attempted bandit attack on Tsabre community in Isa Local Government Area, recovering two rocket launchers and other items abandoned by the fleeing attackers.
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The incident occurred around 1am on Friday when the armed men reportedly invaded the village and opened sporadic gunfire, causing panic among residents.

The Police Public Relations Officer, Ahmad Rufa’i, disclosed this in a statement issued on Friday.

He said the Divisional Police Officer in Isa, upon receiving a distress call, immediately mobilised tactical teams, including operatives of the Anti-Kidnapping Unit and Violent Crime Response Unit, to confront the attackers.

According to him, the police engaged the bandits in a gun battle, forcing them to retreat into a nearby forest.

“The tactical teams engaged the hoodlums in a fierce gun duel that lasted for some time. Due to the superior firepower and tactical positioning of the police operatives, the bandits were overpowered and forced to escape into the nearby forest with their casualties,” Rufa’i said.

He added that the police subsequently combed the surrounding bushes and recovered two rocket launchers and two empty AK-47 magazines.

Other items recovered included a Techno keypad phone without a battery, a touch light, an Army jungle hat, a sweater cap, five pairs of sandals and a rain jacket.

The Commissioner of Police, Hayatu Shaffa, commended the officers for their swift response and courage during the operation.

Shaffa reaffirmed the command’s commitment to protecting lives and property across the state.

Police

Police

He also urged residents to remain vigilant and promptly report suspicious persons and activities to the police.

The CP further appealed to residents to report anyone with suspected gunshot wounds seeking medical attention to the nearest police station, as efforts continue to track the fleeing attackers.
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Navy Rescues 2 Kidnapped Victims, Recovers Stolen Outboard Engines in Akwa Ibom

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Navy

Navy Rescues 2 Kidnapped Victims, Recovers Stolen Outboard Engines in Akwa Ibom

The Nigerian Navy has rescued 2 kidnapped victims and recovered several stolen outboard engines during an operation against sea robbery and kidnapping in the Ibeno general area of Akwa Ibom State on 30 September 2026.
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The operation followed credible information on the activities of suspected sea robbers and kidnappers targeting fishermen and forcibly taking away fishing boats and outboard engines. In response, the Nigerian Navy Ship JUBILEE Maritime Quick Response Team, Ibeno, swiftly mobilised to the area to counter the threat.

During the operation, the naval team encountered 2 boats suspected to be operated by the criminals, prompting the occupants to flee into adjoining creeks. In the ensuing pursuit, the suspects abandoned one of the boats containing several stolen outboard engines and the 2 kidnapped victims, who were immediately rescued by the naval team and escorted to safety. The recovered outboard engines were secured for verification and further necessary action, while efforts are ongoing to locate and apprehend the fleeing suspects.

The successful operation underscores the Nigerian Navy’s sustained commitment to Search and Rescue (SAR), the protection of lives and the security of legitimate maritime activities across Nigeria’s waters. Through its network of ships, bases, surveillance systems, maritime quick response teams and other operational elements, the Nigerian Navy continues to maintain a presence across the maritime domain, enabling timely responses to distress situations and emerging security threats.

Navy

Navy

The operation also demonstrates the importance of credible intelligence and community support in enhancing maritime security. The Nigerian Navy therefore encourages coastal communities, fishermen and other maritime stakeholders to continue providing timely information that could assist in preventing criminal activities and responding rapidly to persons in distress.

The Nigerian Navy remains resolute in safeguarding Nigeria’s maritime domain and will continue to sustain proactive patrols, Search and Rescue operations, and intelligence-driven interventions aimed at protecting lives and property while denying criminal elements freedom of action in the nation’s waterways.
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