An Anambra investor, Eugene O. Chukwubunna, on Thursday alleged that he invested $82,000 in the cryptocurrency trading platform, Afriq Arbitrage System (AAS), and has been unable to withdraw the funds from the “crashed” dashboard since 2023.
He gave this testimony as a witness for the Economic and Financial Crimes Commission (EFCC) before Justice Obiora Egwatu of the Federal High Court, Abuja.
He is one of the prosecution witnesses in the ongoing trial of Jesam Michael, CEO of Afriq Arbitrage System (AAS), in an alleged investment fraud case involving $844,416.36, $10,000, and N590 million.
At the resumed proceedings on Thursday, EFCC counsel, Emeka Iheanacho (SAN), led NAIJAONPOINT in his examination-in-chief.
According to NAIJAONPOINT , he was invited by the CEO in 2022 to invest in the AAS platform.
He claimed that, on behalf of other investors, he invested a “total of $82,000” on the platform following the CEO’s assurance of a return on investment (ROI).
He further alleged that he later learned from a Telegram channel created by AAS that a “certain Abayomi” withdrew $72 million from the platform.
He told the court that following this development, Michael presented purported documents from the Securities and Exchange Commission (SEC) and the EFCC, assuring investors that “our money is safe.”
NAIJAONPOINT alleged that after the Abayomi incident, he observed that his $82,000 balance on the dashboard had reduced to $72,000, with the CEO later claiming that Abayomi had wiped out the funds.
According to him, when he complained to one of the AAS staff members, he was called an “ingrate.”
NAIJAONPOINT stated that the CEO told him his investment was used for crypto arbitrage.
Through the prosecution counsel, NAIJAONPOINT tendered screenshots of transactions he made on the AAS platform.
The exhibits were admitted in court, while the defence team reserved its objections for a later stage.
During cross-examination, NAIJAONPOINT confirmed that he went through the registration process using email addresses and was registered alongside 11 others.
He insisted that none of them had received any return on investment.
NAIJAONPOINT also confirmed that he was part of a Telegram group where it was announced that the police had arrested Abayomi and recovered properties, land, and cars worth billions of naira.
He stated that he did not believe the report and that he took screenshots of his transactions on the dashboard in 2023, during which period the system crashed.
Naijaonpoint gathered that four other witnesses testified, bringing the total number of witnesses to 16 as of Thursday.
Naijaonpoint previously reported that on June 10, 2025, the court remanded Jesam Michael at a correctional centre over the alleged investment fraud case, following the EFCC’s charges.
The remand order was granted after Michael’s bail was again denied, following the reading of a seven-count charge before Justice Obiora Egwatu of the Federal High Court, Abuja.
The EFCC accused Michael and his company of engaging in specialised financial services, including investment management, without a valid licence.
According to the EFCC, between September 2022 and June 2023, Michael and his company, while not being a bank or an authorised entity to take deposits, invited the public—through advertisements—to deposit funds with Afriq Arbitrage System Limited.
The Commission stated that this contravenes Section 44(1) of the Banks and Other Financial Institutions Act, 2020, and is punishable under the same Act.
The defendant denied the allegations, paving the way for trial.
In a previous ruling, the judge observed that about 50,000 victims were affected by the alleged fraud allegations and emphasised the need for a speedy trial.
