Metro

Alleged Fraud: I Was Deceived Into Investing $10,000 – Warri Fish Farmer Tells Court

Published

3 months ago

June 20, 2025

A Warri-based fish farmer, Mr Edafe Imirike, on Friday, told the Federal High Court in Abuja that he was deceived into investing the sum of 10,788 dollars and 64 cents in Afriq Arbitrage System (AAS) Ltd, a cryptocurrency platform.

The company is charged with advance fee fraud by the Economic and Financial Crimes Commission (EFCC).

Imirike, the 1st prosecution witness (PW-1), told Justice Obiora Egwuatu while being led in evidence by the Economic and Financial Crimes Commission (EFCC)’s legal team led by Geraldine Ofulue with Martha Babatunde.

The witness, who identified Mr Jesam Michael, the Chief Executive Officer (CEO) of AAS Limited, in court, said Michael assured him of the safety of his money before investing.

“In 2022, October to be precise, my sister, who resides in Canada, told me about Afriq Arbitrage System (AAS) Limited, and I joined the telegraph platform which was owned by the defendant.

“He told me what to expect.

“He showed me a CAC (Corporate Affairs Commission) document and EFCC certificate to show that the platform was legit.

“I invested the sum of 10,778 U.S. dollars and 64 cents from my fish farming,” he said.

He said he also invited two of his uncles onto the platform.

During cross-examination by the defence lawyer, Uchenna Njoku, SAN, the witness admitted that he invested his money because he was convinced that the investment was genuine.

“You will not have invested if you believe it was a crime?” the lawyer asked.

“I invested based on the CAC and the EFCC certificates and that the platform was genuine.

“That our capital will be secured. I never knew he had the spare key to take the money whenever he wished,” he responded.

When asked if his uncles and sister were still alive, the witness responded in the affirmative.

“Did any one of them give you a letter of authority to represent them?” Njoku asked.

“I manage the account. I can’t remember if they gave me a letter,” he responded.

When asked if he had received returns on his investment, he responded in the affirmative.

“Just as you receive returns on the investment in your name, so your uncle and others did,” the lawyer asked, and Imirike said, “We received.”

The witness said he indicated in his extrajudicial statement the returns on his investment.

“I withdrew a total of 137 dollars,” he said.

He agreed that he withdrew his first petition against the company at the police station, but based on the assurance that he would get his invested money back.

When the lawyer put it to the witness that he wrote at the police station that he invested the sum of 10,788 U.S. dollars and 74 cents, Imirike said it was incorrect.

When Njoku also confronted Imirike with a question that he collected the returns of 11,910.00 U.S. dollars, the witness said it was not correct.

“It was because you realised you had withdrawn more than you invested that you decided to settle with the defendant?” the lawyer asked.

“Not correct,” the witness said.

“In full and final settlement of all your interests, the defendant undertook to give you the total sum of N1 million and a 2016 Toyota Corolla, and he did,” the lawyer said.

“Not correct,” the witness responded.

Imirike, however, said that the N1 million and the car given to him were not for settlement but for compensation.

He said he had sold the car.

“I suggest to you that the only reason you filed your petition on May 8, 2025, was because you heard the defendant had been arraigned in court and you felt you could get a second bite,” the lawyer said, but the witness said it was not correct.

Justice Egwuatu adjourned the matter until June 27 and July 4 for the continuation of the trial.

The News Agency of Nigeria (NAN) reports that Justice Egwuatu had, on June 10, ordered the remand of Mr Michael in Kuje Correctional Centre over alleged investment fraud.

The judge, in a ruling in Michael’s bail application shortly after he was arraigned by the EFCC, refused his bail plea on the grounds of the gravity of the offence and the weight of evidence against him.

Justice Egwuatu agreed with the argument of the EFCC’s lawyer, Babatunde, that despite the instant charge, more petitions were still being received by the commission and other security agencies from victims of the Ponzi scheme of the defendant.

The judge observed that the anti-graft agency, in its argument, also submitted that its further investigation had revealed that there were over 50,000 investors in Michael’s failed investment scheme.

He also held that the victims were aggrieved and it would be in his own safety to remain in government custody pending the conclusion of the trial.

The judge, however, ordered an accelerated hearing of the trial.

NAN reports that the EFCC had, in the charge marked FHC/ABJ/CR/134/2025, dragged Michael and his company, a cryptocurrency trading platform, to court as 1st and 2nd defendants.

The commission, in the seven-count charge bordering on money laundering and advance fee fraud, among others, accused Michael of investment fraud involving 844,416.36 U.S. dollars, N590 million and another 10,000 U.S. dollars.

The EFCC alleged that Michael and his company, between September 2022 and June 2023 in Abuja, 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.

This, according to the commission, is in contravention of Section 44(1) of the Banks and Other Financial Institutions Act, 2020, and is punishable under the same Act.

NAN observes that at Friday’s sitting, a crowd of victims stormed the court to observe proceedings.
(NAN)

Metro

Lagos Man Shot Dead After Fight In Nightclub

Published

1 day ago

October 2, 2025

Editor

There was panic on Friday after a man, identified simply as Alex, was shot by suspected gunmen at Iyana Isashi in the Ojo Local Government Area of Lagos State.

It was learnt that the incident occurred at about 8 pm.

A resident in the community who requested not to be mentioned due to the nature of the incident had told The PUNCH that the deceased was on his way to meet a friend when two men on a bike accosted him.

One of them was, however, said to have pulled out a gun in the process and shot him at close range.

The source said, “Alex stays at Cele Niza here in Iyana Isashi. He had just come back from his place of work when he stepped out again, probably to meet a friend. He was on his way when some men on a bike stopped him on the way and shot him. It was the sound of the gunshot that attracted people around, who rushed to the spot and found him lying in a pool of blood. The gunmen were also seen trying to escape from the area while still on the bike.”

According to the source, Alex was immediately rushed to the hospital, where he was being attended to.

Giving an update on the incident on Wednesday, the source confirmed to that the victim succumbed to the gunshot injuries earlier in the day.

“We lost him this morning. He had been in a coma since that Friday, and doctors tried all they could to save him, but he did not make it,” the source disclosed.

Metro

Gunmen Invade Ex-Ogun LG Chairman’s Residence

Published

1 day ago

October 2, 2025

Editor

An armed gang on Thursday morning invaded the residence of former Ijebu-Ode Local Government Chairman, Alhaji Emilola Gazal, carting away valuables, cash, and his vehicle.

Gazal, who is also the publisher of The Roots Magazine, confirmed the incident in a telephone interview.

“The three armed men broke into my residence at Ijebu-Ode GRA at about 2 a.m. They collected all the cash with me after which they forced me to open my bank apps on my phone and transfer everything there to an account they provided. They left only N5,000 in my account.

“They also made away with my wife’s trinkets and with my ash-colour car. They actually told me they would be going away with my car. I am just going to report the incident to the police at Igbeba and Obalende, Ijebu-Ode”, Gazal told our correspondent.

According to The PUNCH, that this incident comes amid a spate of violent robberies and home invasions reported across Ogun State, particularly in the Ijebu area.

For example, earlier this year, the Ogun State Police Command killed a suspected armed robber in a gun duel along the Sagamu–Ijebu Ode Expressway.

The command, on September 12, 2025, also recently arrested a man linked to a burglary and armed robbery in Ayetoro, amounting to about N1.5 million in stolen goods.

Meanwhile, the regional security network, Amotekun Corps, has in past operations engaged criminal gangs in shootouts, neutralising suspects in Ogun’s border zones.

Details later…

Metro

Edo Police Kill Two Suspected Kidnappers In Gun Duel

Published

2 days ago

October 1, 2025

Editor

Operatives of the Edo State Police Command neutralised two suspected kidnappers in a gun duel in Ubiaja, Esan South East Local Government Area on September 30.

The command’s spokesperson, Moses Yamu, confirmed this on Wednesday in a statement made available to newsmen in Benin.

According to Yamu, other suspects escaped with varying degrees of injury in the course of the gun battle, while guns and mobile phones were recovered from the scene.

He said, “On 30th September, 2025 at about 09:50hrs, acting on credible intelligence, operatives of the Amedokhian Tactical Division, in synergy with local Hunters and the Vigilante group, led by SP Peter Ogah, embarked on a bush combing operation along the railway track leading to Ubiaja in Esan South East Local Government Area.

“During the operation, the team encountered a gang of suspected kidnappers who opened fire on the operatives. In the ensuing gun duel, two of the suspects were neutralised, while others escaped with varying degrees of injuries.

“One AK-47 rifle with breech number 4148, 33 rounds of live ammunition, and two mobile phones were recovered at the scene. The neutralised suspects were immediately taken to the hospital where they were confirmed dead.”

The command’s imagemaker also disclosed that on the same date, operatives of the same Tactical Division recovered an English-made double-barreled shotgun with breech number 03273286 and two live cartridges in the forest around Idumogun community in Ukoni area of Esan South East LGA during a bush combing operation.

He said the Commissioner of Police, Monday Agbonika, commended the gallantry of the operatives, hunters, and vigilante groups for their swift response and synergy in combating crime.

Agbonika assured members of the public that the Command remains resolute in its commitment to rid the State of criminal elements.

He urged members of the public to support the command’s Community Safety Partnership initiative and informal policing efforts in ensuring a safer Edo State.