A Warri-based fish farmer, Mr. Edafe Imirike, on Friday told the Federal High Court in Abuja that he was misled into investing $10,788.64 in Afriq Arbitrage System (AAS) Limited, a cryptocurrency platform now at the center of a major fraud trial.

 

Imirike appeared as the first prosecution witness (PW-1) in the case brought by the Economic and Financial Crimes Commission (EFCC) against the company’s CEO, Mr. Jesam Michael, who is facing charges of advance fee fraud and money laundering.

 

Led in evidence by EFCC counsel Geraldine Ofulue and Martha Babatunde, Imirike said he joined the platform in October 2022 after being introduced by his sister in Canada. He said Michael, who he identified in court, convinced him the platform was legitimate, displaying Corporate Affairs Commission (CAC) documents and an EFCC certificate.

 

“I invested the sum of $10,788.64 from my fish farming,” Imirike said, adding that he also invited two uncles to the scheme.

 

 

 

During cross-examination, defence counsel Uchenna Njoku, SAN, argued that Imirike had received returns from the investment and may have been compensated with a Toyota Corolla (2016 model) and ₦1 million, suggesting the case was filed after he realized the CEO had been arraigned. Imirike denied those claims.

 

He admitted to receiving some returns totaling $137, and acknowledged withdrawing an earlier police petition after being promised repayment. However, he insisted the money and car were compensation, not part of any formal settlement.

 

Justice Obiora Egwuatu adjourned the case to June 27 and July 4 for continuation of trial.

 

Earlier this month, the court remanded Jesam Michael in Kuje Correctional Centre, citing the seriousness of the allegations and the volume of petitions still pouring in. The EFCC said its investigation revealed over 50,000 investors were affected, with losses amounting to $844,416.36, ₦590 million, and $10,000 more.

 

Michael and his company are facing a seven-count charge under FHC/ABJ/CR/134/2025, which accuses them of operating a deposit scheme without proper licensing, in violation of the Banks and Other Financial Institutions Act, 2020.

 

At Friday’s session, the courtroom was packed with aggrieved investors seeking justice.