Alleged crypto, bank fraud lands two defendants in court.

The Economic and Financial Crimes Commission (EFCC) has arraigned two suspects in separate fraud cases involving an alleged N336.

9 million bank fraud and a multi-million-dollar investment scam valued at over AUD$8.4 million and US$3.6 million.
In Abuja, the anti-graft agency arraigned Usie Otukpa Osang before Justice Obiora Egwuatu of the Federal High Court on an eight-count charge bordering on impersonation and obtaining by false pretence.
According to the EFCC, Osang, who allegedly operated under the aliases Oscar Tyler and Ford Thompson, conspired with others still at large between May 2021 and May 2022 to defraud Australian investor Brian Jacques Creigh, Chief Executive Officer of Panacea Capital, of AUD$8,427,330.83 and US$3,639,462.
The Commission alleged that the defendant falsely presented Liquid Assets Group as a licensed online cryptocurrency trading and investment platform capable of delivering substantial returns, thereby deceiving the investor.
The EFCC further alleged that between August and November 2021, Osang fraudulently obtained 19.806 Bitcoin, valued at US$1,079,313, through a Binance wallet linked to the scheme.
The defendant pleaded not guilty to all eight charges.
Following the plea, prosecution counsel Christopher Mshelia asked the court to fix a trial date and remand the defendant in custody, while defence counsel K. I. Shuaibu applied for bail.
Justice Egwuatu adjourned the matter until July 14, 2026, for the hearing of the bail application and ordered that Osang be remanded at the Kuje Correctional Centre.
Meanwhile, in Lagos, the EFCC arraigned Abdulkarim Muhammad Arome and his company, Cresco Oil and Gas Limited, before Justice O. A. Okunuga of the Lagos State High Court in Ikeja over an alleged N336.9 million fraud involving Lotus Bank.
The defendants are facing an amended three-count charge bordering on conspiracy, stealing and retention of proceeds of criminal conduct.
The Commission alleged that Arome, alongside one Peter Daniels Prosper, who is currently at large, conspired to steal funds belonging to Lotus Bank and dishonestly converted the money to personal use between 2022 and 2023.
The defendants pleaded not guilty to the charges.
Following the arraignment, prosecution counsel E. S. Okongwu urged the court to remand the defendants pending trial, while defence counsel informed the court that bail applications would be filed.
Justice Okunuga ordered that the defendants be remanded at the Ikoyi Correctional Centre and adjourned the matter until October 7, 2026, for the commencement of trial.