Nigerian Court Grants $371K Bail in Alleged Crypto Investment Fraud

Nigeria’s Federal High Court in Abuja has granted ₦500 million ($371,733) bail to Usie Otukpa Osang, who faces an alleged crypto investment fraud case involving AUD$8.42 million and US$3.64 million.

According to a local report, Justice Obiora Egwuatu granted bail on Wednesday, after reviewing the documents presented by Osang’s lawyers. 

The bail comes with strict conditions. Osang must provide two sureties, each standing for ₦500 million ($371,733). One surety must own property in Abuja worth at least the bail amount, while the other must be a civil servant at Level 15 or above. Both sureties must also show proof that they have paid their taxes. 

Osang must surrender his international passport to the court registrar. The court scheduled the trial to continue on September 5, 2026.

The bail does not resolve the case. Osang will remain free subject to the court’s conditions while the allegations are heard. The Economic and Financial Crimes Commission (EFCC) had opposed the bail request.

Why the court granted bail

Justice Egwuatu said a court must consider factors including the nature of the alleged offense, the defendant’s criminal record and the risk of the defendant failing to appear for trial.

The judge also considered Osang’s previous dealings with the EFCC. During its investigation, the commission had granted him administrative bail. Osang had surrendered his international passport to the commission and, according to the court, did not break the conditions of that earlier bail. The prosecution did not dispute that record, the judge said.

The court also considered Osang’s claim that he no longer had access to his cryptocurrency account. The EFCC did not challenge that claim, according to the report.

EFCC opposed the bail request

The EFCC opposed the bail application, arguing that the case was not an ordinary fraud matter because of its international elements.

The commission also argued that Osang could put evidence at risk if released and accused him of having more than US$3 million in cryptocurrency. Osang denied having crypto funds worth more than US$3 million. 

Osang was first arraigned by the EFCC on June 29, 2026. He was brought before Justice Egwuatu on an eight-count charge involving alleged impersonation and obtaining money by false pretence. Osang denied the allegations and applied for bail.

The case centers on an alleged investment scheme called Liquid Assets Group. The EFCC alleges Osang used the names “Oscar Tyler” and “Ford Thompson” and worked with other people who are still at large.

What the EFCC alleges

According to the commission, the alleged scheme ran between May 2021 and May 2022. During that period, Osang allegedly obtained AUD$8,427,330.83 from Brian Jacques Creigh, an Australian citizen and chief executive officer of investment firm Panacea Capital.

The EFCC alleges that Osang presented Liquid Assets Group as a licensed cryptocurrency trading and investment platform. Investors were allegedly promised strong returns on their money. The commission said the representation was false.

The EFCC also alleged that Osang received 19.806 Bitcoin through a Binance wallet between August 14 and November 23, 2021. The Bitcoin was valued at about US$1.08 million, according to the charge. The allegations have not been proven in court.

Nigeria takes a closer look at crypto

The case comes as Nigerian authorities continue to pay closer attention to cryptocurrency and the way digital assets move through the financial system. 

In January, the EFCC linked some banks, fintech companies and microfinance banks to the movement of ₦162 billion in cryptocurrency transactions and alleged fraud proceeds of ₦18.7 billion that moved without adequate customer checks. 

Nigeria has also moved to bring cryptocurrency into its formal tax system. In early August, the Nigeria Revenue Service released new guidelines covering the taxation of virtual assets. The rules apply to crypto businesses, virtual asset service providers, peer-to-peer platforms, and others involved in digital-asset activities. 

The Central Bank of Nigeria has also issued guidelines for bank accounts operated by virtual-asset service providers while emphasizing the need to manage risks to the financial system.

Trial remains pending

Osang’s lawyers maintain that the offenses are bailable and that he complied with his earlier administrative bail. The court’s decision allows him to remain free under the specified conditions while the criminal proceedings continue.

The allegations against Osang remain unresolved, and he has not been convicted. The trial is scheduled to continue on September 5, 2026.

Also Read: India Arrests 13 Over Fake Apple Support Crypto Scam