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An Abuja Federal High Court on Wednesday, August 26, 2026, granted N500 million bail to Usie Otukpa Osang, who is facing an alleged crypto fraud prosecution by Nigeria’s Economic and Financial Crimes Commission (EFCC) involving AUD$8.43 million and US$3.64 million.
Justice Obiora Egwuatu approved the bail application after considering arguments from both sides, with the defendant required to provide two sureties in like sum.
The case, which centres on allegations of impersonation and obtaining by false pretence, dates back to transactions the EFCC says occurred between May 2021 and May 2022 in Abuja.
Osang, who was arraigned on an eight-count charge on June 29, 2026, pleaded not guilty to the allegations. His legal team subsequently sought bail, arguing that the offences were bailable and that he had previously complied with conditions imposed when the EFCC granted him administrative bail during its investigation.
The ruling provides a significant development in the crypto fraud case, but it does not determine Osang’s guilt or innocence. The substantive trial is scheduled to begin on September 5.
In granting bail, Justice Egwuatu considered several factors relevant to determining whether a defendant should remain in custody pending trial.
The court considered the nature of the alleged offences, the defendant’s criminal record and the possibility that he could evade trial. The judge also referred to provisions of the Administration of Criminal Justice Act governing bail.
Justice Egwuatu noted that a person arrested or detained is generally entitled to bail unless sufficient grounds exist to oppose the application.
A significant consideration was Osang’s conduct while previously on administrative bail from the EFCC. According to the court, the defendant had deposited his international passport with the commission and had not breached the conditions imposed on him.
The judge observed that “the prosecution did not deny the fact” that the applicant had not breached the terms of the administrative bail granted by the EFCC.
Justice Obiora Egwuatu, Federal High Court, Abuja
The court also considered the defendant’s claim that he no longer had access to his cryptocurrency account. According to the ruling, the EFCC did not successfully contradict that claim during the bail proceedings.
The judge said the applicant’s assertion that he no longer had access to his cryptocurrency account was a fact that “was not controverted by the EFCC.”
Justice Obiora Egwuatu, Federal High Court, Abuja
The court consequently granted Osang bail in the sum of N500 million, subject to stringent conditions designed to ensure that he remains available for trial.
The EFCC opposed the bail application, arguing that the allegations against Osang were more serious than ordinary criminal offences because of their international dimensions.
During the proceedings, the commission also alleged that Osang was in possession of more than US$3 million and argued that his release could potentially jeopardise evidence relevant to the case.
The EFCC described the alleged offences as “not ordinary offences” but said they have international dimensions.
Economic and Financial Crimes Commission (EFCC)
Osang, however, denied having cryptocurrency funds worth more than US$3 million. His legal team also maintained that the offences were bailable and pointed to his previous compliance with the conditions of his administrative bail.
The conflicting positions put the court in the position of balancing the seriousness of the allegations against the constitutional and statutory principles governing pre-trial detention.
For the defendant, the bail ruling means he can remain out of custody while the prosecution proceeds, provided he meets the conditions imposed by the court.
For the EFCC, the decision does not prevent the commission from pursuing the underlying allegations at trial.
The development is another example of how an alleged crypto fraud investigation can intersect with conventional criminal law, particularly where digital assets, investment representations and alleged financial losses involving foreign parties are concerned.
The allegations against Osang are tied to a purported cryptocurrency investment platform identified in the charge as Liquid Assets Group.
According to the EFCC’s case, Osang, also known by the aliases Oscar Tyler and Ford Thompson, allegedly conspired with others who remain at large to obtain AUD$8,427,330.83 from Brian Jacques Creigh, an Australian citizen and chief executive of investment firm Panacea Capital.
The commission alleges that the money was obtained under the false pretence that Liquid Assets Group was a licensed online cryptocurrency trading and investment platform capable of offering significant returns on investments.
The allegation forms part of the wider crypto fraud case brought under Nigeria’s Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
The EFCC accused Osang of contravening Section 1(1) of the Act, with the alleged conduct also linked to provisions covering obtaining money by false pretence.
The charges remain allegations. Osang has pleaded not guilty, meaning the prosecution must establish its case in court before any criminal liability can be determined.
The scale of the alleged transaction, however, places the case among the more significant cryptocurrency-related prosecutions being pursued by Nigerian authorities, particularly because the alleged victim is an Australian citizen and the disputed transaction involves millions of dollars.
The case comes against a backdrop of increased scrutiny of cryptocurrency transactions and digital-asset activity in Nigeria.
The EFCC has pursued several cases involving alleged cryptocurrency fraud, money laundering and financial crimes, while Nigerian regulators have also taken steps to bring aspects of the digital-asset sector within formal regulatory frameworks.
In 2024, the Federal High Court lifted a freezing order affecting six bank accounts that had been linked to cryptocurrency exchanges involving the naira and other currencies. The accounts had previously attracted regulatory and law-enforcement attention over allegations that the transactions were detrimental to Nigeria’s financial system.
The country’s National Security Adviser had also classified crypto trading as a national security issue, contributing to heightened scrutiny of digital-asset transactions.
Against that background, the Osang proceedings illustrate the legal complications that can arise when alleged crypto fraud involves investment claims, foreign parties, cryptocurrency accounts and large-value transactions.
The case also demonstrates the distinction between an allegation and a conviction. While the EFCC has presented allegations involving millions of dollars, the court’s latest decision concerns only whether the defendant should remain in custody pending trial.
Osang must now meet the N500 million bail conditions. One of the two sureties must own property in Abuja with a value corresponding to the bail amount. The second surety must be a civil servant not below Level 15, while both sureties are required to provide evidence of tax payments.
The defendant must also deposit his international passport with the court registrar.
The court adjourned the matter until September 5, 2026, when the trial is expected to proceed.
Until the prosecution establishes its allegations in court, Osang remains presumed innocent.
The N500 million bail ruling therefore marks a procedural development not the conclusion of the crypto fraud case.
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