Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
The Federal High Court in Abuja has granted bail to Usie Otukpa Osang, who is facing an eight-count charge from the Economic and Financial Crimes Commission over an alleged cryptocurrency fraud scheme involving millions of dollars in Australian and US currencies.
Justice Obiora Egwuatu granted the N500 million bail on Wednesday, August 26, 2026, after ruling that Osang had presented sufficient documents to warrant bail. In his ruling, the judge said the EFCC itself had previously granted Osang administrative bail during its investigation, and that he had surrendered his international passport to the commission without violating the terms of that bail. The judge also noted that the EFCC did not dispute Osang's claim that he no longer had access to his cryptocurrency account.
The bail conditions are strict. Osang must produce two sureties, each standing in the sum of N500 million. One surety must own a property in Abuja worth at least the bail amount. The other must be a civil servant not below Grade Level 15. Both sureties must provide evidence of tax payments. Osang must also surrender his international passport to the court registrar.
The EFCC had opposed the bail application, arguing that the case involves international elements and that Osang could tamper with evidence or flee. The commission had earlier alleged that Osang still had access to over US$3 million in cryptocurrency, but Osang denied this claim. The judge rejected the EFCC's arguments, saying there was no evidence that Osang would jump bail.
Osang was first arraigned on June 29, 2026, on an eight-count charge bordering on impersonation and obtaining money by false pretence. He pleaded not guilty to all charges. The EFCC alleges that between May 2021 and May 2022, Osang and others at large conspired to defraud Brian Jacques Creigh, an Australian citizen and CEO of Panacea Capital, of AUD$8,427,330.83 and US$3,639,462. The commission also alleges that Osang fraudulently obtained 19.806 Bitcoin, valued at approximately $1,079,313, from the same complainant through a Binance wallet address between August and November 2021.
The EFCC claims Osang operated under the aliases "Oscar Tyler" and "Ford Thompson" and presented a fake cryptocurrency trading platform called "Liquid Assets Group" as a legitimate investment vehicle. The case has been adjourned to September 5, 2026, for trial.
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