Abuja court grants N500m bail in multi-million dollar crypto fraud case

The Federal High Court in Abuja has granted N500 million bail to Usie Otukpa Osang in connection with an alleged cryptocurrency fraud case. The Economic and Financial Crimes Commission (EFCC) is prosecuting Osang on an eight-count charge involving impersonation and obtaining money by false pretense.

The case involves the alleged fraudulent acquisition of approximately AUD 8.4 million and US$ 3.6 million. The EFCC alleges that the defendant was involved in the manipulation of digital assets to defraud victims of significant foreign currency.

Justice Obiora Egwuatu granted the bail, noting that the defendant had provided sufficient documentation to warrant the application. The judge observed that the prosecution did not deny that the applicant had complied with previous administrative bail terms set by the EFCC, during which he had deposited his international passport. The high bail threshold reflects the substantial value of the funds and the perceived flight risk associated with the high-value financial crime.