Court Grants N500 Million Bail in Crypto Fraud Case

On Wednesday, the Federal High Court in Abuja granted N500 million bail to Usie Otukpa Osang in connection with an alleged crypto fraud case involving AUD$8,427,330.83 and US$3,639,462.00. The Economic and Financial Crimes Commission (EFCC) had arraigned Osang on June 29, 2026, on eight counts related to impersonation and obtaining by false pretence, which he denied.

Justice Obiora Egwuatu ruled that the defendant had provided sufficient documentation to warrant bail. The bail conditions include two sureties, one of whom must own property in Abuja valued at N500 million, and the other must be a civil servant not below Level 15.

Osang is also required to deposit his international passport with the court registrar. The case has been adjourned to September 5, 2026, for trial.

The EFCC's charges against Osang include violations of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.