A Nigerian court in Abuja has granted bail to Usie Otukpa Osang for ₦500 million ($371,813). The decision allows him temporary freedom as prosecutors continue to work on an eight-count case against him.
The ruling brings back focus on claims of sophisticated online investment fraud, which affected international victims and involved global crypto payment methods.
Court Imposes Strict Bail Conditions
Justice Obiora Egwuatu of the Federal High Court in Abuja granted Osang bail after considering his application during ongoing proceedings. The court reportedly fixed bail at ₦500 million, imposing conditions intended to secure his attendance throughout the continuing criminal process.
As part of the conditions, the judge ordered two sureties in like sum, requiring tax payment evidence and one surety to own property within Abuja. According to the ruling, the second surety must be a civil servant not below Level 15, while Osang must deposit his passport with the court.
Egwuatu said bail considerations include criminal history, offence nature, and the possibility that an accused person could ultimately evade trial.
Meanwhile, the EFCC had opposed liberal bail, describing the allegations as international in scope and warning that evidence could potentially face interference. Osang, however, pleaded not guilty after arraignment and has consistently contested the prosecution’s allegations against him before court proceedings began.
The case was adjourned until September 5, when proceedings are expected to continue following the bail ruling.
Crypto Kingpin Arrested
The prosecution alleges Osang and associates defrauded Australian investor Brian Jacques Creigh through a crypto platform called Liquid Assets Group. Investigators say Osang operated using aliases Oscar Tyler and Ford Thompson while allegedly conspiring with accomplices who remain at large.
The alleged losses comprised $8.43 million, $3.64 million, and 19.8 BTC, according to details presented during his court arraignment. Osang was arrested at Lagos airport in December 2024 after returning from the United States. The commission subsequently brought him before the Federal High Court, where prosecutors outlined allegations linking him with the investment scheme.
Nigeria has previously prosecuted major crypto-related cases, including those involving Godslove Munachiso Obiwuru and Binance executives Tigran Gambaryan and Nadeem Anjarwalla. Those proceedings involved allegations including money laundering and tax evasion, illustrating authorities’ expanding scrutiny of cryptocurrency-related financial activity.
Meanwhile, the United States authorities have established specialised teams to trace, restrain, and recover cryptocurrency linked to international scam schemes globally.
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