The Federal High Court in Abuja on Wednesday granted ₦500 million bail to Usie Otukpa Osang, who is standing trial on allegations of impersonation and obtaining by false pretence involving AUD$8,427,330.83 and US$3,639,462.
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Justice Obiora Egwuatu granted the bail after holding that the defendant had placed sufficient material before the court to justify his release pending trial.
Osang had been arraigned by the Economic and Financial Crimes Commission on June 29, 2026, on an eight-count charge bordering on impersonation, conspiracy and obtaining money by false pretence. He pleaded not guilty to the allegations.
In considering the bail application, Justice Egwuatu said courts are required to examine several factors, including the nature of the alleged offence, the defendant’s criminal record, the likelihood of his jumping bail and other circumstances relevant to ensuring his attendance at trial.
The judge noted that the EFCC had earlier found Osang suitable for administrative bail during its investigation and that the defendant had deposited his international passport with the commission.
According to the court, there was also evidence that Osang complied with the conditions of the administrative bail and did not abscond.
Justice Egwuatu observed that “the prosecution did not deny the fact” that the defendant complied with the terms of the bail previously granted to him by the EFCC.
The judge held that where material facts placed before the court are not controverted by the prosecution, the court is entitled to act on them.
He also noted Osang’s claim that he no longer had access to the cryptocurrency account which featured in the allegations against him, adding that “this fact was not controverted by the EFCC.”
The court consequently admitted him to bail in the sum of ₦500 million with two sureties in like sum.
Justice Egwuatu ordered that both sureties provide evidence of tax payments.
One of the sureties must own property in Abuja valued at an amount corresponding with the ₦500 million bail sum, while the second surety must be a civil servant not below Grade Level 15.
The defendant was also ordered to deposit his international passport with the registrar of the court.
The matter was subsequently adjourned to September 5, 2026, for trial.
The EFCC alleges that Osang, also known as “Oscar Tyler” and “Ford Thompson,” conspired with others still at large between May 2021 and May 2022 to defraud an Australian citizen, Brian Jacques Creigh, who was identified in the charge as Chief Executive Officer of investment firm Panacea Capital.
In one of the counts, the commission alleged that Osang and others obtained an aggregate sum of AUD$8,427,330.83 from Creigh after allegedly representing that Liquid Assets Group was a licensed online cryptocurrency trading and investment platform capable of delivering significant returns.
The EFCC alleged that the representation was false and that the defendants knew it to be false.
The commission said the alleged conduct was contrary to provisions of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
Following his arraignment, Osang’s legal team filed an application seeking bail, relying on constitutional provisions and arguing that the alleged offences were bailable.
The court had initially ordered his remand at the Kuje Correctional Centre pending determination of the bail application.
During arguments on the application, the EFCC opposed his release, describing the allegations as offences with international dimensions.
The prosecution also alleged that Osang had access to cryptocurrency assets worth more than US$3 million and argued that his release could create a risk of interference with evidence.
Osang denied possessing cryptocurrency funds worth over US$3 million and maintained that he had previously complied with the administrative bail granted by the commission.
His lawyers argued that there was no evidence that he had attempted to abscond or interfere with the investigation while on administrative bail.
Justice Egwuatu ultimately found those circumstances sufficient to justify bail, subject to the stringent conditions imposed by the court.
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