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{"actor":"system:backfill","investigation_id":"6610da11-7b3d-4a39-9fa1-1ccc78cef318","kind":"publish","page_slug":"liquid-assets-group-usie-otukpa-osang","published_at":"2026-10-11T04:13:14.645Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Liquid Assets Group / Usie Otukpa Osang","sections":[{"content":"Nigerian authorities allege that Usie Otukpa Osang operated or was associated with a platform called Liquid Assets Group (LAG), which was falsely represented to investors as a licensed online cryptocurrency trading and investment platform. According to the EFCC's December 2024 statement, Osang (also rendered Osang Usie Otukpa) used at least five aliases — Ford Thompson, Oscar Donald Tyler, Michael Haye, Jose Vitto and Kristin Davidson — to lure victims, primarily in Australia, through social media into investing in the platform. The EFCC said proceeds of the alleged scheme were routed to Osang's bank accounts through a global cryptocurrency exchange platform, and Australian reporting states the scheme allegedly exploited custodial wallets on Binance and other virtual asset service providers. The EFCC's December 2024 release stated that 139 Australians were defrauded of approximately AUD $8 million, with victims concentrated in Victoria, New South Wales and the Northern Territory.","heading":"Nature of the alleged scheme","severity":"critical","sources":[{"credibility":1,"name":"EFCC Arrests Nigerian Accused of Defrauding 139 Australians","type":"regulatory","url":"https://www.efcc.gov.ng/news-and-information/news-release/10579-efcc-arrests-suspected-fraudster-for-allegedly-duping-139-australians"},{"credibility":1,"name":"EFCC arrests suspect for defrauding 139 Australians through crypto platform","type":"news_article","url":"https://thecable.ng/efcc-arrests-suspect-for-defrauding-139-australians-through-crypto-platform"},{"credibility":1,"name":"Osang Usie Otukpa: International hit squad took down Nigerian who allegedly scammed Aussies of millions","type":"news_article","url":"https://thenightly.com.au/australia/osang-usie-otukpa-international-hit-squad-took-down-nigerian-who-allegedly-scammed-aussies-of-millions--c-17173745"},{"credibility":2,"name":"EFCC arrests Nigerian for allegedly defrauding over 100 Australians","type":"news_article","url":"https://www.icirnigeria.org/efcc-arrests-nigerian-for-allegedly-defrauding-over-100-australians/"}]},{"content":"Osang was arrested by the EFCC at Murtala Mohammed International Airport in Lagos on December 6, 2024, after arriving on a flight from the United States. At the time of arrest, the EFCC said tens of thousands of dollars in alleged proceeds had already been located and frozen with the assistance of a private investigation team working alongside Nigerian and US authorities, and that more than $2 million in deposits had been traced to accounts in the US and potentially Canada and the UK. The EFCC said he would be formally charged upon conclusion of investigations.","heading":"Arrest and EFCC investigation (December 2024)","severity":"critical","sources":[{"credibility":1,"name":"EFCC Arrests Nigerian Accused of Defrauding 139 Australians","type":"regulatory","url":"https://www.efcc.gov.ng/news-and-information/news-release/10579-efcc-arrests-suspected-fraudster-for-allegedly-duping-139-australians"},{"credibility":1,"name":"Osang Usie Otukpa: International hit squad took down Nigerian who allegedly scammed Aussies of millions","type":"news_article","url":"https://thenightly.com.au/australia/osang-usie-otukpa-international-hit-squad-took-down-nigerian-who-allegedly-scammed-aussies-of-millions--c-17173745"}]},{"content":"Osang was arraigned before the Federal High Court, Abuja, on Monday, June 29, 2026, on an eight-count charge brought by the EFCC alleging conspiracy, impersonation and obtaining by false pretence. Count Three of the charge alleges that between May 2021 and May 2022, Osang conspired to obtain AUD $8,427,330.83 from Brian Jacques Creigh, an Australian citizen and director of Panacea Capital, under the false pretence that Liquid Assets Group was a licensed online cryptocurrency trading and investment platform, contrary to Section 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006. Count Six alleges that, between 14 August and 23 November 2021, Osang obtained 19.806 BTC, valued at $1,079,313, from the same victim under the same false pretence, contrary to Section 1(1) of the Act. A separate figure of US $3,639,462 is also cited in connection with the case. Osang pleaded not guilty to all eight counts. He was represented by defence counsel K.I. Shuaibu; the prosecution, led by Christopher Mshelia, sought his remand pending trial, and the court remanded him at Kuje Correctional Centre, adjourning the bail application to July 14, 2026.","heading":"Criminal charges and arraignment (June 2026)","severity":"critical","sources":[{"credibility":2,"name":"Nigerian arraigned in Abuja for allegedly defrauding Australian investor AUD$8.4million","type":"news_article","url":"https://saharareporters.com/2026/06/30/nigerian-arraigned-abuja-allegedly-defrauding-australian-investor-aud84million"},{"credibility":2,"name":"Alleged crypto fraud: Court grants man N500 million bail in EFCC's AUD8.4m/US3.6m case","type":"news_article","url":"https://nairametrics.com/2026/08/26/alleged-crypto-fraud-court-grants-man-n500-million-bail-in-efccs-aud8-4m-us3-6m-case/"}]},{"content":"On August 26, 2026, Justice Obiora Egwuatu of the Federal High Court, Abuja, granted Osang bail in the sum of N500 million, with two sureties in like sum. One surety must own property in Abuja valued at approximately the bail sum, and the second must be a civil servant not below Level 15; both must provide evidence of tax payment. Osang was also required to deposit his international passport with the court registrar. The case was reported adjourned for trial to September 5, 2026. As of the most recent available reporting, the case remains active and no verdict has been reported.","heading":"Bail granted (August 2026)","severity":"high","sources":[{"credibility":2,"name":"Alleged crypto fraud: Court grants man N500 million bail in EFCC's AUD8.4m/US3.6m case","type":"news_article","url":"https://nairametrics.com/2026/08/26/alleged-crypto-fraud-court-grants-man-n500-million-bail-in-efccs-aud8-4m-us3-6m-case/"}]},{"content":"Australia's corporate regulator, the Australian Securities and Investments Commission (ASIC), separately found that Brian Jacques Creigh — the Australian victim named in the EFCC charges, and sole director of Panacea Capital Pty Ltd — operated a 'Panacea Capital Cryptocurrency Investment Fund' between April 2021 and June 2022 without an Australian Financial Services Licence, while falsely telling investors Panacea held such a licence. ASIC found Creigh's investor fact sheets contained misleading claims, including a false capital guarantee and false claims the fund had operated since 2016 and could target returns of 120% to 150%. ASIC's media release (24-054MR) states that Creigh transferred money raised from Panacea's Crypto Fund investors overseas into the 'LAG Fund' (Liquid Assets Group), which ASIC describes as an investment scam, and that investors lost approximately $7.7 million as a result. ASIC permanently banned Creigh from providing financial services, finding he was not a fit and proper person; among other findings, ASIC said he gave false evidence in an ASIC examination, told investors not to cooperate with ASIC, and invented a fictitious 'Head of Client Services' to communicate with investors. This regulatory finding independently corroborates, from the Australian side, that Liquid Assets Group was an investment scam rather than a licensed trading platform, aligning with the EFCC's allegations against Osang. It also indicates that the Australian victim named in the Nigerian case was himself found by a regulator to have acted dishonestly in how he moved client funds into the platform.","heading":"Corroboration from Australian regulator ASIC","severity":"high","sources":[{"credibility":1,"name":"24-054MR ASIC bans Panacea Capital director from providing financial services","type":"regulatory","url":"https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-054mr-asic-bans-panacea-capital-director-from-providing-financial-services/"},{"credibility":2,"name":"8 million loss instead of 150% profit: crypto fund director banned","type":"news_article","url":"https://financemagnates.com/cryptocurrency/regulation/8-million-loss-instead-of-150-profit-crypto-fund-director-banned/"},{"credibility":2,"name":"Panacea Capital director faces permanent ban – ASIC","type":"news_article","url":"https://www.brokernews.com.au/news/breaking-news/panacea-capital-director-faces-permanent-ban--asic-284355.aspx"}]},{"content":"Several Australian and Nigerian outlets identify Osang as the founder of the Nigerian sneaker company Flykicks, describing him as a footwear entrepreneur who had sold sneakers to celebrities in Nigeria. This detail is reported consistently across multiple news outlets but has not been independently confirmed through court records and is included here for context only, with 'alleged' framing where relevant to his conduct.","heading":"Unverified biographical details","severity":"low","sources":[{"credibility":1,"name":"Osang Usie Otukpa: International hit squad took down Nigerian who allegedly scammed Aussies of millions","type":"news_article","url":"https://thenightly.com.au/australia/osang-usie-otukpa-international-hit-squad-took-down-nigerian-who-allegedly-scammed-aussies-of-millions--c-17173745"}]}],"sources_used":[{"credibility":1,"name":"EFCC Arrests Nigerian Accused of Defrauding 139 Australians","type":"regulatory","url":"https://www.efcc.gov.ng/news-and-information/news-release/10579-efcc-arrests-suspected-fraudster-for-allegedly-duping-139-australians"},{"credibility":1,"name":"EFCC arrests suspect for defrauding 139 Australians through crypto platform","type":"news_article","url":"https://thecable.ng/efcc-arrests-suspect-for-defrauding-139-australians-through-crypto-platform"},{"credibility":1,"name":"Osang Usie Otukpa: International hit squad took down Nigerian who allegedly scammed Aussies of millions","type":"news_article","url":"https://thenightly.com.au/australia/osang-usie-otukpa-international-hit-squad-took-down-nigerian-who-allegedly-scammed-aussies-of-millions--c-17173745"},{"credibility":2,"name":"EFCC arrests Nigerian for allegedly defrauding over 100 Australians","type":"news_article","url":"https://www.icirnigeria.org/efcc-arrests-nigerian-for-allegedly-defrauding-over-100-australians/"},{"credibility":2,"name":"Gazette NGR arrest report (NAN wire)","type":"news_article","url":"https://gazettengr.com/?p=341600"},{"credibility":2,"name":"Nigerian arraigned in Abuja for allegedly defrauding Australian investor AUD$8.4million","type":"news_article","url":"https://saharareporters.com/2026/06/30/nigerian-arraigned-abuja-allegedly-defrauding-australian-investor-aud84million"},{"credibility":2,"name":"Alleged crypto fraud: Court grants man N500 million bail in EFCC's AUD8.4m/US3.6m case","type":"news_article","url":"https://nairametrics.com/2026/08/26/alleged-crypto-fraud-court-grants-man-n500-million-bail-in-efccs-aud8-4m-us3-6m-case/"},{"credibility":1,"name":"24-054MR ASIC bans Panacea Capital director from providing financial services","type":"regulatory","url":"https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-054mr-asic-bans-panacea-capital-director-from-providing-financial-services/"},{"credibility":2,"name":"8 million loss instead of 150% profit: crypto fund director banned","type":"news_article","url":"https://financemagnates.com/cryptocurrency/regulation/8-million-loss-instead-of-150-profit-crypto-fund-director-banned/"},{"credibility":2,"name":"Panacea Capital director faces permanent ban – ASIC","type":"news_article","url":"https://www.brokernews.com.au/news/breaking-news/panacea-capital-director-faces-permanent-ban--asic-284355.aspx"}],"summary":"Liquid Assets Group (also referred to as \"Liquid Asset Group\" or LAG) is a cryptocurrency investment platform that Nigeria's Economic and Financial Crimes Commission (EFCC) alleges was falsely marketed as a licensed crypto trading venue in order to defraud investors, primarily Australians. Nigerian national Usie Otukpa Osang (also styled Osang Usie Otukpa, a Nigerian footwear entrepreneur and founder of the Flykicks sneaker brand) is being prosecuted on an eight-count charge tied to the platform, including allegations he obtained AUD $8,427,330.83 and 19.806 BTC from Australian victim Brian Jacques Creigh, a director of Panacea Capital Pty Ltd, under false pretences that Liquid Assets Group was a licensed trading platform. Separately, Australia's corporate regulator ASIC found that Creigh himself transferred Panacea Capital investor funds into the Liquid Assets Group fund, which ASIC describes as an investment scam that caused investors to lose approximately $7.7 million; Osang's criminal case remains active before the Federal High Court in Abuja, with Osang out on bail awaiting trial.","timeline":[{"date":"2021-04","event":"Brian Jacques Creigh, director of Panacea Capital Pty Ltd, begins operating a 'Cryptocurrency Investment Fund' that ASIC later found to be unlicensed; funds raised were later moved into the Liquid Assets Group fund.","source":"ASIC media release 24-054MR","source_url":"https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-054mr-asic-bans-panacea-capital-director-from-providing-financial-services/"},{"date":"2021-08","date_evidence":"14th August, and 23rd November, 2021","date_original":"2021-08-14","event":"Period during which Osang allegedly obtained 19.806 BTC (valued at $1,079,313) from Brian Jacques Creigh under false pretences that Liquid Assets Group was a licensed trading platform (Count Six of the EFCC charge).","source":"SaharaReporters","source_url":"https://saharareporters.com/2026/06/30/nigerian-arraigned-abuja-allegedly-defrauding-australian-investor-aud84million"},{"date":"2022-06","event":"Panacea Capital's Cryptocurrency Investment Fund ceases operating, per ASIC's findings.","source":"ASIC media release 24-054MR","source_url":"https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-054mr-asic-bans-panacea-capital-director-from-providing-financial-services/"},{"date":"2024-03","event":"ASIC permanently bans Brian Jacques Creigh from providing financial services, finding he operated an unlicensed crypto fund and transferred investor money into the Liquid Assets Group scam fund, causing roughly $7.7 million in investor losses.","source":"ASIC media release 24-054MR","source_url":"https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-054mr-asic-bans-panacea-capital-director-from-providing-financial-services/"},{"date":"2024-12","date_evidence":"after he arrived from the United States on December 6","date_original":"2024-12-06","event":"EFCC arrests Osang Usie Otukpa at Murtala Mohammed International Airport, Lagos, on suspicion of defrauding 139 Australians of around AUD $8 million through the Liquid Assets Group platform.","source":"Gazette NGR (NAN)","source_url":"https://gazettengr.com/?p=341600"},{"date":"2026-06-29","date_evidence":"Monday, June 29, 2026","event":"Osang is arraigned before the Federal High Court, Abuja, on an eight-count charge; he pleads not guilty, and the court remands him at Kuje Correctional Centre pending a bail ruling.","source":"SaharaReporters","source_url":"https://saharareporters.com/2026/06/30/nigerian-arraigned-abuja-allegedly-defrauding-australian-investor-aud84million"},{"date":"2026-08-26","date_evidence":"August 26, 2026","event":"Federal High Court, Abuja, grants Osang bail of N500 million with two sureties and strict conditions, including surrender of his international passport.","source":"Nairametrics","source_url":"https://nairametrics.com/2026/08/26/alleged-crypto-fraud-court-grants-man-n500-million-bail-in-efccs-aud8-4m-us3-6m-case/"},{"date":"2026-09","date_original":"2026-09-05","event":"Case reportedly adjourned for trial.","source":"Nairametrics","source_url":"https://nairametrics.com/2026/08/26/alleged-crypto-fraud-court-grants-man-n500-million-bail-in-efccs-aud8-4m-us3-6m-case/"}]},"v":1}