Nigeria’s Federal High Court in Abuja granted Usie Otukpa Osang ₦500 million ($371,733) bail after the Economic and Financial Crimes Commission (EFCC), Nigeria’s financial-crime agency, charged him with eight counts linked to alleged fraud involving AUD$8.42 million, US$3.64 million and 19.806 Bitcoin. Osang denies the allegations. Justice Obiora Egwuatu imposed strict conditions, including two sureties who must each stand for ₦500 million, one with Abuja property worth at least that amount and the other a Level 15 or higher civil servant. Both must provide proof of tax payments, while Osang must surrender his international passport to the court registrar. The trial is scheduled to continue on September 5, 2026. The court cited Osang’s compliance with earlier administrative bail, including surrendering his passport to the EFCC, and his claim that he no longer has access to his cryptocurrency account. The EFCC had opposed release, citing the case’s international elements, possible risks to evidence and its allegation that Osang controlled more than US$3 million in cryptocurrency, which he denied. The case concerns an alleged investment scheme called Liquid Assets Group, which prosecutors say was presented as a licensed cryptocurrency trading and investment platform. The allegations have not been proven in court. The proceedings come as Nigerian authorities increase scrutiny of digital-asset flows, including alleged cryptocurrency transactions worth ₦162 billion and ₦18.7 billion in alleged fraud proceeds that moved without adequate customer checks. Nigeria has also issued virtual-asset tax guidelines, while the Central Bank of Nigeria has published rules for accounts operated by virtual-asset service providers.