The Federal High Court situated in FCT, Abuja, Nigeria has once again denied bail request application filed by Afriq Arbitrage System (AAS) CEO Jesam Michael. Michael was accused in an alleged investment fraud case involving $844,416.36, $10,000, and N590 million.
This is the third time the Michael is requesting a bail from the Federal High Court in Abuja, but the CEO isn't getting any favour from the court of law. Justice Obiora Egwatu scheduled the ruling for Tuesday after hearing renewed arguments from EFCC counsel Geraldine Ofulue and Michael’s attorney, Kanu Agabi, SAN, during an earlier session.
Michael was remanded at the Abuja Correctional Centre on June 10, 2025 following the EFCC’s charges. However, it's not only Michael that's in this hot soup. EFFC accused both Michael and his crypto trading company of involving in specialized financial services, including investment management, without a valid license.
The anti financial crime alleges that from September 2022 to June 2023, Michael and his company solicited public deposits through advertisements despite not being licensed as a bank or authorized financial institution. The Commission claims this action violates Section 44(1) of the Banks and Other Financial Institutions Act, 2020, and is subject to penalties outlined in the same legislation.
The court is move the case to trial without delay when the Judge—in an earlier ruling—find out that about 50,000 victims were affected by the alleged fraud. The Judge stressed out the importance of conducting the trial without delay, with the defendant remaining in detention. The case was then postponed for trial proceedings.
At the previous court hearing, Michael’s lawyer requested fresh bail for him. The Lawyer citied health concerns and argued that granting bail falls under the court’s discretion. However, EFCC counsel Geraldine Ofulue opposed the request. The counsel urged the court to dismiss it as an abuse of process, since a prior ruling on bail had already been made.
She also pointed out that Michael had not given any assurance regarding the safety of investors' funds and noted that his medical needs were already being attended to, as he was referred for examination at the University of Abuja Teaching Hospital.
In delivering the ruling, Justice Obiora Egwatu dismissed the bail request, stating that the health-related grounds lacked merit. He agreed with the EFCC that the Kuje Correctional Centre, where Michael is being held, is capable of managing his condition. The judge also noted that the illness in question did not pose a risk to other inmates. As a result, the bail application was denied, and the case was adjourned to July 25 for the continuation of the trial.
