Court Denies New Bail Request for Afriq Arbitrage CEO in Alleged $854K, ₦590M, and $10K Fraud Case
This is the third time CEO Jesam Michael bail request application has been denied, leaving him in remand until the trials are over.
Court Denies New Bail Request for Afriq Arbitrage CEO in Alleged $854K, ₦590M, and $10K Fraud Case
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 …
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Temmy is the founder of FinNG. He is a seasoned journalist with extensive experience in business of technology, economy, finance, business, money, politics and education. He is currently studying Accounting at the Federal University of Oye-Ekiti.