ABUJA – A Federal High Court in Abuja has ordered the remand of Jesam Michael, promoter of Afriq Arbiq Arbitrage System Limited, in the Kuje Correctional Centre over his alleged involvement in a multimillion-naira investment fraud.
Justice Obiora Egwuatu gave the ruling on Tuesday, June 10, 2025, after Michael was arraigned by the Economic and Financial Crimes Commission (EFCC) on a seven-count charge bordering on obtaining money under false pretences, unlicensed financial operations, and fraud.
According to the EFCC, Michael and his firm allegedly lured unsuspecting members of the public to deposit funds with Afriq Arbiq Arbitrage System Limited under the guise of providing lucrative investment returns, despite lacking the requisite regulatory approval to do so.
One of the charges stated that between September 2022 and June 2023, the defendants operated without a licence in violation of Sections 44 and 57 of the Banks and Other Financial Institutions Act (BOFIA) 2020.
Michael, who pleaded not guilty to all the charges, was denied bail following strong objections by EFCC counsel, who argued that the defendant posed a flight risk due to the severity of the allegations and might interfere with witnesses.
The EFCC revealed that Michael’s arrest and prosecution followed a wave of petitions from individuals who claimed they were defrauded by the scheme, which promised high returns on investments through a supposed arbitrage trading model.
Defense counsel, Uchenna Njoku, SAN, had earlier applied for bail but the court ruled in favour of the prosecution’s counter-affidavit, citing the gravity of the offence and the need to ensure the defendant’s presence during trial.
Justice Egwuatu subsequently remanded the defendant and adjourned the matter to June 20, 2025, for commencement of trial.
