A Federal High Court in Abuja has scheduled July 22 for ruling on fresh bail request by the Chief Executive Officer (CEO) of the cryptocurrency trading platform – Afriq Arbitrage System (AAS) – Jesam Michael Ubi
Michael is being prosecuted by the Economic and Financial Crimes Commission (EFCC) on a seven-count charge bordering on money laundering, advance fee fraud, among others, relating to an alleged investment fraud involving $844,416.36, $10,000, and N590 million.
Justice Obiora Egwatu chose the date on Monday after Michael’s new lawyer, Kanu Agabi (SAN) argued his fresh bail application, which was opposed by lawyer to the prosecution, Geraldine Ofulue.
Agabi, a former Attorney General of the Federation (AGF) and Minister of Justice, assured the court, among others, that the defendant would not jump bail in view of the caliber of his legal team.
However, Ofulue reminded the court that it had previously declined the defendant bail on numerous grounds, including that his safety was more guaranteed in prison custody than being allowed on bail in view of the number of his alleged victims, estimated to be over 500,000.
Justice Egwuatu had, on May 9, 2025, while acting as a vacation judge, refused an earlier bail application by Michael on the grounds that a charge had already been filed against him.
He held that Michael must first be arraigned before any bail request could be considered.
In another ruling on June 10 Justice Egwuatu rejected the defendant’s bail application and ordered that he be remanded in prison pending trial.
The judge noted that, as stated by the EFCC more petitions were still being received by the anti-graft agency and other security agencies from victims of the crimes allegedly committed by the defendant.
He noted the claim by the EFCC that there were over 50,000 investors in Michael’s failed investment scheme and that the victims were aggrieved and it would be in his own safety to remain in custody pending the conclusion of the trial.
The judge ordered accelerated hearing in the case and directed that the defendant be transferred from the custody of the EFCC custody to Kuje prison pending the conclusion of trial.
The judge, who noted that investment fraud is becoming rampant in the country, adjourned till June 20 for the commencement of trial.
Trial had since commenced, with the prosecution calling two witnesses until Agabi filed the fresh bail application.
In the charge, marked: FHC/ABJ/CR/134/2025, the EFCC accused Michael and his cryptocurrency trading platform – Afriq Arbitrage System (AAS) Ltd – of defrauding his customers to the tune of 854,416.36 U.S dollars and N590 million.
The EFCC alleged that Michael and his firm, between September 2022 and June 2023 in Abuja, while not being a bank or an authorised entity to take deposits, invited the public through advertisements to deposit funds with Afriq Arbitrage System Limited.
Read Also: Women coalition urges Senate to Appeal Court ruling reinstating Natasha
This, according to the commission, is in contravention of Section 44(1) of the Banks and Other Financial Institutions Act, 2020, and is punishable under the same Act.
The EFCC also accused Michael and his company of engaging in the specialised business of financial services, including investment management, without a valid license.
The defendants were alleged to have between October and December 2024 in Abuja, “converted the cumulative sum of N590 million being part of the funds generated from the sale of properties recovered from Oluwasesan Abayomi, knowing that the funds constituted proceeds of unlawful activity.”
The offence, the EFCC said, is contrary to Section 18(2)(b) of the Money Laundering (Prevention and Prohibition) Act.
They were equally alleged to have, sometime in 2022 in Abuja, with intent to defraud, induced Ladi Musa Audu to deposit the sum of $844,416.36 USDT into the Afriq Arbitrage System investment scheme, under the false representation that the investment was safe and refundable upon request.
The EFCC said the offence is contrary to Section 1(2) of the Advance Fee Fraud and Other Related Offences Act No. 14 of 2006 and punishable under Section 1(3) of the same Act, among other counts.
