The Federal High Court in Abuja has denied the bail application of Jesam Michael, Chief Executive Officer of Afriq Arbitrage System (AAS), a cryptocurrency investment platform, amid allegations of investment fraud totaling over $844,416.36, $10,000, and ₦590 million.
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Justice Emeka Nwite ruled on Friday that the defendant’s bail application could not be entertained until his formal arraignment, as a charge had already been filed by the Economic and Financial Crimes Commission (EFCC).
The EFCC alleges that between September 2022 and June 2023, Michael and his company unlawfully solicited investments from the public under the guise of cryptocurrency trading without being licensed as a financial institution. The anti-graft agency further claims that Michael attempted to flee the country before his arrest and poses a high flight risk.
During the hearing, Michael’s counsel, Emmanuel Agabi (SAN), urged the court to grant bail, arguing that his client had been in custody for 90 days and that the nature of the alleged offences should not preclude bail.
However, EFCC’s counsel, Mary Babatunde, opposed the application, citing that the charges had since been formally filed on April 16, 2024, and the defendant should be arraigned before any bail motion is heard. She also stated that more victims had submitted fresh petitions, and no amount of surety could ensure Michael’s presence at trial.
Justice Nwite sided with the prosecution, holding that since charges were already before a court, the interests of justice required that the matter proceed to arraignment first. “The proper venue to consider bail is the court where the charge is pending,” the judge ruled.
According to court filings, Michael and AAS are facing a seven-count charge under the Banks and Other Financial Institutions Act (BOFIA), 2020, including operating as an unlicensed financial entity and engaging in unauthorized investment management.
The EFCC maintains that the accused defrauded multiple investors under false pretenses, promising high returns through cryptocurrency arbitrage while lacking legal authorization to receive deposits or manage funds.
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