The Federal Excessive Courtroom in Abuja on Friday refused the bail software of Jesam Michael, CEO of the Afriq Arbitrage System (AAS) cryptocurrency buying and selling platform, amid fees of an alleged $844,416.36, $10,000, and N590 million funding fraud instituted towards him by the Financial and Monetary Crimes Fee (EFCC).
Justice Emeka Nwite dominated on the movement filed by Michael’s authorized crew, emphasizing {that a} cost had already been filed towards him, and his arraignment should happen earlier than any bail software will be thought of.
Nairametrics beforehand reported that the EFCC filed fees towards Michael and his cryptocurrency firm for alleged funding fraud involving $844,416.36, $10,000, and N590 million.
The seven-count cost was disclosed in an EFCC affidavit offered earlier than Justice Nwite in April, as a part of the Fee’s response to Michael’s bail software.
Bail Request Dispute
On the bail listening to earlier than trip choose Justice Nwite on April 22, 2025, Emmanuel Agabi, counsel for Michael and the corporate, argued that his shopper had already been in custody for 90 days underneath the police and EFCC.
Agabi submitted an extra affidavit in assist of his shopper’s launch, stating that the character of the alleged offence shouldn’t warrant denial of bail.
Mary Babatunde, counsel for the EFCC, responded that she had filed an affidavit to indicate trigger why Michael shouldn’t be granted bail, as directed by Justice Obiora Egwuatu, the unique choose assigned to the elemental rights case.
She famous that on the time Michael’s legal professionals filed for bail, no formal cost had been filed.
Nonetheless, she stated the EFCC has since filed a cost dated April 16, 2024, and intends to arraign Michael as soon as the case is assigned to a choose.
The EFCC said that Michael was arrested whereas making an attempt to depart Nigeria and is unlikely to return to face trial, given the gravity of the costs and weight of the proof.
The Fee argued that no variety of sureties may assure his look in court docket.
“The temptation to leap bail is excessive, particularly now that the costs have been filed,” the EFCC said.
“The EFCC has additionally obtained further petitions from a number of different victims of the candidates’ alleged offences.”
Courtroom’s Ruling
Ruling on the bail software on Friday, Justice Nwite stated he had thought of the submissions of each events.
- He held that, given the character of the case and the truth that a cost has already been filed, the curiosity of justice could be greatest served by addressing the bail software within the court docket the place the cost is pending, in order that arraignment and bail will be dealt with collectively.
- Subsequently, the choose dominated that the bail software is refused.
What You Ought to Know
Based on the EFCC’s cost beforehand reported by Nairametrics, Michael and his firm, between September 2022 and June 2023 in Abuja, allegedly invited the general public to deposit funds with Afriq Arbitrage System Restricted, regardless of not being a bank or a licensed monetary establishment.
This, in response to the Fee, contravenes Part 44(1) of the Banks and Different Monetary Establishments Act, 2020, and is punishable underneath the identical Act.
The EFCC additional accused Michael and his firm of participating within the specialised enterprise of economic companies, together with funding administration, with no legitimate license.
This allegedly resulted in funding fraud amounting to $844,416.36, $10,000, and N590 million.
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