By Nkechi Eze
The Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned Jesam Michael and his company, Afriq Arbiq Arbitrage System Limited, before Justice Obiora Egwuatu of the Federal High Court, Abuja, for allegedly running a fraudulent investment scheme that defrauded unsuspecting members of the public.
Michael and his firm are facing a seven-count charge bordering on obtaining money under false pretences, operating without a license, and engaging in financial activities reserved for regulated institutions.
According to an official signed statement the commission’s spokesperson Dele Oyewale, between September 2022 and June 2023, Michael, without proper authorization, solicited and received funds from members of the public under the guise of investment opportunities through his company, Afriq Arbiq Arbitrage System Limited. One of the charges reads that the defendant, not being a bank or licensed entity, invited the public to deposit funds in contravention of Section 44(1) of the Banks and Other Financial Institutions Act, 2020.
Another count accuses Michael and his company of carrying on specialized business as an investment manager without a valid licence, an offence under Section 57 of the same Act.
Michael pleaded not guilty to all charges.
Following his plea, EFCC counsel urged the court to set a date for trial. The defence, led by Uchenna Njoku, SAN, presented a bail application on behalf of the defendant. However, the EFCC opposed the application, filing a counter-affidavit arguing that the defendant posed a flight risk due to the severity of the charges and overwhelming evidence against him. The prosecution also raised concerns that the defendant might interfere with witnesses if granted bail.
Justice Egwuatu denied the bail request and ordered that Michael be remanded at the Kuje Correctional Centre pending trial. The judge emphasized the seriousness of the allegations and the need to ensure the defendant remains available for court proceedings.
Michael’s arraignment followed a series of petitions received by the EFCC from individuals who claimed they had been duped after investing in the company’s fraudulent scheme.
The case has been adjourned to June 20, 2025, for the commencement of trial.