The Economic and Financial Crimes Commission, EFCC on Tuesday, June 10, 2025, arraigned Jesam Michael and his company, Afriq Arbiq Arbitrage System Limited, before Justice Obiora Egwuatu of the Federal High Court sitting in Abuja for alleged investment scam.
They were arraigned on a seven-count charge bordering on obtaining under false pretences, operating without a licence and fraud.
Count one of the charge reads; that you JESAM MICHEAL UBI and AFRIQ ARBIQ ARBITRAGE SYSTEM LIMITED between September 2022 and June, 2023 in Abuja within the jurisdiction of this Honorable Court whilst not being a bank or person authorized to take deposits invited the public through advertisement to deposit funds with AFRIQ ARBITRAGE SYSTEM LIMITED and you thereby committed an offence contrary to Section 44 (1) of the Banks and Other Financial Institutions Act, 2020 and punishable under Section 44 (2) of the same Act.
Count two reads: That you MICHEAL UBI and AFRIQ ARBITRAGE SYSTEM LIMITED between September 2022 and June, 2023 in Abuja within the jurisdiction of this Honorable Court carried on specialized business of other financial institutions to wit: investment management without a valid licence and thereby committed an offence contrary to Section 57(1) and (2) of the Banks and Others Financial Institutions Act, 2020 and punishable under Section 57(5) of the same Act.
He pleaded not guilty to the charges when they were read to him.
Given the plea, the prosecuting counsel prayed the court for a trial date.
Defence counsel, Uchenna Njoku, SAN, called the attention of the court to the bail application of the client.
The EFCC counsel also informed the court of a counter-affidavit urging the court to deny the defendant bail on the ground that he may not make himself available for trial due to the gravity of the offence charged and the weight of the evidence against him. Also, there is a strong likelihood that he may seek to suborn witnesses given the weight of evidence and nature of the offence.
Justice Egwuatu denied the defendant bail and ordered that the defendant be remanded in the Kuje Correctional Centre till the date of his trial.
Michael’s journey to the correctional centre started when the Commission received multiple petitions from victims who deposited funds with the company under the pretence of providing investment opportunities.
The matter was adjourned to June 20, 202,5, for trial.
