Jesam Michael, CEO of Afriq Arbitrage System Limited, was arraigned on June 10, 2025, before Justice Obiora Egwuatu of the Federal High Court in Abuja on a seven-count charge including obtaining by false pretence, operating without a license, money laundering, and fraud.
The Economic and Financial Crimes Commission (EFCC) accused Michael and his company of inviting the public to deposit funds between September 2022 and June 2023 without being a licensed financial institution, in violation of the Banks and Other Financial Institutions Act, 2020. They allegedly defrauded over 50,000 investors to the tune of $854,416.36 and N590 million through a cryptocurrency trading platform, promising safe and refundable investments.
Michael pleaded not guilty to the charges. His bail application was denied by Justice Egwuatu, who cited the gravity of the offenses, the weight of evidence, and the risk of witness tampering. The judge ordered that Michael be remanded in Kuje Correctional Centre pending trial, which is set to commence on June 20, 2025.
The EFCC highlighted ongoing petitions from victims and plans to call witnesses from financial regulatory bodies to substantiate that Michael and Afriq Arbitrage operated without regulatory approval.
This case underscores the rising concern over investment fraud in Nigeria, with the court emphasizing the need for accelerated trial proceedings.
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