Court gavel
Federal High Court in Abuja on Tuesday rejected a second bail application by Jesam Michael, CEO of Afriq Arbitrage System (AAS) Limited, who faces allegations of investment fraud involving over $844,000 and N590 million.
Justice Obiora Egwuatu dismissed the application, citing insufficient merit in Michael’s health-based claims and affirming that Kuje Correctional Centre could adequately manage his medical needs without risk to other inmates.
The ruling followed arguments from both the Economic and Financial Crimes Commission (EFCC) and Michael’s defense team. EFCC counsel Geraldine Ofulue called the application “incompetent” and an “abuse of court process,” noting that a similar bail request was denied on June 10.
“The defendant remains a significant flight risk, especially now that the trial has begun,” Ofulue argued, highlighting the safety concerns for Michael due to “scores of angry investors” allegedly defrauded by his Ponzi scheme.
She added, “The correctional centre has not indicated any inability to address his medical needs, and the court has already ordered an accelerated hearing.”
Michael’s lawyer, Chief Kanu Agabi (SAN), urged the court to exercise discretion in favor of his client.
“Your lordship holds inherent power to grant bail. It’s a constitutional right, and we assure the court that the defendant will not abscond,” Agabi pleaded, requesting bail on terms Michael could meet.
Justice Egwuatu, however, upheld the EFCC’s position, referencing the severity of the charges and the scale of the alleged fraud, which reportedly affected over 50,000 investors. The judge noted that ongoing investigations revealed additional complaints against Michael, justifying his continued detention for his own safety.
“The weight of evidence and the gravity of the offense warrant his remand in Kuje Correctional Centre pending the trial’s conclusion,” Egwuatu stated.
The EFCC charged Michael and AAS Limited in a seven-count case (FHC/ABJ/CR/134/2025), accusing them of money laundering, advance fee fraud, and defrauding investors of $844,416.36, N590 million, and an additional $10,000.
The court previously ordered Michael’s transfer from EFCC custody to Kuje Correctional Centre on June 10, emphasizing an expedited trial.
The case is adjourned until July 25 for further proceedings, as the court continues to address one of Nigeria’s high-profile fraud cases amid growing public scrutiny.
