Economic and Financial Crimes Commission (EFCC) has opposed a fresh bail application filed by Mr. Jesam Michael, the Chief Executive Officer (CEO) of Afriq Arbitrage System (AAS) Limited, accused of investment fraud.
The EFCC’s counsel, Geraldine Ofulue, told Justice Obiora Egwuatu of the Federal High Court in Abuja that the latest application was incompetent and constituted an abuse of court process.
Ofulue argued that the court had already refused Michael’s first bail application on June 10, citing his safety as a reason, given that scores of angry investors he allegedly swindled were waiting for him.
“When my lord refused the bail application, one of the reasons is that there are investors outside after his life,” she said.
The EFCC’s lawyer submitted that there was no new element introduced to enable the court to adjudicate on a matter it had previously decided.
“In the circumstances, the court remains functus officio as there is no new element being introduced to enable it adjudicate on a matter it has previously decided,” she said.
Ofulue also argued that Michael remained a huge flight risk, which was heightened as the trial had begun.
“The 1st defendant still remains a huge flight risk which is now heightened as trial has begun,” she said.
However, Michael’s lawyer, Chief Kanu Agabi, SAN, urged the court to exercise its discretion in favor of his client.
“The greatest power of a judge is the discretion he has. Your lordship is vested with every inherent power and sanction,” he said.
The judge adjourned the matter until July 22 for ruling on the bail application and for continuation of trial.
