The Federal High Court in Abuja, on Monday, has fixed July 22 to decide a fresh bail application by Jesam Michael, CEO of the cryptocurrency trading platform Afriq Arbitrage System (AAS) in an alleged investment fraud case against him, involving $844,416.36, $10,000, and N590 million.
Justice Obiora Egwatu fixed the date after taking fresh arguments from EFCC counsel Geraldine Ofulue and Micheal’s lawyer, Kanu Agabi SAN.
This is the third bail application to be filed by Michael against the Economic and Financial Crimes Commission (EFCC).
Nairametrics previously reported that on June 10, 2025, the court remanded Jesam Michael at the Correctional Centre over the alleged investment fraud case, following the EFCC’s charges.
The remand order was granted after Michael’s bail was again denied, following the reading of a seven-count charge before Justice Obiora Egwatu of the Federal High Court, Abuja, at the time.
Legal Dispute
The EFCC accused Michael and his company of engaging in specialized financial services, including investment management, without a valid license.
According to the EFCC, between September 2022 and June 2023, Michael and his company, while not being a bank or an authorized entity to take deposits, invited the public—through advertisements—to deposit funds with Afriq Arbitrage System Limited.
This, the Commission stated, contravenes Section 44(1) of the Banks and Other Financial Institutions Act, 2020, and is punishable under the same Act.
The judge, in a previous ruling, observed that about 50,000 victims were affected by the alleged fraud and emphasized the need for a speedy trial while the suspect remains in custody.
The matter was then adjourned for trial.
Trial proceedings had commenced when the defendant’s lawyer, Kanu Agabi SAN, filed another bail application for his client.
What Transpired in Court
At the resumed court session, Agabi asked the court to grant his client fresh bail on the grounds of “ill health,” arguing that bail is at the discretion of the court.
- He urged the court to impose bail terms that are affordable and within the means of the defendant.
“If a defendant cannot meet his bail terms, it is an illusion,” he added.
Agabi also pointed out that his client has been in custody for a long time and assured the judge that “he won’t run away.”
EFCC counsel Ofulue adopted her counter-affidavit in opposition to the bail application.
- She urged the court to dismiss the application as an abuse of court process, noting that a ruling on bail had already been given.
- She stressed that the defendant had not provided any assurance to the court regarding the safety of people’s investments.
The prosecution further argued that “there is no letter from the Correctional Centre stating that it is unable to cater to the defendant’s medical needs.”
- She added that since the Correctional Centre had directed Michael to be examined at the University of Abuja Teaching Hospital, it proves they are addressing his medical needs.
- Ofulue urged the court to refuse the bail application and allow the defendant to remain in custody.
In response, Kanu Agabi submitted that the presumption of innocence still applies to the defendant and that his client has every right to seek medical attention of his choosing.
- After hearing both parties, the judge fixed July 22 for a ruling on the bail application.
What to Know
Nairametrics previously reported that Justice Emeka Nwite, a vacation judge at the time, had on May 9, 2025, refused an earlier bail application by Jesam Michael.
Justice Nwite denied the bail motion filed by Michael’s legal team, emphasizing that a charge had already been filed against him.
The judge directed that Michael’s arraignment must take place before any bail application can be considered.
