The Federal High Court in Abuja, on Tuesday, has again rejected 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 had fixed Tuesday for ruling after taking fresh arguments from EFCC counsel Geraldine Ofulue and Michael’s lawyer, Kanu Agabi SAN, at previous proceedings.
This is the third bail application to be filed by Michael against the Economic and Financial Crimes Commission (EFCC) and rejected.
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.
At the previous court session, Agabi had asked the court to grant his client fresh bail on grounds of “ill-health,” arguing that bail is at the discretion of the court.
But 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.
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.
Court Ruling
Ruling on the bail application, Justice Egwatu held that Michael’s request for bail on health grounds was “lacking in merit.”
- The judge agreed with the EFCC that the management of the Kuje Correctional Centre, where he is currently remanded till the end of the trial, had the capacity to take care of him.
- The judge highlighted that the ailment of the defendant was not the type that could pose a health risk to other inmates.
- The judge subsequently refused the bail application and adjourned the matter till July 25 for continuation of the trial.
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.
Jesam Michael has really destroyed lives through his ponzi crypto business. He’s so desperate for freedom that he has begin to pay some groups of guys to support online and write how he’s facing injustice. He’s actually trying to runaway to Canada.
I think justice is still in Nigeria.
May the Lord grant our judicial system to do the right at all times. Jesam Michael seems to be so hard-heartend and he operates without any conscience. Nigerians are waiting to witness real justice. Will justice be reflected? EFCC are trying the very best on this case.