The Economic and Financial Crimes Commission (EFCC) has arraigned Jesam Michael and his firm, Afriq Arbiq Arbitrage System Limited, before Justice Obiora Egwuatu of the Federal High Court in Abuja over an alleged investment scam.
The arraignment, which took place on Tuesday, June 10, 2025, followed a seven-count charge bordering on fraud, operating without a licence, and obtaining money under false pretence. The charges stem from activities between September 2022 and June 2023, during which the company allegedly lured the public to deposit funds for investment purposes without legal authorisation.
One of the charges reads:
“That you JESAM MICHAEL UBI and AFRIQ ARBIQ ARBITRAGE SYSTEM LIMITED… whilst not being a bank or person authorized to take deposits, invited the public through advertisement to deposit funds… thereby committing an offence contrary to Section 44(1) of the Banks and Other Financial Institutions Act, 2020 and punishable under Section 44(2) of the same Act.”
Another charge accuses them of conducting investment management services without a valid licence, also in violation of the 2020 Act.
Jesam Michael pleaded not guilty to all the charges.
During proceedings, the defense counsel, Uchenna Njoku, SAN, presented a bail application, while the EFCC counsel opposed it, citing risks that the defendant may abscond or interfere with witnesses, given the severity of the charges and strength of the evidence.
In response, Justice Egwuatu denied bail and ordered Michael’s remand at the Kuje Correctional Center pending trial.
The EFCC noted that its investigation followed numerous petitions from investors, who claimed they were defrauded after depositing funds into the platform under the promise of investment returns.
The case was adjourned to June 20, 2025, for the commencement of trial.
What you should know
Jesam Michael and his company Afriq Arbiq are facing serious legal trouble for allegedly running an unlicensed investment platform. Despite pleading not guilty, Michael remains in custody as the court weighs the evidence brought forward by the EFCC, acting on complaints from aggrieved investors.
