...
  • About Us
  • Advertise
  • Privacy & Policy
  • Contact Us
  • Terms and Conditions
Friday, June 13, 2025
  • Login
Verily News
No Result
View All Result
  • News
    • Breaking News
    • Global News
  • Politics
    • Political Analysis
    • Government & Policies
  • Business & Economy
    • DIY and FAQ
    • Product Reviews
  • Entertainment
    • Sports
    • Movie
    • Music
  • Technology
  • Trends
  • Fact-Check
    • Investigative Reports
  • Opinion
  • Share your story, the world is listening!
  • News
    • Breaking News
    • Global News
  • Politics
    • Political Analysis
    • Government & Policies
  • Business & Economy
    • DIY and FAQ
    • Product Reviews
  • Entertainment
    • Sports
    • Movie
    • Music
  • Technology
  • Trends
  • Fact-Check
    • Investigative Reports
  • Opinion
  • Share your story, the world is listening!
No Result
View All Result
No Result
View All Result
Home News

EFCC Arraigns Jesam Michael, Afriq Arbitrage Over Alleged Investment Scam

June 13, 2025
in News
Reading Time: 2 mins read
0
Photo of Jesam Michael
Share on FacebookShare on TwitterShare on Linkedin
Spread the love

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.

Tags: Afriq ArbitrageEFCCInvestment ScamJesam Michael
Share196Tweet123Share34

Related Posts

Jonathan Criticizes Suspension of Rivers Governor, Says It Dents Nigeria’s Image

Jonathan Disowns 2027 Comeback Rumour, Denies Instagram Account

by Victor Haruna
June 13, 2025
0

Former President Goodluck Jonathan has firmly denied any involvement in a viral Instagram post suggesting he plans to return to...

Photo of Tinubu and Wike

Wike Justifies ₦39bn ICC Renovation, Slams Critics of Tinubu Naming Decision

by Victor Haruna
June 13, 2025
0

The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has firmly defended the controversial ₦39 billion spent on renovating...

Court Adjourns Nnamdi Kanu’s Trial as DSS Witness Tenders Video, Documents

Nnamdi Kanu’s Trial Relocated to DSS Headquarters Over Radio Transmitter Evidence

by Victor Haruna
June 13, 2025
0

The ongoing trial of Nnamdi Kanu, the leader of the Indigenous People of Biafra (IPOB), has been relocated from the...

Tragedy in Ahmedabad as London-Bound Air India Dreamliner Crashes With 242 Onboard

Black Box Retrieved as India Mourns 265 Victims of Devastating Air India Crash

by Victor Haruna
June 13, 2025
0

Investigators on Friday recovered the flight data recorder from the crash site of a London-bound Air India flight that plummeted...

Photo combo of Festus Keyamo and Adams Oshiomhole

Airline Operators Condemn Oshiomhole’s Airport Conduct, Demand Investigation

by Victor Haruna
June 13, 2025
0

The Airline Operators of Nigeria (AON) have voiced their displeasure over the recent behavior of former Edo State governor, Senator...

Load More
Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
Photo of Jesam Michael

EFCC Arraigns Jesam Michael, Afriq Arbitrage Over Alleged Investment Scam

June 13, 2025
china

China Eliminates All Tariffs for 53 African Countries, Including Nigeria

June 13, 2025
Jonathan Criticizes Suspension of Rivers Governor, Says It Dents Nigeria’s Image

Jonathan Disowns 2027 Comeback Rumour, Denies Instagram Account

June 13, 2025
Verily News

Copyright © 2025 Verily News.

Navigate Site

  • About Us
  • Advertise
  • Privacy & Policy
  • Contact Us
  • Terms and Conditions

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • News
    • Breaking News
    • Global News
  • Politics
    • Political Analysis
    • Government & Policies
  • Business & Economy
    • DIY and FAQ
    • Product Reviews
  • Entertainment
    • Sports
    • Movie
    • Music
  • Technology
  • Trends
  • Fact-Check
    • Investigative Reports
  • Opinion
  • Share your story, the world is listening!

Copyright © 2025 Verily News.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.