A fresh bid by Jesam Michael, the CEO of cryptocurrency trading company Afriq Arbitrage System (AAS) Limited, to secure bail was challenged on Monday by Nigeria’s Economic and Financial Crimes Commission (EFCC).
Representing the EFCC at the Federal High Court in Abuja, counsel Geraldine Ofulue labelled the application as repetitive and argued that the earlier refusal of bail in June was justified. She highlighted that Michael is being held at Kuje Correctional Centre partly for his own safety, given the risk posed by angry investors allegedly defrauded by the platform.
Ofulue pointed out that the court had already considered claims of ill-health and potential flight risk when it rejected the first bail request. She added that prison authorities had not reported being unable to handle the defendant’s medical needs.
“The enormity of the alleged offence and the evidence presented make him a substantial flight risk,” she said, appealing to Justice Obiora Egwuatu to maintain the remand order.
Michael’s defence counsel, Chief Kanu Agabi, SAN, urged the judge to exercise discretion and release his client on reasonable bail conditions, insisting that Michael would comply with any terms set by the court.
Justice Egwuatu scheduled 22 July to rule on the renewed bail request and resume the trial.
Michael was arraigned in June on a seven-count indictment including money laundering and advance fee fraud, with allegations that his company illegally solicited deposits from the public without the necessary regulatory approval.
According to the EFCC, the scheme collected over $844,000 and ₦590 million from investors between September 2022 and June 2023. The agency also informed the court that investigations revealed more than 50,000 victims had been affected and that fresh complaints continued to emerge.
The judge had previously emphasised the need for a swift trial and ordered Michael’s remand at Kuje Correctional Centre to protect both the defendant and the integrity of the proceedings.
