Afriq Arbitrage CEO Denied Bail Again in $844,000 Fraud Case

A Federal High Court sitting in Abuja has denied yet another bail application from Jesam Michael, the Chief Executive Officer of Afriq Arbitrage System, who is facing charges of defrauding investors of over $844,000, an additional $10,000, and ₦590 million. The court turned down his request on grounds of ill health, marking the third time bail has been denied since the charges were filed.

Presiding judge Justice Obiora Egwatu dismissed the plea, siding with the prosecution, which argued that the Kuje Correctional Centre could adequately manage the defendant’s health concerns. It was also noted that Michael had recently been referred to the University of Abuja Teaching Hospital for additional care.

Michael is being prosecuted for allegedly soliciting funds from the public under the guise of investment opportunities, despite lacking the appropriate license to operate financial services. Investigations revealed the scheme ran between September 2022 and June 2023 and affected more than 50,000 investors.

The court emphasized the seriousness of the charges and the scale of the alleged fraud, calling for expedited proceedings. The case is scheduled to continue on July 25.