Friday, June 13, 2025 - The Economic and Financial Crimes Commission, EFCC on Tuesday, June 10, 2025 arraigned Jesam Michael and his company Afriq Arbiq Arbitrage System Limited before Justice Obiora Egwuatu of the Federal High Court sitting in Abuja for alleged investment scam.
In a statement released, the commission said Jesam and his
company were arraigned on a seven- count charge bordering on obtaining under
false pretence, operating without a licence and fraud.
Count one of the charge reads
‘’that you
JESAM MICHEAL UBI and AFRIQ ARBIQ ARBITRAGE SYSTEM LIMITED between September
2022 and June, 2023 in Abuja within the jurisdiction of this Honorable Court
whilst not being a bank or person authorized to take deposits invited the
public through advertisement to deposit funds with AFRIQ ARBITRAGE SYSTEM
LIMITED and you thereby committed 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.''
Count two reads
‘’That you
MICHEAL UBI and AFRIQ ARBITRAGE SYSTEM LIMITED between September 2022 and June,
2023 in Abuja within the jurisdiction of this Honorable Court carried on
specialized business of other financial institutions to wit: investment
management without a valid licence and thereby committed an offence contrary to
Section 57(1) and (2) of the Banks and Others Financial Institutions Act, 2020
and punishable under Section 57(5) of the same Act.''
The accused pleaded not guilty to the charges when they were
read to him.
In view of the plea, the prosecuting counsel prayed the
court for a trial date.
Defense counsel, Uchenna Njoku, SAN called the attention of
the court to the bail application of the client. The EFCC counsel also informed
the court of a counter affidavit urging the court to deny the defendant bail on
the ground that he may not make himself available for trial due to the gravity
of the offence charged and the weight of the evidence against him. Also, there
is a strong likelihood that he may seek to suborn witnesses given the weight of
evidence and nature of offence.
Justice Egwuatu denied the defendant bail and ordered that
the defendant be remanded in the Kuje Correctional Center till the date of his
trial.Micheal journey to the correctional center started when the Commission
received multiple petitions from victims who deposited funds with
the company under the pretense of providing investment
opportunities
The matter was adjourned to June 20, 2025 for trial.
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