Federal High Court to Rule July 22 on Bail Request by Afriq Arbitrage CEO Jesam Michael Over Alleged $844K, ₦590M Crypto Fraud Involving 50,000 Victims
The Federal High Court in Abuja has set July 22, 2025, to deliver a ruling on a fresh bail application filed by Jesam Michael, CEO of Afriq Arbitrage System (AAS)—a cryptocurrency investment platform currently under scrutiny for alleged financial fraud.
Michael is facing serious accusations by the Economic and Financial Crimes Commission (EFCC), including mismanaging investor funds amounting to over $844,000, $10,000, and ₦590 million. These funds were allegedly collected through unlicensed financial operations carried out between September 2022 and June 2023.
The bail hearing was presided over by Justice Obiora Egwatu, who listened to arguments from EFCC counsel Geraldine Ofulue and Michael’s defense lawyer, Kanu Agabi, SAN.
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This marks Michael’s third attempt at securing bail since his initial remand in June 2025. His earlier applications were denied, including one by Justice Emeka Nwite in May 2025, who ruled that bail could not be granted before proper arraignment.
The EFCC maintains that Michael and his platform illegally solicited deposits from the public without possessing a valid banking license, in violation of Section 44(1) of the Banks and Other Financial Institutions Act, 2020.
In a prior court ruling, it was revealed that approximately 50,000 investors were affected by the alleged scam. The court emphasized the need for a speedy trial, given the scale of the case.
During the latest hearing, Michael’s lawyer, Kanu Agabi, urged the court to consider bail on medical grounds, arguing that the conditions should be fair and affordable. He also assured the judge that his client had no intention of fleeing the country.
However, EFCC’s counsel, Geraldine Ofulue, strongly opposed the motion. She described the new application as an abuse of court process, and criticized Michael’s failure to offer concrete steps to ensure the security of investors’ funds. Ofulue also stated that Michael’s medical concerns were already being managed, with referrals provided to the University of Abuja Teaching Hospital.
Justice Egwatu adjourned the matter to July 22, when the court will rule on the latest bail application. Meanwhile, the investment fraud trial continues.
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