EFCC Arraigns Jesam Michael for Alleged Investment Scam, Remanded in Kuje Prison
The Economic and Financial Crimes Commission (EFCC) on Tuesday, June 10, arraigned Jesam Michael Ubi and his company, Afriq Arbiq Arbitrage System Limited, before Justice Obiora Egwuatu of the Federal High Court, Abuja, on a seven-count charge bordering on investment fraud, obtaining under false pretence, and operating without a valid financial licence.
According to the EFCC, the defendants, between September 2022 and June 2023, allegedly solicited funds from the public through advertisements, despite not being authorized to operate as a financial institution. One of the charges states that they unlawfully invited members of the public to deposit funds with Afriq Arbiq Arbitrage System Limited in violation of Section 44 (1) of the Banks and Other Financial Institutions Act (BOFIA), 2020, punishable under Section 44 (2) of the same Act.
Another count accuses the defendants of carrying out investment management operations without a valid licence, in breach of Section 57 (1) and (2) of BOFIA, punishable under Section 57 (5).
Jesam Michael pleaded not guilty to all charges when they were read to him in court.
Following the plea, EFCC counsel urged the court to set a trial date and opposed bail, citing the gravity of the offence, the likelihood of the defendant fleeing, and the risk of witness interference. The defense, led by Uchenna Njoku, SAN, had earlier filed a bail application, which was countered by the prosecution through a sworn affidavit.
In his ruling, Justice Egwuatu denied bail and ordered that the defendant be remanded at the Kuje Correctional Center until trial.
Michael’s legal troubles began after the EFCC received multiple petitions from individuals who claimed they were deceived into depositing funds with the company under the false promise of profitable investment returns.
The matter has been adjourned to June 20, 2025, for the commencement of trial.
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