Anti-graft arraigns Jesam Michael, company over alleged investment scàm

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 in Abuja over an alleged investment fraud.

Michael and his firm were docked on a seven-count charge bordering on obtaining money under false pretence, operating without a valid licence, and engaging in fraudulent investment activities.

According to one of the charges, the defendants, between September 2022 and June 2023, allegedly invited members of the public to deposit funds with Afriq Arbiq Arbitrage System Limited despite not being a licensed financial institution.

This, the EFCC said, violates Section 44(1) of the Banks and Other Financial Institutions Act (BOFIA), 2020, and is punishable under Section 44(2) of the same Act.

Another count accused Michael and his company of illegally carrying out specialized financial services, including investment management, without authorization—an offence under Section 57 of the BOFIA Act.

According to a statement on EFCC’s X handle, Michael pleaded not guilty to all charges when they were read to him.

The statement reads:

“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.

“They 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.

“He 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.” [CONTINUE READING HERE]>>>>>