The Economic and Financial Crimes Commission (EFCC) on Monday opposed a fresh bail application filed by Mr Jesam Michael, Chief Executive Officer of Afriq Arbitrage System (AAS) Limited.
EFCC counsel, Geraldine Ofulue, told Justice Obiora Egwuatu of the Federal High Court in Abuja that the new application was incompetent and constituted an abuse of court process.
Ofulue recalled that Michael’s initial bail request, filed on 8 May, was rejected on 10 June. One key reason for the refusal, she said, was Michael’s continued detention in Kuje Correctional Centre for his own safety due to threats from numerous aggrieved investors.
“When my lord refused the bail application, one of the reasons is that there are investors outside after his life,” she said.
She maintained that the court had already considered all relevant factors, including Michael’s alleged ill health and his risk of fleeing the country. Ofulue added that the court had ordered an accelerated hearing, and the prosecution had so far presented three witnesses in a short time.
She stressed that unless Michael presented compelling new grounds, his continued detention was in his best interest. Referring to past cases, she argued that the present application—like the first—was based on health concerns.
Ofulue insisted there was no evidence from the correctional facility that it was unable to manage Michael’s medical needs.
“In the circumstances, the court remains functus officio as there is no new element being introduced to enable it adjudicate on a matter it has previously decided,” she said.
She further argued that Michael did not rebut the prosecution’s claims in his affidavit and remained a significant flight risk—now even more so since the trial had commenced.
Ofulue urged the court to consider the severity of the charges and reject the new bail request.
However, Michael’s lawyer, Chief Kanu Agabi, SAN, appealed to Justice Egwuatu to exercise discretion in favour of his client.
“The greatest power of a judge is the discretion he has.
Your lordship is vested with every inherent power and sanction.
Though bail is a constitutional right, it is what the judge says the law is, that it is,” he said.
Agabi requested that bail be granted on terms his client could meet, assuring that Michael would not abscond.
Justice Egwuatu adjourned the matter until 22 July for ruling on the bail application and continuation of trial.
Previously, on 10 June, the judge had ordered Michael’s remand in Kuje Correctional Centre over the alleged investment fraud. Ruling on his first bail request, Justice Egwuatu cited the gravity of the offence and the strength of the evidence, including ongoing petitions from additional victims.
The court noted that EFCC’s investigation suggested there were over 50,000 investors involved in Michael’s failed scheme. To protect the defendant and ensure order, the court decided he should remain in custody throughout the trial.
Michael and his company were arraigned in the case marked FHC/ABJ/CR/134/2025 on a seven-count charge bordering on money laundering, advance fee fraud, and other offences.
EFCC alleged that between September 2022 and June 2023, Michael and his cryptocurrency trading platform solicited public funds without being a licensed bank or authorised deposit-taking entity.
The alleged fraudulent investment scheme involved sums totalling 844,416.36 US dollars, ₦590 million, and an additional 10,000 US dollars—actions said to contravene Section 44(1) of the Banks and Other Financial Institutions Act, 2020.
(NAN)