A Federal High Court in Abuja on Tuesday declined the bail application brought by the Chief Executive Officer (CEO) of the cryptocurrency trading platform – Afriq Arbitrage System (AAS) – Jesam Michael Ubi
Ubi and his firm are being prosecuted by the Economic and Financial Crimes Commission (EFCC) on a seven-count charge bordering on money laundering, advance fee fraud, among others, relating to an alleged investment fraud involving $844,416.36, $10,000, and N590 million.
Justice Obiora Egwatu, in a ruling, held that Ubi’s request for bail on health grounds was without merit because he raised no special circumstances.
Justice Egwuatu held that the management of the Kuje Correctional Centre, where he is currently being held, has the capacity to take care of him.
The judge noted that his alleged ailment was not the type that could pose health risk to others also being held in the facility.
Justice Egwuatu adjourned till July 25 for the continuation of trial.
This is the third time Ubi is applying for bail.
Justice Egwuatu had, on May 9, 2025, while acting as a vacation judge, refused an earlier bail application by Michael on the grounds that a charge had already been filed against him.
He held that Michael must first be arraigned before any bail request could be considered.
In another ruling on June 10 Justice Egwuatu rejected the defendant’s bail application and ordered that he be remanded in prison pending trial.
The judge noted that, as stated by the EFCC more petitions were still being received by the anti-graft agency and other security agencies from victims of the crimes allegedly committed by the defendant.
He noted the claim by the EFCC that there were over 50,000 investors in Michael’s failed investment scheme and that the victims were aggrieved and it would be in his own safety to remain in custody pending the conclusion of the trial.
The judge ordered accelerated hearing in the case and directed that the defendant be transferred from the custody of the EFCC custody to Kuje prison pending the conclusion of trial.
The judge noted that investment fraud is becoming rampant in the country.
Ubi’s new lawyer, Kanu Agabi (SAN) had, while arguing the latest bail application on July 7 prayed the court to allow the defendant on bail this time.
Agabi, a former Attorney General of the Federation (AGF) and Minister of Justice, assured the court, among others, that the defendant would not jump bail in view of the caliber of his legal team.
Lawyer to the prosecution, Geraldine Ofulue opposed the bail application.
Ofulue reminded the court that it had previously declined the defendant bail on numerous grounds, including that his safety was more guaranteed in prison custody than being allowed on bail in view of the number of his alleged victims, estimated to be over 500,000.
In the charge, marked: FHC/ABJ/CR/134/2025, the EFCC accused Michael and his cryptocurrency trading platform – Afriq Arbitrage System (AAS) Ltd – of defrauding his customers to the tune of 854,416.36 U.S dollars and N590 million.
The EFCC alleged that Michael and his firm, between September 2022 and June 2023 in Abuja, while not being a bank or an authorised entity to take deposits, invited the public through advertisements to deposit funds with Afriq Arbitrage System Limited.
