By John Moses
The Economic and Financial Crimes Commission (EFCC) has opposed a renewed application for bail filed by Jesam Michael, Chief Executive Officer of Afriq Arbitrage System (AAS) Limited, who is facing trial over alleged large-scale investment fraud.
During proceedings at the Federal High Court in Abuja on Monday, EFCC counsel Geraldine Ofulue described the latest bail request as an abuse of court process, noting that the court had already denied a similar application on 10 June.
Ofulue argued that the previous bail denial was partly based on concerns for Michael’s safety, highlighting that many aggrieved investors allegedly defrauded by AAS remain a threat to his security if released. She added that the defendant is also considered a flight risk and that his claims of ill-health had already been taken into account by the court.
She further contended that the authorities at Kuje Correctional Centre had provided no indication that they were unable to meet Michael’s medical needs, making a fresh bail application unnecessary.
“The 1st defendant still presents a significant flight risk, especially now that the trial is underway,” Ofulue said, urging the court to consider the seriousness of the charges and refuse the application.
Michael’s lawyer, Chief Kanu Agabi, SAN, called on Justice Obiora Egwuatu to use his discretion to grant bail on terms the defendant could meet, stressing that bail remains a constitutional right.
Justice Egwuatu adjourned the matter to 22 July for a ruling on the application and for continuation of trial.
Earlier, the judge had ordered Michael’s remand in Kuje Correctional Centre following his arraignment on seven counts, including alleged money laundering and advance fee fraud. The EFCC accused Michael and his firm of operating an unauthorised investment scheme that raised over $844,000 and ₦590 million from the public, contrary to financial regulations.
The anti-graft agency told the court that over 50,000 investors were affected by the failed scheme, and that new complaints continued to surface even after charges were filed.
