Would you like to receive notifications on latest updates of the following headlines?

Business Executive Remand in Abuja for Alleged Investment Fraud

POSTED ON June 11, 2025 •   LOCAL NEWS      BY Abiodun Saheed Omodara
court

ABUJA, Nigeria - A Federal High Court in Abuja has ordered the remand of Jesam Michael, the CEO of Afriq Arbitrage System Limited, in Kuje Correctional Centre due to alleged investment fraud. 

After Michael's arraignment by the Economic and Financial Crimes Commission (EFCC), Justice Obiora Egwuatu denied his bail application, citing the seriousness of the charges and the evidence against him.

The judge agreed with EFCC attorney Martha Babatunde's argument that even with the current charges, more complaints were still being filed by victims of Michael's ponzi scheme.

Justice Egwuatu pointed out that the EFCC's investigations uncovered over 50,000 investors in Michael's failed investment venture, emphasizing that the aggrieved victims posed a safety concern for the defendant, making it advisable for him to remain in custody until the trial concludes.

The judge called for an expedited trial and ordered Michael's transfer to Kuje Correctional Centre from EFCC custody, highlighting the necessity of a swift trial.

The EFCC, under charge number FHC/ABJ/CR/134/2025, has brought charges against Michael and his company as the 1st and 2nd defendants.

 These seven counts include accusations of money laundering and advance fee fraud, alleging that Michael orchestrated an investment scam involving $844,416.36, N590 million, and $10,000.

The commission claims that between September 2022 and June 2023 in Abuja, Michael and his company illegally sought public investments without being a bank or an authorized entity, which is in violation of Section 44(1) of the Banks and Other Financial Institutions Act, 2020.

Furthermore, the EFCC has accused Michael and his company of providing financial services, including investment management, without a proper license and converting N590 million from the sale of properties recovered from Oluwasesan Abayomi between October and December 2024 in Abuja, knowing these funds were the proceeds of illegal activities.

READ ALSO
EFCC Vows to Enforce Money Laundering Laws Following Currency Declaration Breach
BY Abiodun Saheed Omodara August 12, 2025 0

The Economic and Financial Crimes Commission (EFCC) has initiated an investigation into Duru Damian,...

READ ALSO
Police Arrest 63-Year-Old Woman for Allegedly Abducting and Selling One-Year-Old Boy
BY Abiodun Saheed Omodara August 12, 2025 0

The Anambra State Police Command has taken a 63-year-old woman, Ngozi Muotuanya, into custody follow...

READ ALSO
68 Missing After Indian Catastrophic Flooding
BY Abiodun Saheed Omodara August 12, 2025 0

Indian authorities report that at least 68 individuals remain missing a week after a devastating sur...

READ ALSO
Civil Society Group Demands Investigation into Comfort Emmanson's Treatment
BY Abiodun Saheed Omodara August 12, 2025 0

A Civil Society Organisation known as The Network for the Actualisation of Social Growth and Viable...

READ ALSO
Obi Critiques Nigerian Justice System Amid Double Standards in Court Treatment
BY Abiodun Saheed Omodara August 11, 2025 0

The former presidential candidate of the Labour Party (LP), Peter Obi, has criticized the court appe...

READ ALSO
FG Launches Investigation into In-Flight Incident
BY Abiodun Saheed Omodara August 11, 2025 0

The Federal Government has initiated a thorough investigation into the release of inappropriate foot...

READ ALSO
NiMet Forecasts 3 Days Thunderstorms and Rainfall Across Nigeria
BY Abiodun Saheed Omodara August 11, 2025 0

The Nigerian Meteorological Agency (NiMet) has forecasted thunderstorms and rainfall for the period...

READ ALSO
Aviation Unions Suspended Proposed Strike - Keyamo
BY Abiodun Saheed Omodara August 11, 2025 0

The Minister of Aviation and Aerospace Development, Festus Keyamo, has declared that a planned strik...

OUR CHANNELS:

68 Missing After Indian Catastrophic Flooding
BY Abiodun Saheed Omodara August 12, 2025 0

Indian authorities report that at least 68 individuals remain missing a week after a devastating sur...


FG Champions Cocoa Industry for Economic Growth and Environmental Sustainability
BY Abiodun Saheed Omodara August 12, 2025 0

The Federal Government has reiterated its dedication to enhancing Nigeria’s cocoa sector while...


Civil Society Group Demands Investigation into Comfort Emmanson's Treatment
BY Abiodun Saheed Omodara August 12, 2025 0

A Civil Society Organisation known as The Network for the Actualisation of Social Growth and Viable...


Panic in ADC as EFCC Targets Coalition Leaders amid Allegations of Fraud
BY Abiodun Saheed Omodara August 12, 2025 0

Panic has set in within the African Democratic Congress as the Economic and Financial Crimes Commiss...


Obi Critiques Nigerian Justice System Amid Double Standards in Court Treatment
BY Abiodun Saheed Omodara August 12, 2025 0

The former presidential candidate of the Labour Party (LP), Peter Obi, has criticized the court appe...


FG Launches Investigation into In-Flight Incident
BY Abiodun Saheed Omodara August 11, 2025 0

The Federal Government has initiated a thorough investigation into the release of inappropriate foot...


Iran and Iraq Entered into Security Agreement
BY Abiodun Saheed Omodara August 12, 2025 0

The leader of Iran's top security organization, Ali Larijani, is set to visit Iraq on Monday before...


Davido Gifts Wife Chioma Stunning Iced-Out Richard Mille as Wedding Surprise
BY Abiodun Saheed Omodara August 11, 2025 0

Afrobeat sensation David Adeleke, better known as Davido, has presented his wife Chioma with a lavis...


NiMet Forecasts 3 Days Thunderstorms and Rainfall Across Nigeria
BY Abiodun Saheed Omodara August 12, 2025 0

The Nigerian Meteorological Agency (NiMet) has forecasted thunderstorms and rainfall for the period...


Oil Trade: Indian Refineries Turn to Nigerian Crude While Dangote Refinery Embraces US Imports
BY Abiodun Saheed Omodara August 12, 2025 0

Indian refineries are purchasing Nigerian crude, while Nigeria’s Dangote Petroleum Refinery is...


More Articles

Load more...

Menu