EFCC Charges Afriq Arbitrage CEO Over Alleged Fraud

The Economic and Financial Crimes Commission (EFCC) has filed charges against Afriq Arbitrage System (AAS) and its CEO, Jesam Michael, over alleged investment fraud involving $844,416.36, $10,000, and N590 million.

The charges were presented before Justice Emeka Nwite of the Federal High Court, Abuja, in response to Michael’s bail application.

The EFCC alleges that between September 2022 and June 2023, Michael and his company solicited public deposits without authorization, violating the Banks and Other Financial Institutions Act, 2020. Additionally, they are accused of engaging in financial services without a valid license and converting funds from property sales linked to Oluwasesan Abayomi.

The Commission also claims Michael induced investors to deposit funds under false assurances, violating the Advance Fee Fraud and Other Related Offences Act No. 14 of 2006. The EFCC plans to call witnesses from financial institutions, the Central Bank of Nigeria (CBN), and the Securities and Exchange Commission (SEC) to testify.

At the bail hearing, Michael’s lawyer, Emmanuel Agabi, argued for his release, while EFCC counsel Mary Babatunde opposed bail, citing flight risk concerns. The judge adjourned the matter to April 24 for further proceedings.