EFCC Drags Jesam Michael to Court Over Alleged Multi-Million Naira Investment Scam
The Economic and Financial Crimes Commission (EFCC) has arraigned Jesam Michael and his company, Afriq Arbiq Arbitrage System Limited, before Justice Obiora Egwuatu of the Federal High Court, Abuja, on charges linked to a high-profile investment scam.
Jesam and his firm are facing seven counts of obtaining by false pretence, unlicensed operations, and fraud. The EFCC alleges that between September 2022 and June 2023, the defendants solicited public funds without the required financial licenses.
Despite pleading not guilty, the court denied bail, citing risks of witness tampering and flight due to the gravity of the charges. Jesam has been remanded at Kuje Correctional Center.
His arrest follows multiple petitions from victims who claim they were misled into investing funds under the guise of high returns.
Trial continues on June 20, 2025.
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