The Federal High Court in Abuja on Friday refused the bail application of Jesam Michael, CEO of the Afriq Arbitrage System (AAS) cryptocurrency trading platform, amid charges of an alleged $844,416.36, $10,000, and N590 million investment fraud instituted against him by the Economic and Financial Crimes Commission (EFCC).
Justice Emeka Nwite ruled on the motion filed by Michael’s legal team, emphasizing that a charge had already been filed against him, and his arraignment must take place before any bail application can be considered.
Nairametrics previously reported that the EFCC filed charges against Michael and his cryptocurrency company for alleged investment fraud involving $844,416.36, $10,000, and N590 million.