TransparencIT
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Scam

Sep 17, 2025

FRN vs Jesam Michael & 1 other

Humans

Jesam Michael
& 1 other

Money bag

Scam

Money bag

Case Summary
The accused, alongside his company, whilst not being a bank or person authorized to take deposits, allegedly invited the public through advertisement to deposit funds with AFRIQ ARBITRAGE SYSTEM LIMITED (his company) and thereby committed an offence contrary to Section 44 (1) of the Banks and Other Financial Institutions Act, 2020 and punishable under Section 44 (2) of the same Act.

Calendar

99
Day(s) since arraignment

Gavel

Case Update
In view of the defendant’s plea, the trail judge thereafter denied the him bail and ordered that the he be remanded in the Kuje Correctional Center till the date of his trial. The matter was adjourned for trial.

Court house

Hon. Justice Obiora Atuegwu Egwuatu
Federal High Court, Maitama, Abuja

Legislation

ACJA/ACJL Compliance - not applicable

Case Information
Jesam Michael & 1 other
Presiding Judge & Designated Court
Hon. Justice Obiora Atuegwu Egwuatu, Federal High Court, Maitama, Abuja
Nature and Number of Charges
7- count charge bordering on obtaining under false pretence, operating without a licence and fraud.
Date of 1st Arraignment
Jun 10, 2025
Summary of Case
The accused, alongside his company, whilst not being a bank or person authorized to take deposits, allegedly invited the public through advertisement to deposit funds with AFRIQ ARBITRAGE SYSTEM LIMITED (his company) and thereby committed an offence contrary to Section 44 (1) of the Banks and Other Financial Institutions Act, 2020 and punishable under Section 44 (2) of the same Act.
Defendant(s) and Plea entered on Arraignment
1. Jesam Michael (owner of Afriq Arbiq Arbitrage System Limited) – Not guilty
2. Afriq Arbiq Arbitrage System Limited (Company) – Not guilty
Defence Counsel(s)
1. Uchenna Njoku, SAN (Lawyer)
Prosecuting Agency
Economic and Financial Crimes Commission
Prosecutor(s)
No prosecutors recorded
Status of Case
On Trial
Stage of Trial
Prosecution Stage
Length of Trial
99 day(s)
Case Update
In view of the defendant’s plea, the trail judge thereafter denied the him bail and ordered that the he be remanded in the Kuje Correctional Center till the date of his trial. The matter was adjourned for trial.
ACJA/ACJL Compliance
Not Applicable