By TAIYE AGBAJE

The Economic and Financial Crimes Commission (EFCC) on Monday, opposed another bail application filed by Mr Jesam Michael, the Chef Executive Officer (CEO) of Afriq Arbitrage System (AAS) Limited.

The EFCC’s counsel, Geraldine Ofulue, told Justice Obiora Egwuatu of the Federal High Court in Abuja that the latest application was incompetent and constituted an abuse of court process.

The lawyer noted that Michael filed his first bail application, which was refused by the court, on May 8.

She argued that one of the reasons the bail was refused on June 10 was on the ground that Michael is being kept in Kuje Correctional Centre for his own safety because scores of angry investors he allegedly swindled are out there waiting for him.

“When my lord refused the bail application, one of the reasons is that there are investors outside after his life,” she said.

Ofulue submitted that the court considered all the factors, including the issue of his alleged ill-health and the fact that he is a flight risk.

She said the court had equally ordered an accelerated hearing in the matter, and the prosecution had been diligent in Michael’s trial, having called three witnesses within the short time.

According to the lawyer, unless the 1st defendant has a strong reason; it is for his safety that he is kept in Kuje Correctional Centre, citing previous case to back her argument.

Besides, she said that like the former bail request, the current application is also on the ground of ill-health.

She, therefore, argued that there was nothing from the correctional centre stating that they were unable to cater for the medical needs of the defendant.

“In the circumstances, the court remains functus officio as there is no new element being introduced to enable it adjudicate on a matter It has previously decided,” she said.

The lawyer also submitted that Michael, from his affidavit, did not controvert the argument.

“The 1st defendant still remains a huge flight risk which is now heightened as trial has begun,” she said.

The lawyer, who urged the court to take cognizance of the enormity of the offence, prayed the judge to refuse the instant application.

But Michael’s lawyer, Chief Kanu Agabi, SAN, urged Justice Egwuatu to exercise his discretion in favour of his client.

“The greatest power of judge is the discretion he has.

“Your lordship is vested with every inherent power and sanction.

“Though bail is a constitutional right, it is what the judge says the law is, that it is,” he said.

Agabi also prayed the court to grant Michael a bail on terms he would be able to meet, assuring that he would not jump bail.

The judge adjourned the matter until July 22 for ruling on the bail application and for continuation of trial.

The News Agency of Nigeria (NAN) reports that Justice Egwuatu had, on June 10, ordered the remand of Michael in Kuje Correctional Centre over alleged investment fraud.

Justice Obiora Egwuatu, in a ruling in Michael’s bail application shortly after he was arraigned by EFCC, refused his bail plea on the grounds of the gravity of the offence and weight of evidence against him.

He agreed with the argument of the lawyer who appeared for the commission, Martha Babatunde, that despite the instant charge, more petitions were still being received by the agency and other security agencies from victims of the ponzi scheme of the defendant.

The judge observed that the anti-graft agency, in its argument, also submitted that its further investigation had revealed that there were over 50,000 investors in Michael’s failed investment scheme.

He also held that the victims were aggrieved and it would be in his own safety to remain in government custody pending the conclusion of the trial.

Egwuatu, who ordered accelerated hearing of the trial, directed Michael to be transferred from the EFCC custody to Kuje Correctional Centre pending the conclusion of his trial.

He emphasised the need for a speedy trial while the defendant remained in custody.

NAN reports that the EFCC had, in the charge marked: FHC/ABJ/CR/134/2025, dragged Michael and his company, a cryptocurrency trading platform, to court as 1st and 2nd defendants.

The commission, in the seven-count charge bordering on money laundering, advance fee fraud, among others, accused Michael of investment fraud involving 844,416.36 U.S dollars, N590 million and another 10,000 U.S. dollars.

The EFCC alleged that Michael and his company, between September 2022 and June 2023 in Abuja, while not being a bank or an authorised entity to take deposits, invited the public through advertisements to deposit funds with Afriq Arbitrage System Limited.

This, according to the commission, is in contravention of Section 44(1) of the Banks and Other Financial Institutions Act, 2020, and is punishable under the same Act, among others. (NAN)