(EFCC) arraigned Jesam Michael Ubi and his company

The Economic and Financial Crimes Commission (EFCC) arraigned Jesam Michael Ubi and his company, Afriq Arbiq Arbitrage System Limited, before Justice Obiora Egwuatu of the Federal High Court in Abuja on Tuesday, June 10, 2025, on a seven-count charge involving an investment scam. The charges against them include obtaining under false pretenses, operating without a license, and fraud.

The first count of the charge accuses Michael Ubi and his company of inviting the public to deposit funds with Afriq Arbiq Arbitrage System Limited without being a licensed financial institution, which is a violation of the Banks and Other Financial Institutions Act of 2020. The second count specifies that they conducted investment management activities without the appropriate license, which is against the law.

Upon reading the charges, Jesam Michael Ubi pleaded not guilty. The prosecution, in response, requested a trial date. The defense counsel, Uchenna Njoku, SAN, presented a bail application for the defendant. However, the EFCC countered this with a counter-affidavit, arguing that the defendant may not attend trial due to the serious nature of the offenses and the substantial evidence against him. Additionally, the EFCC expressed concern that the defendant could attempt to interfere with witnesses.

Considering these factors, Justice Egwuatu denied bail for Jesam Michael Ubi and ordered his remand at the Kuje Correctional Center until the trial date, which was set for June 20, 2025. The case against him was initiated after the EFCC received numerous complaints from individuals who had deposited funds with his company under the guise of investment opportunities.