The {Economic} and {Financial} Crimes Fee (EFCC) has filed expenses in opposition to a cryptocurrency buying and selling platform, Afriq Arbitrage System (AAS), and its CEO, Jesam Michael, over alleged funding fraud involving $844,416.36, $10,000, and N590 million.
The seven-count cost was revealed within the EFCC’s affidavit to point out trigger, offered earlier than Justice Emeka Nwite of the Federal Excessive Courtroom, Abuja, on Tuesday, in response to Michael’s utility for bail.
The EFCC alleged that Michael and his firm, between September 2022 and June 2023 in Abuja, whereas not being a {bank} or a certified entity to take deposits, invited the general public by means of commercials to deposit funds with Afriq Arbitrage System Restricted.
This, in line with the Fee, is in contravention of Part 44(1) of the Banks and Different {Financial} Establishments Act, 2020, and is punishable beneath the identical Act.
The EFCC additional accused Michael and his firm of participating within the specialised enterprise of economic companies, together with funding administration, with out a legitimate license.
“That you just, JESAM MICHAEL UBI, and AFRIQ ARBITRAGE SYSTEM LIMITED, between October and December 2024 in Abuja, throughout the jurisdiction of this Honourable Courtroom, transformed the cumulative sum of N590,000,000.00 (5 Hundred and Ninety Million Naira), being a part of the funds generated from the sale of properties recovered from Oluwasesan Abayomi—specifically, Ologolo Avenue, off Lekki-Epe Expressway, and No. 1 Nnamdi Azikiwe Highway, Lakowe Golf Property, Lekki, Lagos—understanding that the funds constituted proceeds of illegal exercise. You thereby dedicated an offence opposite to Part 18(2)(b) of the Cash Laundering (Prevention and Prohibition) Act.”
“That you just, JESAM MICHAEL UBI, and AFRIQ ARBITRAGE SYSTEM LIMITED, someday in 2022 in Abuja, with intent to defraud, induced Ladi Musa Audu to deposit the sum of $844,416.36 USDT into the Afriq Arbitrage System funding scheme, beneath the false illustration that the funding was protected and refundable upon request. You knew this illustration to be false, thereby committing an offence opposite to Part 1(2) of the Advance Payment Fraud and Different Associated Offences Act No. 14 of 2006 and punishable beneath Part 1(3) of the identical Act.”
“That you just, JESAM MICHAEL UBI, and AFRIQ ARBITRAGE SYSTEM LIMITED, someday in February 2023 in Abuja, with intent to defraud, induced Sir Augustine E. Ibolo to deposit the sum of $10,000.00 USDT into the Afriq Arbitrage System funding scheme, beneath the identical false assurances. This additionally constitutes an offence beneath the identical Advance Payment Fraud Act,” the EFCC expenses, filed by E.E. Iheanacho, SAN, partly learn.
In response to EFCC court docket paperwork, the anti-graft company plans to name witnesses from {financial} establishments, the Central Bank of Nigeria (CBN), and the Securities and Change Fee (SEC) to testify that the defendants weren’t authorised to conduct specialised banking or solicit public investments with out regulatory approval.
On the bail listening to earlier than trip choose Justice Emeka Nwite on Tuesday, Emmanuel Agabi introduced his look for Michael and the corporate, noting that he had filed a movement for bail.
Nevertheless, she stated the EFCC has since filed one dated April 16, 2024, and intends to arraign Michael as soon as the case is assigned to a choose.
In its affidavit to point out trigger, seen by Nairametrics, the EFCC acknowledged that Michael was arrested whereas trying to go away the nation and is unlikely to return to face trial as a result of gravity of the costs and the load of proof.
“The temptation to leap bail is excessive, particularly now that the costs have been filed,” the EFCC’s assertion learn.
“The EFCC has additionally acquired extra petitions from a number of different victims of the candidates’ alleged offences.”
Agabi argued that the court docket couldn’t proceed with arraignment, including that his consumer had already been in custody for 90 days with each the police and the EFCC.
Babatunde knowledgeable the court docket that she wanted extra time to answer the additional affidavit, which she had solely acquired that very same morning.
Justice Nwite subsequently adjourned the matter to Monday, April 24, for the bail listening to, noting that the EFCC requires time to reply adequately.
