On Tuesday, June 10, 2025, Jesam Michael and his business, Afriq Arbiq Arbitrage System Limited, were charged with investment scam by the Economic and Financial Crimes Commission (EFCC) before Federal High Court Judge Obiora Egwuatu in Abuja.  

The anti-graft agency announced this on its Facebook page, stating that they were charged with seven counts that included fraud, operating without a licence, and gaining under false pretence.

Count one of the charge reads; that you JESAM MICHEAL UBI and AFRIQ ARBIQ ARBITRAGE SYSTEM LIMITED between September 2022 and June, 2023 in Abuja within the jurisdiction of this Honorable Court whilst not being a bank or person authorized to take deposits invited the public through advertisement to deposit funds with AFRIQ ARBITRAGE SYSTEM LIMITED and you 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.

Count two reads: That you MICHEAL UBI and AFRIQ ARBITRAGE SYSTEM LIMITED between September 2022 and June, 2023 in Abuja within the jurisdiction of this Honorable Court carried on specialized business of other financial institutions to wit: investment management without a valid licence and thereby committed an offence contrary to Section 57(1) and (2) of the Banks and Others Financial Institutions Act, 2020 and punishable under Section 57(5) of the same Act.

When the allegations were read to him, he entered a not guilty plea.  The prosecuting attorney asked the court for a trial date in light of the plea.  

The court was alerted to the client's bail application by defence attorney Uchenna Njoku, SAN.  The court was alerted to the client's bail application by defence attorney Uchenna Njoku, SAN.

In addition, the EFCC's attorney presented the court with a counter-affidavit requesting that the defendant be denied bail on the grounds that, given the seriousness of the offence accused and the strength of the evidence against him, he might not be able to appear in court.  

Additionally, considering the strength of the evidence and the nature of the conduct, there is a good chance that he will try to suborn witnesses.  The defendant was confined in the Kuje Correctional Centre till the day of his trial after Justice Egwuatu granted him bail.

When the Commission received several petitions from victims who had deposited money with the company under the guise of offering investment opportunities, Michael's road to the penal facility began.  The trial was postponed until June 20, 2025.

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