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By Lizzy Chirkpi
The Economic and Financial Crimes Commission (EFCC) has dragged Afriq Arbitrage System (AAS) and its CEO, Jesam Michael to Court, accusing them of orchestrating an investment fraud scheme involving a staggering $844,416.36, $10,000, and N590 million.
The seven-count charge, revealed during Michael’s bail hearing before Justice Emeka Nwite in Abuja, details how the EFCC alleges Michael and AAS illegally solicited public deposits between September 2022 and June 2023.
According to the anti-graft agency, they “invited the public through advertisements to deposit funds with Afriq Arbitrage System Limited” without proper authorization.
The Commission further accused them of engaging in unlicensed financial services and misappropriating N590 million linked to recovered assets.
According to the charges, Michael also induced Ladi Musa Audu to deposit the sum of $844,416.36 and Sir Augustine E. Ibolo to deposit the sum of $10,000.00 with false promises of safe and refundable investments.
The EFCC plans to present testimony from financial regulators to underscore the defendants’ alleged unauthorised activities.
“That you, JESAM MICHAEL UBI, and AFRIQ ARBITRAGE SYSTEM LIMITED, between October and December 2024 in Abuja, within the jurisdiction of this Honourable Court, converted the cumulative sum of N590,000,000.00 (Five Hundred and Ninety Million Naira), being part of the funds generated from the sale of properties recovered from Oluwasesan Abayomi—namely, Ologolo Street, off Lekki-Epe Expressway, and No. 1 Nnamdi Azikiwe Road, Lakowe Golf Estate, Lekki, Lagos—knowing that the funds constituted proceeds of unlawful activity. You thereby committed an offence contrary to Section 18(2)(b) of the Money Laundering (Prevention and Prohibition) Act.”
“That you, JESAM MICHAEL UBI, and AFRIQ ARBITRAGE SYSTEM LIMITED, sometime 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 investment scheme, under the false representation that the investment was safe and refundable upon request. You knew this representation to be false, thereby committing an offence contrary to Section 1(2) of the Advance Fee Fraud and Other Related Offences Act No. 14 of 2006 and punishable under Section 1(3) of the same Act.”
“That you, JESAM MICHAEL UBI, and AFRIQ ARBITRAGE SYSTEM LIMITED, sometime 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 investment scheme, under the same false assurances. This also constitutes an offence under the same Advance Fee Fraud Act,” the EFCC charges, filed by E.E. Iheanacho, SAN, read in part.