By Fisayo Ogunsakin (with additional reports from NAN)

The Economic and Financial Crimes Commission (EFCC) has pushed back against another bail attempt by Jesam Michael, the CEO of Afriq Arbitrage System (AAS) Limited, who is on trial over an alleged multi-million naira investment scam.

Michael, currently being held at Kuje Correctional Centre, had asked the Federal High Court in Abuja for bail a second time, claiming health issues. But the EFCC told the court the request was just a repeat of his earlier failed attempt.

EFCC’s lawyer, Geraldine Ofulue, said Michael’s safety was at risk if released, citing fears that angry investors—some of whom reportedly lost huge sums—are still waiting for him outside.

“One of the reasons the bail was denied the first time was because there are investors out there after his life,” Ofulue said in court.

She argued that nothing new had been added to this second application, and that Michael had already been denied bail on similar grounds. She added that there’s no evidence from prison officials that his health can’t be managed while in custody.

Ofulue also said the trial is already moving fast, with three witnesses already called, and that Michael remains a flight risk, especially now that the case is officially underway.

“The court has already ruled on this. There are no fresh facts that justify revisiting the decision,” she told the judge.

Michael’s lawyer, Senior Advocate of Nigeria Kanu Agabi, urged the judge to reconsider and grant bail under terms his client could meet. He insisted that Michael wouldn’t flee and said the court had full discretion to allow bail if it chose to.

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

Justice Obiora Egwuatu, after hearing both sides, adjourned the case to July 22 for ruling on the bail request and to continue the trial.

Michael and his company, Afriq Arbitrage System Ltd, are facing a seven-count charge from the EFCC, including money laundering, advance fee fraud, and operating an unlicensed financial scheme. The agency says he lured the public into investing in a fake cryptocurrency trading platform between September 2022 and June 2023.

According to investigators, the scheme involved over $844,000, ₦590 million, and another $10,000—collected from more than 50,000 investors nationwide. The EFCC alleges that Michael’s company wasn’t licensed to collect deposits, making the entire operation illegal under Nigeria’s banking laws.

The judge had previously ruled on June 10 that Michael should remain in custody for his own protection and to ensure a speedy trial. Since then, the EFCC has presented multiple witnesses, and more victims are still coming forward with fresh complaints.

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