By Onoja Baba, Nigeria
The Economic and Financial Crimes Commission has secured a court order to remand Jesam Michael, the promoter of Afriq Arbiq Arbitrage System Limited, in Kuje Correctional Center over an alleged multi-million naira investment scam.
The EFCC announced the development on Friday via its official Facebook page.
Michael was arraigned on Tuesday, before Justice Obiora Egwuatu of the Federal High Court in Abuja.
He was charged alongside his company on seven counts, bordering on obtaining by false pretence, operating without a licence, and investment fraud.
The EFCC accused him of collecting funds from unsuspecting Nigerians between September 2022 and June 2023 under the guise of offering profitable investment opportunities without regulatory approval.
Jesam Michael pleaded not guilty to all charges when they were read to him in court.
His lawyer, Uchenna Njoku, a Senior Advocate of Nigeria (SAN), applied for bail.
However, the prosecution opposed it, arguing that Michael posed a flight risk and could influence witnesses if granted bail.
Justice Egwuatu ruled in favour of the EFCC and ordered that Michael be remanded in Kuje Correctional Center.
The judge adjourned the case to June 20 for the commencement of trial.
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