The Federal High Court in Abuja denied the bail application of Jesam Michael, CEO of Afriq Arbitrage System (AAS), a cryptocurrency trading platform accused of defrauding investors of over $854,000 and ₦590 million. The Economic and Financial Crimes Commission (EFCC) is pursuing charges against Michael and his company for allegedly operating an unlicensed investment scheme that induced investors to deposit funds under false pretenses, violating Section 44(1) of the Banks and Other Financial Institutions Act, 2020. The EFCC alleges that between September 2022 and June 2023, AAS advertised investments without authorization, leading to substantial financial losses for affected individuals. The charges highlight two victims: Ladi Musa Audu, who lost $844,416.36 in USDT, and Sir Augustine E. Ibolo, who experienced a $10,000 loss in February 2023. The EFCC claims these investments were made under false assurances that the funds were safe and refundable.