By TAIYE AGBAJE

The Federal High Court in Abuja, on Tuesday, rejected the second bail application filed by Jesam Michael, the Chef Executive Officer (CEO) of Afriq Arbitrage System (AAS) Limited.

Justice Obiora Egwuatu, in ruling, held that Michael’s request for bail on health ground lacked merit.

Justice Egwuatu held that the management of the Kuje Correctional Centre, where he is currently kept, had the capacity to take care of him and that the ailment was not the type that could pose health risk to other inmates.

The News Agency of Nigeria (NAN) reports that Justice Egwuatu had, on July 7, fixed today for ruling after counsel for the defendant and prosecution argued their case for and against the motion

The EFCC’s lawyer, Geraldine Ofulue, had described the latest application as “incompetent and constituted an abuse of court process.”

The lawyer noted that Michael filed his first bail application, which was refused by the court, on May 8.

She argued that one of the reasons the bail was refused on June 10 was on the ground that Michael is being kept in Kuje Correctional Centre for his own safety because scores of angry investors he allegedly swindled are out there waiting for him.

Ofulue submitted that the court considered all the factors, including the issue of his alleged ill-health and the fact that he is a flight risk.

She said the court had equally ordered an accelerated hearing in the matter, and the prosecution had been diligent in Michael’s trial, having called three witnesses within the short time.

According to the lawyer, unless the 1st defendant has a strong reason; it is for his safety that he is kept in Kuje Correctional Centre, citing previous case to back her argument.

Besides, she said that like the former bail request, the current application is also on the ground of ill-health.

She, therefore, argued that there was nothing from the correctional centre stating that they were unable to cater for the medical needs of the defendant.

The lawyer also submitted that Michael, from his affidavit, did not controvert the argument.

“The 1st defendant still remains a huge flight risk which is now heightened as trial has begun,” she had said.

The lawyer, who urged the court to take cognizance of the enormity of the offence, prayed the judge to refuse the instant application.

But Michael’s lawyer, Chief Kanu Agabi, SAN, urged Justice Egwuatu to exercise his discretion in favour of his client.

“The greatest power of judge is the discretion he has.

“Your lordship is vested with every inherent power and sanction.

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

Agabi also prayed the court to grant Michael a bail on terms he would be able to meet, assuring that he would not jump bail.

The News Agency of Nigeria (NAN) reports that Justice Egwuatu had, on June 10, ordered the remand of Michael in Kuje Correctional Centre over alleged investment fraud.

The judge, in a ruling on Michael’s bail application shortly after he was arraigned by EFCC, refused his bail plea on the grounds of the gravity of the offence and weight of evidence against him.

He agreed with the argument of the lawyer who appeared for the commission, Martha Babatunde, that despite the instant charge, more petitions were still being received by the agency and other security agencies from victims of the ponzi scheme of the defendant.

The judge observed that the anti-graft agency, in its argument, also submitted that its further investigation had revealed that there were over 50,000 investors in Michael’s failed investment scheme.

He also held that the victims were aggrieved and it would be in his own safety to remain in government custody pending the conclusion of the trial.

Egwuatu, who ordered accelerated hearing of the trial, directed Michael to be transferred from the EFCC custody to Kuje Correctional Centre pending the conclusion of his trial.

The judge adjourned the matter until July 25 for continuation of trial

NAN reports that the EFCC had, in the charge marked: FHC/ABJ/CR/134/2025, dragged Michael and his company, a cryptocurrency trading platform, to court as 1st and 2nd defendants.

The commission, in the seven-count charge bordering on money laundering, advance fee fraud, among others, accused Michael of investment fraud involving 844,416.36 U.S dollars, N590 million and another 10,000 U.S. dollars. (NAN)