By TAIYE AGBAJE

The absence of Jesam Michael, the Chef Executive Officer (CEO) of Afriq Arbitrage System (AAS) Limited in court, on Friday, stalled his ongoing trial by the Economic and Financial Crimes Commission (EFCC).

Michael, alongside his company, a cryptocurrency trading platform, is being prosecuted on allegations bordering on money laundering, advance fee fraud, among others, before Justice Obiora Egwuatu of The Federal High Court in Abuja.

He was also accused of investment fraud involving 844,416.36 U.S dollars, N590 million and another 10,000 U.S. dollars.

The News Agency of Nigeria (NAN) reports that the anti-graft agency, in the charge marked: FHC/ABJ/CR/134/2025, named Michael and Afriq Arbitrage System (AAS) Limited as 1st and 2nd defendants.

When the matter was called on Friday, the defendant was not in court.

The EFCC’s lawyer, Geraldine Ofulue, informed the court that the matter was for continuation of trial and that three of their witnesses were already in court to give evidence.

Ofulue, however, told the court that prior to the commencement of sitting, an officer of the Kuje Correctional Centre informed her and the defendant’s counsel, Uchenna Njoku, SAN, that Michael took ill and was rushed to the specialist hospital earlier in the morning.

Responding, Njoku confirmed Ofulue’s statement.

The senior lawyer said following the development, the parties had agreed to take an adjournment.

He said his client would need proper medical attention to enable him stand his trial so that his situation would not be like the case of a defendant who died in detention while still standing trial, adding that their earlier bail applications were refused by the court.

Justice Egwuatu, therefore, told the lawyer that the ruling of the court on the two bail applications was based on the decision of the Supreme Court, which must be satisfied.

He said court decisions are not based on sentiment but on what the law says.

The judge adjourned the matter until Sept. 22 and Sept. 26 for continuation of trial.

The News Agency of Nigeria (NAN) reports that Justice Egwuatu had, on Tuesday, rejected the second bail application filed by Michael.

The judge, In ruling, held that Michael’s request for bail on health ground lacked merit.

He 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.

NAN reports that Justice Egwuatu had, on June 10, ordered the remand of Michael in Kuje Correctional Centre after the first bail plea was declined.

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. (NAN)