Federal Court has denied bail to Afriq Arbitrage CEO over alleged multimillion-dollar crypto fraud.
NaijaOnPoint Nigeria reports that Federal High Court in Abuja on Tuesday denied the bail application of Jesam Michael Ubi, the Chief Executive Officer of cryptocurrency trading firm, Afriq Arbitrage System (AAS), who is currently facing prosecution for alleged involvement in a massive investment scam.
Ubi and his company are standing trial on a seven-count charge brought by the Economic and Financial Crimes Commission (EFCC), which includes money laundering, advance fee fraud, and other financial crimes. The charges stem from an alleged fraudulent scheme involving $844,416.36, $10,000, and ₦590 million.
In a ruling delivered by Justice Obiora Egwuatu, the court dismissed Ubi’s application for bail on medical grounds, stating that the request lacked merit and failed to demonstrate any exceptional circumstances. The judge maintained that the Kuje Correctional Centre, where Ubi is being held, has the capacity to manage his health condition.
Justice Egwuatu further noted that the ailment cited by the defendant does not constitute a risk to others in detention, reinforcing the decision to keep him in custody.
The matter was adjourned to July 25 for continuation of trial.
This marks the third unsuccessful attempt by Ubi to secure bail since the commencement of the trial.