Allegations include $854,000, $10,000, and N590 Million in investment fraud
Court Denies Third Bail Request of Afriq Arbitrage CEO, Jesam Ubi Over Alleged $854,000, N590m Crypto Fraud
Abuja, Nigeria – July 23, 2025 | Newsheadline247
A Federal High Court in Abuja has once again rejected a bail application filed by Jesam Michael Ubi, the Chief Executive Officer of Afriq Arbitrage System (AAS), a cryptocurrency investment platform currently under prosecution for alleged multi-million naira fraud.
Justice Obiora Egwatu ruled on Tuesday that Ubi’s request—his third attempt at securing bail—lacked merit, particularly his claims of health-related complications.
“The defendant has failed to show any special or exceptional circumstance that warrants the grant of bail on health grounds,” the judge ruled.
Ubi is currently detained at the Kuje Correctional Centre, where the court maintained that his health can be adequately managed.
“The alleged ailment does not pose any significant risk to other inmates or the facility,” Justice Egwatu added.
The Economic and Financial Crimes Commission (EFCC) is prosecuting Ubi and his company on a seven-count charge bordering on money laundering, advance fee fraud and criminal misappropriation.
According to the EFCC, the case involves the diversion of $844,416.36, $10,000, and over ₦590 million in investor funds under the pretense of cryptocurrency trading and high-yield arbitrage returns.
This is Ubi’s third failed attempt to secure bail since his arraignment. The court reiterated that no compelling reason had been provided to justify deviating from its prior stance.
The trial judge adjourned further hearing to July 25, 2025 for the continuation of trial proceedings. Read More
