A Federal High Court in Abuja yesterday turned down the bail application filed by the Chief Executive Officer (CEO) of a cryptocurrency trading platform – Afriq Arbitrage System (AAS) – Jesam Michael Ubi
The Economic and Financial Crimes Commission (EFCC) is prosecuting Ubi and his firm on a seven-count charge bordering on money laundering, advance fee fraud, among others. Hs trial is in connection with an alleged investment fraud involving $844,416.36, $10,000, and N590 million.
In a ruling yesterday, Justice Obiora Egwatu held that Ubi’s request for bail on health grounds was without merit as he raised no special circumstances.
Justice Egwuatu also held that the management of the Kuje Correctional Centre, where the defendant is currently being held, can take care of him.
The judge averred that Ubi’s alleged ailment was not the type that could pose a health risk to others also being held in the facility.
He adjourned till July 25 for the continuation of the trial.
Source; The Nation News
