January 29, 2025
Lagos, Nigeria—In a dramatic turn of events, Jesam Michael, CEO of Afriq Arbitrage Systems Limited (AAS), was arrested at Murtala Mohammed International Airport while attempting to board a flight to Europe. His apprehension follows a high-level alert issued to immigration authorities on January 23, 2025. CSP Taiwo Oyewale, the determined Commander of the Special Investigation Unit (SIU), executed the arrest, marking a significant breakthrough in the ongoing probe into AAS’s operations.
CSP Oyewale launched the investigation into AAS shortly after assuming command of the SIU, despite encountering systemic resistance and attempts to obstruct her efforts. Through a series of covert operations, her team uncovered an intricate web of crypto transactions. Rather than engaging in legitimate high-frequency trading as claimed, AAS allegedly funneled investor deposits through multiple wallets before mixing them into a Binance Hot Wallet, making the funds difficult to trace. Further scrutiny revealed that AAS was operating without a license from the Securities and Exchange Commission (SEC), while its Colorado-based counterpart—Afriq Arbitrage LLC—had been dissolved since July 5, 2023.
The investigation also brought disturbing allegations to light, including reports of a “killer squad” allegedly linked to Jesam Michael, tasked with intimidating or silencing critics of AAS. One of the targets, Ms. Josephine Andrew, was directly accused by Jesam of leaking information about his questionable business practices, including a purported but unverified liver transplant and a fabricated trading platform. Rather than responding to police invitations to clarify these discrepancies, Jesam resorted to blackmail and baseless accusations against CSP Oyewale herself.
As details continue to emerge—including investor testimonies detailing life savings lost to AAS—CSP Oyewale has called on victims, both local and international, to come forward with evidence. She has assured them of a fair and thorough investigation into their complaints.
Jesam Michael’s arrest at Lagos airport is a critical milestone in the SIU’s efforts to dismantle the alleged Ponzi scheme. While the specific charges against him have yet to be disclosed, his capture prevents an immediate escape and paves the way for deeper investigations into AAS’s operations and potential accomplices.
CSP Oyewale’s unwavering pursuit of justice has drawn widespread attention, with many viewing this case as a test of the Nigeria Police Force’s commitment to protecting citizens from financial fraud. As the SIU interrogates Jesam Michael, new revelations are expected to surface, offering defrauded investors a glimmer of hope regarding the fate of their lost funds.
Stay tuned for real-time updates as this developing story unfolds.
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