The embattled Afriq Arbitrage System Limited (AAS) and its founder, Jesam Michael, are at the center of a growing scandal as law enforcement agencies intensify investigations into allegations of large-scale fraud. A surge of complaints from investors—both within Nigeria and abroad—has prompted a comprehensive inquiry led by the Special Investigation Unit (SIU), Force Criminal Investigation Department (FCID), and Force Intelligence Department (FID).
Emerging details reveal troubling irregularities surrounding AAS’s operations. Despite claiming to offer high-frequency trading with daily returns of 1.65%, investigators have found no evidence of actual trading activity. Instead, deposits made by investors in cryptocurrency are reportedly routed through multiple wallet addresses to obscure their final destination. Many victims allege they have been unable to access either their initial investments or promised returns for over 18 months.
The investigation began when Jesam Michael accused a former associate, Abayomi Segun Oluwasesan, of stealing $87 million from AAS. Michael claimed this occurred while he was abroad for a liver transplant, but law enforcement inquiries found no medical records substantiating the surgery. This inconsistency has cast serious doubt on his explanation for handing over “full system access” to another individual.
Further complicating matters, Afriq Arbitrage LLC, an affiliated entity based in Colorado, USA, was officially dissolved on July 5, 2023. Despite this, Michael has continued promoting AAS as a global operation, raising questions about its legal standing and credibility.
In a chilling twist, multiple sources allege that Jesam Michael operates a “killer squad” to intimidate whistleblowers and critics. One such individual, Ms. Josephine Andrew, has reportedly faced death threats after Michael accused her of leaking information about his unverifiable transplant story, dubious trading claims, and inflated figures tied to Oluwasesan’s alleged wrongdoing.
The SIU, FCID, and FID have expressed frustration at Jesam Michael’s refusal to cooperate with the investigation. He has repeatedly ignored official summonses and, instead, launched accusations against law enforcement. Among these claims is an allegation that the SIU Commander demanded “20 or 30 plots of land,” which the unit categorically denounces as baseless blackmail aimed at discrediting its work.
In an earlier phase of the investigation, properties—including houses, cars, and land—were recovered following Oluwasesan’s arrest. However, these assets were reportedly transferred to Michael’s personal name rather than the company, raising further suspicions about his intentions.
Law enforcement authorities have urged all affected investors to come forward with documentation, including records of their investments, screenshots of their AAS dashboard, and any correspondence with the company. The SIU, headquartered in Abuja, has assured whistleblowers of confidentiality and protection.
Despite Michael’s attempts to paint the investigation as “harassment,” investigators say his evasion and lack of evidence only deepen suspicions. He has sought court injunctions to stall the inquiry while continuing to claim he is “untouchable.” The SIU, FCID, and FID firmly refute these claims, emphasizing that no one is above the law.
The police agencies remain resolute in their commitment to uncovering the truth, protecting investors, and holding those responsible accountable. Should Jesam Michael persist in evading summonses, law enforcement has pledged to escalate legal measures, including declaring him wanted.
The unfolding case has exposed multiple red flags: alleged Ponzi activities, unverifiable medical claims, dissolved foreign entities, suspicious financial transactions, and chilling accounts of threats against whistleblowers. While Michael continues to use legal and public relations tactics to stall the investigation, law enforcement has vowed to press forward undeterred.
This case is a crucial test of justice and accountability. The police urge victims to provide evidence and remain vigilant. The ultimate goal is clear: ensuring that defrauded investors receive their rightful dues and that no individual or entity is deemed “untouchable” under the law.
The media, too, remains steadfast in its role as society’s watchdog. We will stop at nothing to uncover the truth behind this case. Jesam Michael’s alleged schemes, as well as any interference with the investigation, will be exposed. Afriq Arbitrage System Limited and its founder must answer to the thousands of victims whose lives have been upended. Justice must prevail.
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