Nigeria Police Arrest Jesam Michael, CEO of Afriq Arbitrage System, for $87 Million Fraud
The Nigeria Police Force (NPF) has confirmed the arrest of Jesam Michael, CEO of Afriq Arbitrage System (AAS), refuting his claims of harassment and clarifying that he is under investigation for financial fraud.
Jesam Michael was apprehended at Murtala Mohammed International Airport while attempting to flee Nigeria. He now faces serious allegations of orchestrating an elaborate Ponzi scheme that allegedly defrauded investors of $87 million across 127 countries.
Jesam Michael’s Failed Legal Maneuvers
Before his capture, Jesam Michael and his legal team made desperate attempts to discredit victims, whistleblowers, and law enforcement:
- $10 Million Lawsuit: Jesam and his lawyers sued whistleblowers, including Prince Humble Eteng, Michael Okoh, Okoi Daniels, and Engr. Awaji Oma, for allegedly spreading “falsehoods” about AAS.
- Shifting Blame: Jesam attempted to hold his former associate, Abayomi Segun Oluwasesan, responsible for the missing $87 million, claiming Abayomi stole the funds while he was supposedly undergoing a liver transplant.
- Attacking CCSGG: His legal team accused the Coalition of Civil Society for Good Governance (CCSGG) of misleading the public, despite overwhelming evidence of fraud presented by both the police and victims.
- Claims of Persecution: Jesam portrayed himself as a victim, alleging character assassination. However, his failure to provide medical records, proof of legitimate trading, or a repayment plan for investors eroded his credibility.
Despite these efforts, law enforcement saw through his deception, leading to his arrest before he could flee the country.
Global Outcry as Victims Demand Justice
The economic devastation caused by AAS has been described as catastrophic. Many investors have suffered significant financial losses, with reports of bankrupt businesses, failed marriages, and even criminal charges due to unpaid debts linked to AAS investments.
At a press conference in Abuja, the CCSGG, alongside victims, called on the Economic and Financial Crimes Commission (EFCC) to take swift action against Jesam Michael and his entire management team.
Victims Speak Out: How Jesam Michael Deceived Investors
Engr. Awaji Oma, speaking on behalf of thousands of victims, detailed how Jesam Michael systematically manipulated investors through social media platforms like Telegram.
Jesam’s Tactics to Lure Investors:
- Uploaded personal videos featuring his family to build trust.
- Encouraged individuals to sell their properties and invest everything in his “guaranteed” system.
- Promised hack-proof security and daily returns of 1.65%, only to later change the rules and block withdrawals.
- Blamed his associate, Abayomi Segun Oluwasesan, for an alleged hack—a move seen as a distraction tactic.
“We were systematically brainwashed, convinced to trust him, and then betrayed,” Oma stated. “We demand justice and accountability for the financial and emotional distress he has caused.”
Nigeria Police Expose Jesam Michael’s Lies
In a statement, Force Public Relations Officer (FPRO) ACP Olumuyiwa Adejobi emphasized that Jesam’s arrest was the result of an extensive financial fraud investigation.
Key Findings from the NPF Investigation:
- Jesam Lied About Being a Victim: Despite claiming his associate stole $87 million, investigators discovered suspicious asset transfers into Jesam’s personal accounts—a major red flag.
- AAS Was Never a Legitimate Business: Investors were unable to withdraw their money for over 18 months, despite repeated excuses from Jesam.
- Fake Medical Claims: Jesam’s assertions of undergoing a liver transplant lacked verifiable medical records.
- No Proof of Real Trading: He failed to provide credible evidence of AAS conducting high-frequency arbitrage trading, reinforcing accusations that AAS was a Ponzi scheme.
- Luxury Assets Seized: Several exotic cars belonging to Jesam were impounded by the Special Investigation Unit (SIU), proving he misused investor funds for personal enrichment.
- False Harassment Claims: The NPF dismissed Jesam’s allegations of police harassment, asserting that the real victims were investors who lost everything.
The Real Victims: Lives Devastated by AAS Fraud
While Jesam Michael attempted to evade justice, the true victims of AAS remain in financial ruin.
What Victims Are Facing:
- Bankruptcy: Many investors borrowed money or liquidated assets to invest in AAS.
- Broken Families: Financial strain has led to divorces and family breakdowns.
- Legal Troubles: Some investors face criminal charges for failing to repay loans taken out to invest in AAS.
- Psychological Trauma: Many victims are suffering from severe emotional distress, depression, and hopelessness.
What Happens Next?
With Jesam Michael in police custody, the Nigeria Police Force and EFCC are expected to:
- Trace the missing investor funds to determine if any recovery is possible.
- Charge Jesam and his associates with financial fraud, money laundering, and conspiracy.
- Identify additional accomplices involved in operating AAS.
- Implement measures to prevent similar scams from emerging in the crypto space.
The NPF has urged more victims to come forward and assist in the investigation.
A Landmark Moment in Crypto Scam Exposure
Jesam Michael’s arrest is a significant victory for investor protection. His downfall serves as a stark reminder of the dangers posed by Ponzi schemes disguised as crypto trading platforms.
Despite his attempts to silence critics and evade justice, accountability has finally caught up with him. His case stands as a warning to fraudulent operators in the crypto industry: deception will not go unpunished.
Parts of this article are from Danny Dehek with permission. “The Crypto Ponzi Scheme Avenger”
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