The controversial Afriq Arbitrage System Limited (AAS) and its founder, Jesam Michael, are at the center of an escalating investigation as law enforcement agencies uncover troubling signs of financial fraud. The Special Investigation Unit (SIU), Force Criminal Investigation Department (FCID), and Force Intelligence Department (FID) have joined forces to probe mounting allegations against AAS, which is accused of defrauding thousands of investors.

At the heart of the investigation is the alleged inability of investors to withdraw their funds—whether principal or promised 1.65% daily returns—for over 18 months. Early findings indicate that AAS’s claim of high-frequency trading is unsupported by any credible evidence. Instead, funds deposited by investors are quickly moved through multiple cryptocurrency wallets, making it nearly impossible to trace the final destination.

The case took a dramatic turn when Jesam Michael accused a former associate, Abayomi Segun Oluwasesan, of stealing $87 million from AAS. According to Michael, he had delegated full system access to Oluwasesan while allegedly abroad for a liver transplant. However, investigators have found no medical records to substantiate his claims. This raises questions about the credibility of his narrative and the true reason for delegating control of his platform.

Compounding the concerns, Afriq Arbitrage LLC, a U.S.-based affiliate of AAS, was dissolved on July 5, 2023, even as Jesam Michael continues to promote the company as a global operation. Additionally, in a prior agreement following Oluwasesan’s arrest, properties recovered from the suspect were inexplicably transferred into Michael’s personal name instead of the company’s, casting further doubt on his intentions.

Perhaps the most disturbing revelations involve allegations of intimidation and threats. Multiple sources allege that Michael runs a “killer squad” tasked with silencing critics and whistleblowers. A notable target is Ms. Josephine Andrew, whom Michael accuses of leaking damning details about his operations, including his unverified medical claims, the alleged Ponzi nature of AAS, and inflated financial figures tied to Oluwasesan’s misconduct. Ms. Andrew now reportedly faces death threats.

Despite repeated summonses from the SIU, FCID, and FID, Jesam Michael has refused to cooperate with the investigation. Instead, he has launched a campaign of accusations, claiming harassment by law enforcement agencies. One such allegation is that the SIU Commander demanded “20 or 30 plots of land,” a claim dismissed by the SIU as baseless blackmail designed to distract from the real issue: the plight of defrauded investors.

The people rally around Emma and Fasasi who are the IPO have been pivotal in spearheading this investigation, despite facing alleged intimidation and internal resistance. Under her leadership, the SIU has remained committed to uncovering the truth and ensuring justice for victims. The media and the public must rally behind the police to ensure they are allowed to do their job without interference.

The police are calling on all affected investors to come forward with their investment records, dashboard screenshots, and any other relevant documentation. Reports can be submitted confidentially at the SIU, Force Headquarters, Abuja. Authorities have assured victims of their safety and confidentiality throughout the investigation.

The SIU, FCID, and FID have vowed to pursue all legal avenues, including declaring Jesam Michael wanted if he continues to evade summonses. His attempts to file court injunctions and launch counter-narratives will not deter law enforcement from seeking justice for victims.

This unfolding case has exposed a web of alleged Ponzi activities, unsubstantiated medical claims, dissolved international entities, suspicious asset transfers, and chilling accounts of intimidation. Yet, the IPOs remain resolute in their mission to protect the interests of defrauded investors and bring all perpetrators to justice.

The media will not relent in its efforts to uncover the truth. Journalists are committed to investigating this matter to its conclusion, ensuring transparency and accountability. Let it be clear: no one, including Jesam Michael, is “untouchable.” The public deserves the truth, and the victims of AAS deserve restitution.

The integrity of law enforcement is on the line, and the Nigeria Police Force must ensure that the investigating team is empowered to carry out its duties without intimidation. Credible policing is the backbone of any just society, and this case is a test of whether justice will prevail for the countless individuals who placed their trust—and their life savings—in Afriq Arbitrage System Limited. 1 Like 1 Share

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