BREAKING: Jesam Michael Arrested – Nigeria Police & EFCC Investigate AAS Ponzi Scheme

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The Nigeria Police Force (NPF) has confirmed the arrst of Jesam Michael, CEO of Afriq Arbitrage System (AAS), dismissing his claims of harassment and stating that he is being investigated for financial fraud.


Jesam Michael, who was apprehended at Murtala Mohammed International Airport while attempting to flee Nigeria, is now facing serious allegations related to an elaborate Ponzi scheme that allegedly defrauded investors of $87 million across 127 countries.


Jesam Michael’s Failed Legal Tactics to Avoid Arrest


Before his capture, Jesam Michael and his legal team desperately attempted to discredit victims, whistleblowers, and law enforcement.

  • AAS Filed a $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.
  • Blaming His Associate for the Missing Funds – Jesam tried to shift all the blame onto his former associate, Abayomi Segun Oluwasesan, claiming that Abayomi stole $87 million from AAS while Jesam was supposedly undergoing a liver transplant.
  • Attacking the CCSGG – Jesam’s legal team publicly accused the Coalition of Civil Society for Good Governance (CCSGG) of misleading the public, despite the police and victims presenting overwhelming evidence of fraud.
  • Fabricated Claims of Persecution – Jesam Michael portrayed himself as a victim, claiming his reputation was under attack. However, his failure to provide medical records, proof of legitimate trading, or a repayment plan for investors destroyed his credibility.

Despite Jesam’s attempts to intimidate critics and evade accountability, law enforcement saw through his deception. His legal maneuvering failed, and the Nigeria Police Force arrested him before he could flee the country.

Global Outcry as Victims Demand Justice


The economic devastation caused by AAS has been described as catastrophic. Investors have suffered crippling financial losses, with many reporting bankrupt businesses, failed marriages, and even criminal charges due to unpaid debts linked to their AAS investments.

At a press conference in Abuja, the Coalition of Civil Society for Good Governance (CCSGG), alongside victims of AAS, called on the Economic and Financial Crimes Commission (EFCC) to take immediate action against Jesam Michael and his entire management team.

Victims Speak Out: How Jesam Michael Stole Their Money

Engr. Awaji Oma, speaking on behalf of thousands of victims, detailed how Jesam Michael systematically manipulated investors through social media platforms like Telegram.

How Jesam Lured Investors:

  • Uploaded personal videos of his family and children to appear trustworthy.
  • Encouraged people to sell their properties and invest everything in his so-called “guaranteed” system.
  • Promised hack-proof security and daily returns of 1.65%, only to 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 want justice and accountability for the financial and emotional distress he has caused.”

Nigeria Police Expose Jesam Michael’s Lies

In a statement from Force Public Relations Officer (FPRO) ACP Olumuyiwa Adejobi, the NPF made it clear that Jesam’s arrest was a direct result of an extensive financial fraud investigation.

Key Findings from the NPF Investigation:

  • Jesam Lied About Being a Victim: He reported his associate, Abayomi Segun Oluwasesan, for stealing $87 million, but police found suspicious asset transfers into Jesam’s personal name—a major red flag.
  • AAS Was Never a Legitimate Business: Investors were unable to withdraw their money for 18+ months, despite repeated excuses from Jesam.
  • Fake Medical Claims: Jesam Michael’s claims of undergoing a liver transplant—his excuse for AAS’s collapse—were unverifiable and lacked medical records.
  • No Proof of Real Trading: Jesam never provided verifiable evidence of AAS conducting high-frequency arbitrage trading, reinforcing accusations that AAS was a Ponzi scheme.
  • Luxury Assets Seized: Several of Jesam’s exotic cars were impounded by the Special Investigation Unit (SIU), proving he misused investor funds for personal enrichment.
  • Jesam’s False Harassment Claims: The NPF dismissed Jesam’s allegations of police harassment, stating that the real victims were investors who lost everything in AAS.

The Real Victims: Lives Destroyed by AAS Fraud


While Jesam Michael played the victim and tried to evade justice, the real victims of AAS have been left in financial ruin.


What Victims Are Facing:

  • Bankruptcy: Many investors borrowed money or liquidated assets to invest in AAS.
  • Marriages Destroyed: Financial strain has led to failed marriages and family breakdowns.
  • Investors Arrested by Banks: Some investors are now in legal trouble because they cannot repay loans they took out to invest in AAS.
  • Psychological Trauma: The financial losses have left many victims in emotional distress, depression, and hopelessness.

What Happens Next?


With Jesam Michael now in police custody, the Nigeria Police Force and EFCC are expected to:

  • Trace the missing investor funds to see if any recovery is possible.
  • Charge Jesam and his associates with financial fraud, money laundering, and conspiracy.
  • Identify additional accomplices who helped AAS operate its Ponzi scheme.
  • Take further legal action to prevent similar scams from emerging in the crypto space.

The NPF has encouraged more victims to come forward and assist in the investigation.

A Landmark Moment in Crypto Scam Exposure


Jesam Michael’s arrest is a massive win for investor protection.


As someone who has been exposing AAS and its fraudulent operations for years, this case is a powerful reminder of the dangers of Ponzi schemes disguised as crypto trading platforms.

Jesam thought he could silence critics and escape accountability, but justice is catching up with him.

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