Reports monitored from Abuja, Nigeria’s capital, indicate that the Economic and Financial Crimes Commission, EFCC, has filed charges against Cross River State indigene, Jesam Michael and his cryptocurrency trading platform, Afriq Arbitrage System, AAS, over alleged investment fraud involving a whooping $844,416.36, $10,000, and N590 million.
The EFCC in a seven-count charge conveyed in her affidavit before Justice Emeka Nwite of the Federal High Court, Abuja, on Tuesday, April 22, 2025, is in response to Michael’s application for bail.
EFCC maintains in her affidavit that Michael and AAS, his company, in nine months, between September 2022 and June 2023 in Abuja, invited the public through advertisements to deposit funds with Afriq Arbitrage System Limited, while not being an authorized entity to take deposits, in contravention of Section 44(1) of the Banks and Other Financial Institutions Act, 2020, and is punishable under the same Act.
Michael and his company, are further accused by the anti-graft agency of engaging in the specialized business of financial services, including investment management, without a valid license.
“That you, JESAM MICHAEL UBI, and AFRIQ ARBITRAGE SYSTEM LIMITED, between October and December 2024 in Abuja, within the jurisdiction of this Honourable Court, converted the cumulative sum of N590,000,000.00 (Five Hundred and Ninety Million Naira), being part of the funds generated from the sale of properties recovered from Oluwasesan Abayomi—namely, Ologolo Street, off Lekki-Epe Expressway, and No. 1 Nnamdi Azikiwe Road, Lakowe Golf Estate, Lekki, Lagos—knowing that the funds constituted proceeds of unlawful activity. You thereby committed an offence contrary to Section 18(2)(b) of the Money Laundering (Prevention and Prohibition) Act”, the EFCC charges, filed by E.E. Iheanacho, SAN, partly read.
“That you, JESAM MICHAEL UBI, and AFRIQ ARBITRAGE SYSTEM LIMITED, sometime in 2022 in Abuja, with intent to defraud, induced Ladi Musa Audu to deposit the sum of $844,416.36 USDT (Eight hundred and forty four thousand, four hundred and sixteen dollars, thirty six cents) into the Afriq Arbitrage System investment scheme, under the false representation that the investment was safe and refundable upon request. You knew this representation to be false, thereby committing an offence contrary to Section 1(2) of the Advance Fee Fraud and Other Related Offences Act No. 14 of 2006 and punishable under Section 1(3) of the same Act.”
“That you, JESAM MICHAEL UBI, and AFRIQ ARBITRAGE SYSTEM LIMITED, sometime in February 2023 in Abuja, with intent to defraud, induced Augustine E. Ibolo to deposit the sum of $10,000.00 USDT (Ten thousand dollars) into the Afriq Arbitrage System investment scheme, under the same false assurances. This also constitutes an offence under the same Advance Fee Fraud Act,”
EFCC court documents sighted by www.calitown.com, show that the EFCC will call witnesses from financial institutions, the Central Bank of Nigeria, CBN, as well as the Securities and Exchange Commission, SEC, to testify that Michael and his outfit, were not authorised to conduct specialized banking or solicit public investments without regulatory approval.
In court before Justice Emeka Nwite on Tuesday, who is the vacation judge, Emmanuel Agabi announced his appearance for Michael and the company, noting that he had filed a motion for bail, but counsel for the EFCC, Mary Babatunde, responded that she had submitted an affidavit to show cause why Michael should not be granted bail, in accordance with the directive of Justice Obiora Egwuatu, who was assigned the original fundamental rights case.
She noted that at the time Michael’s lawyers filed for bail, no formal charge had been filed, maintaining further that the EFCC has since filed one, dated April 16, 2024, and intends to arraign Michael once the case is assigned to a judge.
In its affidavit to show cause, why bail should not be granted, the EFCC stated that Michael was arrested while attempting to leave the country and is unlikely to return to face trial due to the gravity of the charges and the weight of evidence.
The Commission argued that no number of sureties could ensure his attendance in court. “The temptation to jump bail is high, especially now that the charges have been filed,” the EFCC’s statement read.
“The EFCC has also received additional petitions from several other victims of the applicants’ alleged offences.”
Agabi argued that the court could not proceed with arraignment, adding that his client had already been in custody for 90 days with both the police and the EFCC.
The judge clarified that the matter was only assigned to him for the purpose of hearing the bail application.
Agabi further submitted a further affidavit in support of his client’s release, stating that the nature of the alleged offence should not be grounds for denying bail. Babatunde informed the court that she needed more time to respond to the further affidavit, which she had only received that same morning.
Justice Nwite subsequently adjourned the matter to Monday, April 28, for the bail hearing, noting that the EFCC requires time to respond adequately
Additional info: Nairametrics
He is a scammer
I invested my hard earned sweat if $460 since 2022 till date I haven’t gotten a dime back.
I am Marcellinus Udofia
Don’t accept the bail of this guy, he also scammed me and other people I know. Please force him to refund our money.
I Solomon a victim of this fraudulent activities hereby support that Jeasam Michael should be arrested and prosecuted under the law and our monies recovered from him. I was lured into an investing with $155 into through this website: http://www.afriqjmarbitrage.us which is presently no longer accessible. Below is copies of mail sent to me after registration via gr8wisedsolo@gmail.com.
05/06/2024
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I was decieved by jesam Michael and I deposited over $3,500
He is so wicked and arrogant, once you complain he will threaten you and block you from all channels
This EFCC are reckless in fraud related case I wonder why this country is like this. IBF saga a forest company that defrauded PSL to the sum of $800,000 could jot do anything regarding the case until the perpetractors ran away from.Nigeria. Attend to Abayomi Oluwasesan first before arraigning Jesam on court. Stop shielding criminals and victimizing the innocent one. This is height of recklessness having detained him for over 90 days.
My hard earned money is in there too. Please make him return our monies. Thank you
This is great, nice job #jesam most pay back our money
As you’re filing charges against him, remember we that he scammed off our money, my investments are trapped there both on the so called RIO and presale of his AAST coin please ?
Yes I. He also scammed me too. Please help should be force to refund us our money and still face jail term.
Abayomi is the scammer EFCC should force him to return AAS money and the AAS will be normal again. Jeasam Michael is innocent
Abayomi is the scammer EFCC should force him to return AAS money and the AAS will be normal again. Jeasam Michael is innocent.
My money too is stucked with the platform with thousands of other investors,na God go punish them,after promising us heaven and Earth,we believe in him because we all lost our money in an investment platform called OTC but little did we know that he jesam too is a fraudulent person,my marriage didn’t work out today is because I invested my money in the system and my wife left and got married to another man?
JESAM MICHAEL IS A CRIMINAL, HAS MAKE THOUSANDS OF PEOPLE TO CRY, HOMELESS, SOME HAD DIED BECAUSE OF HEART BREAK OVER KOSS OF HARD EARNED MONEY, I AM ALSO A VICTIM
Jasam Michael Is A Deceiver And A Criminal He Deceive Us, Telling Us That AAS Have Come To Stay, That AAS Is Not Like Other Platforms That Have Run Away With People’s Money.
I Lost Millions of Naira Into AAS, I’m Still Regretting it Till Today.
I am an investor in AAS since February 2023 and I have made my capital and gain aas is not a scam
Well to me who understood the crypto space is here to say that Jesam Michael is not a scammer, he created the AAS to support and help the poor investors, Jesam Michael is not a scammer, the scammer here is Abayomi who defrauded the AAS Company and her investors capitals, EfCC please go after Abayomi to refund the investors capitals for the company to come back to normal again.
Crypto investing is a risky endeavor. Don’t crucify Jesam Michael I’m sure he had really good intentions and high hopes but unfortunately things went the other way.
Jesam Michael is innocent. Jesam is not a scamner. If truely you guys are real Investors you should be aware of what happen to the AAS platform. Even the police knows that The real thief is Abayomi Segun Oluwasesan . I am also an investor . If Jesam wanted to scam people he will not risk his identity and that that of his family. Who knows or has seen the real owner of Bitcoin? Jesam will come out victorious, bigger, better and stronger.
Both of them should be under the custody of the EFCC till our money is being refunded after Abayomi’s case alot of people invested huge amount of money hard earned money what did he do to the money everyday he keeps promising and whenever u dare say the right thing in the platform they remove you immediately I was being remove from one of those platforms, Michael Jesam is a Professional scammer/ Professor in scamming , flexing with our money moving up and down with escorts hmmmmmm
Ole Ole Ole return investors money
Cos we know the ROI of a thing won’t work just quietly return our money
AAS coin still did not work cos of Ur greed nature scammer.
My own advice for EFFC to help all investor it to return their capital to their attached wallet and if anyone feel to continue with him, he or she can go ahead but for me he has made me to surfer a lot by holding my $4,450 for years now