Jesam Michael Ubi, the CEO of Afriq Arbitrage System (AAS), appeared on Tuesday before the Federal Capital Territory High Court, Bwari Division, requesting bail as he faces charges for defrauding thousands of Nigerians and many others worldwide.
Justice Mohammed Idris of the FCT High Court, Bwari Division, had previously issued a restraining order against Jesam and ordered his immediate release following a motion ex parte.
Justice Idris also instructed the 1st to 3rd respondents—the Nigeria Police Force, the Inspector General of Police (IGP), and Deputy Commissioner of Police Okezie Chikezie (Anti-Fraud section)—to ensure the applicant’s appearance in court at the next adjournment.
The hearing notices must be served to all respondents either personally or through a national newspaper.
Jesam, who is currently held at the Special Investigation Unit (SIU) of the Nigeria Police Force in Abuja, has been leveraging his influential connections
Reports from Sahara reporters revealed that Akin Fakorede, Head of the Inspector General of Police Monitoring Unit has compromised the investigation. Fakorede reassured investors at a meeting last week at the Force Headquarters that Jesam was innocent.
“Fakorede told the investors at the Force Headquarters that Jesam didn’t commit any crime,” one source said.
Further sources revealed that Jesam remained confident throughout the meeting, even shouting the name of IGP to silence everyone.
“Jesam Michael Ubi of AAS scammed millions of people worldwide, and he is still under detention at the SIU unit of the Nigeria Police Force in Abuja. He is a scammer and must return the investors’ money immediately,” one source stated.
“Jesam appeared in court this morning to seek release on bail. Meanwhile, the officer initially assigned to the investigation has been removed from the case by IGP Kayode Egbetokun.”
Jesam’s associate, Mr. Abayomi Segun, is one of the respondents in the case.
“Meanwhile, Jesam’s partner in crime, Abayomi, has written a petition to the police IG, detailing how his properties were shared among senior police officers, but the IG has suppressed the petition,” one source claimed.
An investigation by SaharaReporters revealed how Nigerian police authorities had been protecting Jesam.
Sources further revealed that Jesam’s recent arrest, made in collaboration with the Nigeria Immigration Service for fraud and financial exploitation, came after considerable hesitation.
The investigation also exposed that Jesam had a close relationship with top police officer Effiong Asuquo during his time as head of the Special Investigation Unit (SIU).
“Jesam Michael is a close pal of top police officer Effiong Asuquo when he was the head of the Special Investigation Unit (SIU). The officers have been protecting him for years because he always gives them something whenever people complain about his fraudulent platform.
“This was the policy, and particularly SIU did not take meaningful action to investigate the complaints against him. He bought them off. In fact, there were times when the police would ask him to pay thousands of dollars to bury any serious case against him.
“This continued until the head of SIU was changed in mid-2024 (around June),” one of the victims said.
Moreover, Fakorede, the Head of the Inspector General of Police Monitoring Unit, has consistently dismissed all evidence against Jesam, maintaining his innocence despite proof that he swindled 56,000 investors and that over 590,000 illegal transactions were linked to his fraudulent Ponzi scheme platform.
“Many police officers call him ‘Odogwu’ and he is close to most of them. He is even seen as a philanthropist,” one source with knowledge of police interactions with Michael said.
Wanted For Ponzi Fraud in the U.S.
It was previously reported that Jesam similarly defrauded investors in California, U.S., after fleeing with funds from a US-based cryptocurrency platform before it was shut down.
In May 2022, Michael’s cryptocurrency firm, Cryptos OTC Trading Platform Limited, stopped honouring investor withdrawal requests, citing technical issues. Shortly after, the platform ceased operating its website.
However, in an Exclusive report by SaharaReporters, it was revealed that the State of California ordered the shutdown of Michael’s cryptocurrency firm in 2022 for violating sections 25110 and 25401 of the state’s Corporations Code.
The State of California labelled the platform a scam, comparing it to a Ponzi scheme.
The order, issued by the Commissioner of Financial Protection and Innovation, Clothilde V. Hewlett, was signed by the Deputy Commissioner of Enforcement Division, Mary Ann Smith.
In Nigeria, despite Jesam Michael defrauding at least 56,000 people, the police initially claimed he had done nothing wrong, asserting that the subscribers willingly invested in the scheme.
Five Victims Remanded For Asking For Refunds
Some affected investors shared with SaharaReporters that DIG Dasuki D. Galadanchi, Head of the Force Intelligence Department, dismissed their complaints about the fraud.
Additionally, five individuals who reported being defrauded by Michael and asked for refunds were remanded.
The five victims were identified as Apostle Michael Okoh, Prince Humble Eteng, Dennis Okoi, Donald Michael, and Oma Awajioma.
“He (Galadanchi) sent us away saying we are criminals and asked why we gave Jesam Michael our money,” one of the affected investors said.
Another source added, “Since Jesam’s arrest, many police officers have been defending him, claiming he is innocent. The police officers are doing this to protect themselves. Many of them know that if Jesam Michael is eventually nailed by the law, they are not safe too.
“They have also been involved in the Ponzi scheme. Many of them have taken bribes from him to protect him all these years.
“Akin Fakorede, head of the IGP monitoring unit, is among these officers defending this criminal.
“Another shocking detail is that the IGP is also now showing interest in the matter. He has demanded the phones and systems seized from Jesam Michael by the SIU operatives. Maybe the IGP is afraid there is information implicating him inside the gadgets.”
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It was also learned that Jesam was not initially on the police radar when he sought their help to recover approximately $87 million allegedly stolen from his account by his associate, Ayobami Segun.
However, it was later discovered that Ayobami had stolen about $10 million, not $87.5 million as Jesam had claimed. Jesam reportedly lied to capitalize on the theft and avoid paying investors. The police recovered about $3 million from Ayobami and also assisted Jesam in recovering properties.
Sources revealed that some of these recovered properties were allegedly shared between certain officers and Jesam. Meanwhile, numerous victims have been unable to withdraw their principal funds or promised returns from AAS for many months.
The investigation revealed that the case began under Asuquo’s leadership as head of the Special Investigation Unit (SIU).
Complaints about Jesam’s fraudulent activities were disregarded, and those who invested in his scheme faced punishment for speaking out.
“The properties recovered were converted for Jesam Michael’s personal use. I heard that some of these properties were also shared among top police officers. Five people were locked up for complaining that he swindled them.
“He used to call himself untouchable and claimed that he was being protected by the IGP, Kayode Egbetokun. He has been able to deceive the police so much. He told the police that he went for a liver transplant and that was when Abayomi stole his money, but it was not investigated. He never had a liver transplant.
“But the police never investigated any of his claims; no one ever asked him to show his body. Abayomi stole $10 million, but Michael lied so that he would not pay investors all their money. All this was planned with the police. He is friends with many police officers.”
The investigation into his case has been surrounded by considerable controversy, leading to the removal of the initial officer in charge of the probe by Inspector General of Police (IGP) Kayode Egbetokun.
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