January 29, 2025
Lagos, Nigeria—In a decisive move, the Special Investigation Unit (SIU) has arrested Jesam Michael, CEO of Afriq Arbitrage Systems Limited (AAS), at Murtala Mohammed International Airport while he was attempting to flee to Europe. Acting on a high-level alert issued on January 23, 2025, authorities intercepted the embattled businessman before he could leave the country.
The arrest, led by CSP Taiwo Oyewale, marks a significant breakthrough in an ongoing investigation into AAS—a company accused of running a sophisticated Ponzi scheme disguised as a crypto arbitrage platform.
Under CSP Oyewale’s leadership, SIU operatives uncovered AAS’s deceptive financial network. Despite claims of high-frequency trading, investor funds were funneled through multiple crypto wallets before disappearing into a Binance Hot Wallet—leaving no trace of actual trading activity. Further investigations revealed that AAS lacked regulatory approval from Nigeria’s Securities and Exchange Commission (SEC), while its U.S.-based entity, Afriq Arbitrage LLC, had been dissolved since July 5, 2023.
Beyond financial fraud, SIU’s probe exposed chilling allegations of a “killer squad” allegedly linked to Jesam Michael, used to silence critics. Among those targeted was Ms. Josephine Andrew, accused by Michael of leaking damning details about his fraudulent operations—including his unverified claims of a liver transplant. Rather than responding to police inquiries, Michael resorted to blackmail and false accusations against CSP Oyewale herself.
With his arrest, Michael’s attempts to evade accountability have been halted. While specific charges are yet to be formally announced, his detention paves the way for deeper investigations into AAS’s fraudulent structure and possible accomplices.
CSP Oyewale has called on victims—both local and international—to come forward with evidence, assuring them of a fair review of their cases.
As authorities question Jesam Michael, investors anxiously await answers about their lost funds. This case is now a crucial test for Nigeria’s law enforcement in the fight against financial crime.
Stay tuned for further updates as the investigation unfolds.
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