Jesam Michael Ubi, the CEO of Afriq Arbitrage System (AAS), appeared in the Federal Capital Territory High Court, Bwari division, on Tuesday seeking bail as he faces charges for defrauding thousands of Nigerians and numerous others around the world.
According to SaharaReporters, Justice Mohammed Idris of the FCT High Court, Bwari Division, had earlier issued a restraining order against Jesam and ordered his immediate release in a motion ex parte.
Justice Idris also directed the 1st to 3rd respondentsโthe Nigeria Police Force, Inspector General of Police (IGP), and Deputy Commissioner of Police Okezie Chikezie (Anti-Fraud section)โto produce the applicant in court at the next adjournment date.
The hearing notices must be served to all respondents either personally or through any national newspaper.
SaharaReporters previously reported that Jesam, currently detained at the Special Investigation Unit (SIU) of the Nigeria Police Force in Abuja, had been utilising his influential connections to facilitate his release.
The investigation into his case has faced significant controversy, with the initial officer in charge of the probe being removed by the Inspector General of Police (IGP) Kayode Egbetokun.
Sources further told SaharaReporters that Jesam was confident throughout meeting, shouting the name of IGP to silence everyone.
โJesam 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 of the sources said.
“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 the IGP, Kayode Egbetokun.”
Mr Abayomi Segun, Jesamโs associate, is one if the respondents in the suit.
โMeanwhile, Jesamโs partner in crime, Abayomi, has written a petition to the police IG, detailing how his properties were shared amongst senior police officers, but the IG has suppressed the petition,โ one of the sources said.
Sources informed SaharaReporters that his recent arrest by the police, in collaboration with the Nigeria Immigration Service, for fraud and financial exploitation occurred after much hesitation.
โThis was the policy, particularly SIU did not take any meaningful action towards investigating the complaints against him. He bought them. In fact, there were times he would be asked by the police to pay thousands of dollars to bury any serious case against him.
โThis was until the head of SIU was changed in mid- 2024 (around June),โ one of the victims had said.
Furthermore, it was reported that Fakorede, the Head of the Inspector General of Police Monitoring Unit, had consistently dismissed all evidence against him and maintained his innocence, despite proof that he swindled 56,000 investors and over 590,000 illegal transactions were linked to his fraudulent Ponzi scheme platform.
SaharaReporters also discovered that about $1.6 billion was traced to his wallet, collected from thousands of subscribers.
โMany police officers call him โOdogwuโ and he is close to most of them. He is even seen as a philanthropist,โ one of the sources privy to police interaction with Michael said.
Wanted For Ponzi Fraud In U.S.
SaharaReporters had reported that Jesam similarly scammed investors in California, U.S. after fraudulently 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, ceased honouring investor withdrawal requests, citing technical issues. Shortly thereafter, the platform stopped operating its website.
Exclusive documents obtained by SaharaReporters revealed that the State of California ordered a shutdown of Michael’s cryptocurrency firm in 2022 for violating sections 25110 and 25401 of the state’s Corporations Code.
The State of California described the platform as a scam, comparing it to a Ponzi scheme.
The order issued by the Commissioner of Financial Protection and Innovation (Commissioner), Clothilde V. Hewlett, was signed by the Deputy Commissioner 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, citing that the subscribers willingly invested in the scheme.
Five Victims Remanded For Asking For Refunds
Some affected investors told SaharaReporters that DIG Dasuki D. Galadanchi, the 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.
Sources identified the five unfortunate victims as Apostle Michael Okoh, Prince Humble Eteng, Dennis Okoi, Donald Michael and Oma Awajioma.
โHe (Galadanchi) sent us away saying we are criminals and asked why did they give Jesam Michael their money?โ one of the affected investors said.
Another source said, โSince Jesamโs arrest, many police officers have been defending him, claiming he is innocent. The police officers are doing this to protect them. Many of them know that if Jesam Michael is eventually nailed by the law, they are not safe too.
โThey have also been involved in the Ponzi scheme. Many of them have taken bribes from him to protect him all these years.
โAkin Fakorede, head of the IGP monitoring Unit is among these officers defending this criminal.
โAnother thing that is shocking is that the IGP is also trying to be interested in the matter now. He has also demanded for 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.โ
SaharaReporters learned that Jesam wasn’t 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 capitalise 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 (S.I.U).
Complaints about Jesamโs fraudulent activities were disregarded, and those who invested in his scheme faced punishment for speaking out.
โThe properties recovered were converted for Jesam Michaelโs personal use. I heard that some of these properties were also shared among top hierarchy police officers. Five people were locked up for complaining that he swindled them.
โHe used to call himself untouchable, and claimed that he was being protected by the IG, Kayode Egbetokun. He has been able to deceive the police so much. He told the police that he went for liver transplant and that was when Abayomi stole his money and it was not investigated. He never had any liver transplant.
โBut 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.โ
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