Jesam Michael, the self-proclaimed saviour of the crypto world and founder of Afriq Arbitrage System (AAS), is now facing the collapse of his empire under the weight of overwhelming fraud charges.

In a massive win for scam awareness and investor justice, Jesam was officially denied bail by the Federal High Court in Abuja on May 9, 2025, after being arrested while attempting to flee Nigeria through Murtala Mohammed International Airport.

The Charges

According to the Economic and Financial Crimes Commission (EFCC), Jesam is accused of orchestrating a complex Ponzi scheme involving:

  • $844,416.36 (from one investor)
  • $10,000 (from another)
  • ₦590 million (linked to criminal property conversions)

More than 50,000 investors across 127 countries were impacted. The total amount traced to Jesam’s digital wallets exceeds $1.6 billion, with 596,000 illegal transactions recorded—confirming the truly international scope of this fraud.

The Bail Denial

Despite these facts, Jesam’s legal team made a public appearance recently, claiming he is a “law-abiding citizen” being unlawfully detained. In a video statement to the press, his counsel argued that his continued detention is a violation of his constitutional rights under Section 35 of Nigeria’s Constitution and threatened to initiate contempt proceedings against the police. The case returns to court on March 3, 2025.

My Experience With Jesam Michael

Long before his arrest, I had already heard from dozens of victims who were afraid to speak publicly. When I hosted a Zoom call to give victims a platform, Jesam’s henchmen hacked the meeting, disrupted it, and flooded the livestream with bots and takedown attempts. It was the only time I’ve ever had to restart a Zoom meeting due to sabotage.

That video quickly exploded—1,818 comments, 300 thumbs up, and over 12,000 views in 48 hours.

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How the Scam Worked — And Why People Fell For It

Jesam Michael didn’t just lure investors with flashy returns—he sold them hope. He promised a future of financial freedom, especially to struggling Nigerians desperate for a way out of poverty. He spoke directly to those who had been let down by the system, offering what sounded like a revolutionary opportunity: a fully automated crypto trading platform that generated 1.65% daily ROI—no skills needed, no referrals required, just plug in and profit.

He positioned himself as a visionary leader, someone who cared about the average Nigerian. His message was emotional, powerful, and well-targeted. In a country where millions face chronic unemployment and economic hardship, Jesam’s pitch was not just believable—it was desperately needed.

And it worked. People sold land, took loans, and pooled community funds to invest. He used religious rhetoric and poverty-eradication language to build cult-like trust.

But beneath the motivational speeches and prayer-laced livestreams was a classic Ponzi scheme. The platform launched in January 2023, and just two weeks later, withdrawals were frozen. Jesam claimed there was a hack, urging patience. By April 2023, the site was offline.

While investors were left stranded, Jesam flaunted a lavish lifestyle—posting photos of luxury cars, exotic villas, and designer clothes. He wasn’t just rich; he was untouchable.

And for a while, he actually was—thanks to corrupt protection from within the Nigerian police system. Multiple investigations, including those by SaharaReporters, revealed that Jesam had deep connections with top police officers like Effiong Asuquo and Akin Fakorede. Officers allegedly took bribes to silence complaints. In some cases, victims who asked for their money back were arrested. Jesam’s influence extended so far that he was referred to as “Odogwu”—a term of power and reverence.

He used money not just to deceive the public—but to manipulate the justice system, buy silence, and delay accountability. This wasn’t just a scam. It was an exploitation of institutional weakness, economic desperation, and public trust.

Legal Red Flags

Reports now confirm that Jesam:

  • Obtained a SCUML certificate from the EFCC without proper checks
  • Operated without licenses from the SEC or CBN
  • Converted seized properties into AAS funds

He maintained cozy relationships with senior police officers, including:

  • Effiong Asuquo (former SIU head)
  • Akin Fakorede (IGP Monitoring Unit head)

Both allegedly protected Jesam from legal trouble in exchange for bribes. Victims seeking refunds were even detained.

International Crimes

Jesam also ran a fraudulent platform in the U.S., Cryptos OTC Trading Platform Limited (COTP), which was shut down by California state regulators in 2022. He defrauded U.S. investors and vanished after blaming technical issues and hacks.

Victim Testimonies

  • A U.S. victim lost $90,000 and said their mother died after being denied a refund needed for medical care.
  • A Nigerian group lost a combined $3,500 and were blocked from Jesam’s Telegram group.
  • Jesam promised refunds, then blamed an internal hack—classic diversion tactic.

Justice Is Finally Catching Up

With bail denied, over $1.6 billion in fraudulent transactions exposed, and multiple regulatory agencies including the SEC, CBN, EFCC, FIRS, and the FBI now involved, we’re finally seeing momentum.

This isn’t just a Nigerian scam. It’s a global operation, and we’re not done exposing it.

Stay tuned for more updates as Jesam Michael faces the consequences of one of the biggest crypto frauds ever recorded.

About the Author Danny de Hek, also known as The Crypto Ponzi Scheme Avenger, is a New Zealand-based investigative journalist specializing in exposing crypto fraud, Ponzi schemes, and MLM scams. His work has been featured by Bloomberg, The New York Times, The Guardian Australia, ABC News Australia, and other international outlets.

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