What began as a promising crypto venture turned into a real-life thriller of betrayal, and alleged corruption. Jesam Michael, the embattled CEO of Afriq Arbitrage System Ltd., now finds himself behind bars—ensnared in a complex web spun from a series of shocking events dating back to 2023.
Shortly after launching his crypto trading platform to public acclaim, Michael’s health took a sudden downturn. Suffering from a critical liver condition, he handed over control of the platform to his trusted lieutenant, Abayomi Oluwasesan.
That trust would prove catastrophic.
With Jesam incapacitated, Abayomi reportedly assumed the worst—that his boss would never return. Acting on that belief, he allegedly looted over $87 million in investors’ funds and vanished when news of Jesam’s recovery surfaced.
Jesam's first port of call was the EFCC. They immediately placed Abayomi's account with over ₦400,000,000.00 (Four Hundred Million Naira) on post no debit (PND). But facing slow progress, he escalated the matter to Interpol, who eventually arrested Abayomi. A plea bargain followed, with some properties and cash returned. However, a significant portion of the stolen funds was allegedly hidden in a misplaced cold wallet.
Part of the plea deal required Abayomi to retrieve this wallet post-release. When he failed to do so, he was rearrested and charged with criminal theft.
Enter CSP Taiwo: Love, Power, and Alleged Manipulation
During police restructuring, CSP Taiwo Oyewale became the new commander of the IGP Special Investigation Unit (SIU). While reviewing case files, she came in contact with Jesam—and what started as professional interaction quickly evolved into a romantic relationship.
Taiwo, newly posted to Abuja, upon hearing that Jesam had renovated the new SIU office on the 1st floor, force headquarters, requested for accommodation and Jesam offered one of his guest houses. She moved in with her three children and reportedly became a regular visitor at Jesam’s home. The relationship, however, took a controversial turn.
Jesam allegedly assisted Taiwo in making a ₦108 million investment in crypto. When market conditions dipped and losses mounted, she reportedly demanded a full refund—despite the assets being stored in her personal wallet. Jesam transferred ₦108 million to CSP Taiwo's naira account but never received the crypto coins in return.
Things came to a head when Taiwo allegedly requested for 30 plots from land—recovered from Abayomi and located near the Dangote Refinery—claiming it was for the IGP. Jesam declined, fearing it would harm investors' interests.
That decision, sources say, marked the beginning of his undoing.
The romance soured, and Taiwo reportedly turned on Jesam, aligning with Abayomi to exact revenge. Trumped-up charges were drawn up, leading to Jesam's arrest on January 29th, 2025.
Allegations of Abuse and Official Overreach
Following his arrest, Jesam was detained under tight control at Maitama Police Station, then transferred to the notorious SARS facility. His lawyers fought back, filing a fundamental human rights suit against the police.
On February 18, 2025, Justice M.A. Madugu of the High Court of the FCT ruled in Jesam’s favor, ordering his release and restraining the police from re-arresting him without court approval. The court's order was served to all involved, including the IGP.
Yet the police allegedly ignored the court and instead handed Jesam over to the EFCC in an attempt to evade a contempt charge which had just been instituted.
Meanwhile, disturbing details emerged:
Police officer Abiodun Adekunle Fasasi , reportedly enlisted by Taiwo, allegedly underdeclared $100 from the cash seized from Jesam during his airport arrest. Despite no evidence of drugs or arms found during a search of his home, the police issued a press statement linking Jesam to such crimes.
The EFCC connection
The EFCC on taking over the case, first granted Jesam bail late in the evening of 25th February and by 26th morning they already had in their possession a remand order from a magistrate court to keep him for 14 days implying that the bail granted was purely cosmetic and of no value.
Every two weeks, the remand order was renewed and no attempt to charge him to court was made.
Weeks turned to months and with no plans of being charged to court, Jesam again filed for his fundamental human rights enforcement at the federal high court.
The EFCC in response, immediately drafted some charges and filed at the federal high court and used the same to oppose his bail on the fundamental rights case.
The trial of the substantive case has now begun and the futility of the case filed by EFCC has become clear to all.
The Bigger Picture
This saga is more than just a personal downfall. It raises deep questions about abuse of power, the intersection of personal relationships and professional duties, and the integrity of Nigeria’s justice system.
Jesam Michael’s legal team continues to fight for his release, and investors are watching closely—many still unsure whether they’ll ever recover their funds.
This injustice of jesam mike open deep secret of people power how they manipulate common citizens……we most fight against them together, it could be You or I next time injustice is corruption denied court order is a corruption. Jesam must be free and justice must prevail
ReplyDeleteThese manipulation is Enough! Jesam Michael has integrity in d crypto space! He his a true man of openness,I lost so much to scammers platform b4 I came across Jesam in 2022! Since then I hv not lost any to scam nd ponzi scheme!! We want justice for Jedam Michael! Abayomi Olusesan is d theif!! Pls release jesam Michael!!!
ReplyDeleteJESAM MICHAEL: A VICTIM OF INJUSTICE, NOT A CRIMINAL
ReplyDeleteBY STAFF REPORTER
14TH JUNE, 2025
THE ONGOING CASE INVOLVING JESAM MICHAEL, A YOUNG AND BRILLIANT NIGERIAN CRYPTO TRADER, HAS CONTINUED TO STIR PUBLIC OUTRAGE AS THE ECONOMIC AND FINANCIAL CRIMES COMMISSION (EFCC) APPEARS TO TWIST THE FACTS AGAINST HIM. JESAM, WHO INITIALLY REPORTED A THEFT OF $87 MILLION BY ABAYOMI OLUWASESAN, IS NOW BEING TREATED AS A SUSPECT INSTEAD OF THE COMPLAINANT.
JESAM MICHAEL REPORTED THAT ABAYOMI OLUWASESAN HIS FORMER STAFF MEMBER STOLE $87 MILLION FROM HIS COMPANY. RATHER THAN INVESTIGATE AND BRING THE ALLEGED THIEF TO JUSTICE, THE EFCC HAS INSTEAD TURNED ITS ATTENTION TO JESAM HIMSELF. THEY FALSELY CLAIMED THAT OVER 50,000 INVESTORS WERE AGAINST JESAM MICHAEL AND USED THAT AS A REASON TO DENY HIM BAIL. THIS CLAIM IS COMPLETELY UNTRUE.
FOR YEARS, JESAM HAS CONTINUED HIS BUSINESS PEACEFULLY. NO INVESTOR HAS RAISED ANY ALARM OR BROUGHT ANY LEGAL ACTION AGAINST HIM. THERE HAS BEEN NO PROTEST OR PUBLIC OUTCRY BY ANY INVESTOR. SO WHY IS THE EFCC USING FALSE NUMBERS AND TWISTED NARRATIVES TO HOLD HIM?
JESAM MICHAEL BEGAN FOREX TRADING IN 2008/2009 AND HAS BEEN CONSISTENTLY ACTIVE FOR 16 YEARS. HE REGISTERED HIS FIRST ACCOUNT WITH ALPARI.COM ON MAY 25, 2009, AND HAS BUILT A REPUTATION AS ONE OF THE MOST DISCIPLINED AND KNOWLEDGEABLE TRADERS IN THE FIELD.
UNFORTUNATELY, DUE TO IGNORANCE, THE EFCC HAS CLAIMED THAT THE MONEY IN JESAM’S GTBANK ACCOUNT HAS “NO SOURCE.” IN REALITY, THERE IS CLEAR AND VERIFIABLE EVIDENCE SHOWING THAT FUNDS WERE TRANSFERRED FROM FOREX TRADING PLATFORMS TO HIS BANK ACCOUNT. THESE RECORDS ARE AVAILABLE AND EASY TO TRACE. A SIMPLE INVESTIGATION WOULD REVEAL THE TRUTH.
JESAM IS WELL KNOWN FOR HAVING A SHARP MEMORY AND DEEP KNOWLEDGE OF CRYPTOCURRENCY AND FOREX. HE IS SEEN BY MANY AS A “WALKING MEMORY BANK” WHEN IT COMES TO DIGITAL FINANCE.
JESAM MICHAEL STARTED WITH NOTHING. HE CAME FROM A POOR BACKGROUND BUT WORKED HIS WAY UP THROUGH DEDICATION AND SMART TRADING. HE LEFT BEHIND LOW-LEVEL, SMALL-SCALE TRADING YEARS AGO AND EMBRACED A MORE SOPHISTICATED, PROFESSIONAL LIFESTYLE IN THE FINANCIAL SECTOR.
MANY OF HIS FOLLOWERS MET HIM IN 2010, 2013, AND 2017, BUT TOOK THEIR TIME, SOMETIMES OVER SIX YEARS TO STUDY HIS TRACK RECORD BEFORE GETTING CLOSE TO HIM IN 2021. SOME WERE QUIETLY OBSERVING HIS ACTIVITIES IN WHATSAPP GROUPS FOR MANY YEARS. HIS GROWTH WAS NEVER OVERNIGHT. IT WAS BUILT ON CONSISTENCY, TRANSPARENCY, AND INTEGRITY.
IT SEEMS THAT ABAYOMI, WHO LACKS JESAM’S SOLID BACKGROUND, HAS FED THE EFCC MISLEADING INFORMATION. HE ALLEGEDLY CLAIMED THAT JESAM IS FRONTING FOR POWERFUL PEOPLE, EVEN POLITICIANS, CAUSING THE EFCC TO DIG IN THE WRONG DIRECTION, HOPING TO FIND A CONNECTION THAT DOES NOT EXIST. IT’S A WILD GOOSE CHASE, DRIVEN BY SPECULATION AND NOT FACTS.
WHAT SURPRISES MANY IS HOW JESAM MICHAEL HAS ACHIEVED SO MUCH FROM HUMBLE BEGINNINGS. BUT INSTEAD OF CELEBRATING HIS JOURNEY, SOME INDIVIDUALS ARE CLEARLY UNCOMFORTABLE WITH HIS SUCCESS AND ARE DOING EVERYTHING TO PULL HIM DOWN.
DESPITE THE PRESSURE, JESAM IS DETERMINED TO PROVE HIS INNOCENCE. HIS TEAM HAS BEEN GOING THROUGH DOCUMENTS TO PREPARE FOR HIS DEFENSE, ENSURING THAT EVERY PIECE OF EVIDENCE IS READY TO COUNTER THE EFCC’S CLAIMS AND ESTABLISH THE TRUTH.
JESAM ALSO HAS RECORDS OF AWARDS AND RECOGNITIONS HE HAS RECEIVED AS A TRADER, AND THESE MATERIALS WILL BE USEFUL IN DEFENDING HIS CHARACTER AND ACHIEVEMENTS.
JESAM MICHAEL’S LIFE IS WELL DOCUMENTED. HE HAS KEPT DETAILED RECORDS OF HIS JOURNEY, AND THESE WILL HELP HIM CLEAR EVERY ACCUSATION. HE HAS SAID CLEARLY, “THIS IS THE LAST TIME I WILL GO THROUGH THIS. I’M GETTING OUT OF THIS ONCE AND FOR ALL.”
WHAT IS HAPPENING TO JESAM MICHAEL IS A CLEAR EXAMPLE OF INJUSTICE IN NIGERIA. WHERE A VICTIM IS MADE THE ACCUSED, AND THE REAL CRIMINALS GO FREE. IT IS TIME FOR EFCC AND OTHER AUTHORITIES TO STOP CHASING SHADOWS AND FOCUS ON THE TRUTH.
JESAM MICHAEL DESERVES JUSTICE. NOT BECAUSE HE IS POPULAR, BUT BECAUSE THE FACTS ARE ON HIS SIDE.
Free Jasem Michael,he only did good by building a legit platform and Abayomi stole the funds on the system while our CEO was sick fighting for his life there is a case on going for Abayomi and I write he is out there spending investors money and yet Jasem is denied bail while Abayomi who stole the funds is out there spending investors money by bail .
ReplyDeletePlease bring just Abayomi must pay back the money or jail if he can't pay.