Jesam Michael Ubi, the CEO of Afriq Arbitrage System (AAS), has illegally removed seizure markings placed by the Economic and Financial Crimes Commission (EFCC) from his confiscated properties and listed them for sale.
Sources familiar with the development informed SaharaReporters on Wednesday that Jesam instructed his associates to clean off the EFCC markings from the seized properties.
Videos and pictures obtained by SaharaReporters confirm that Jesam has put up “for sale” signs on several properties previously impounded by the anti-graft agency.
One of the sources told SaharaReporters that Jesam has resumed operations in his seized lounge despite the EFCC’s actions.
“The lounge that was confiscated and marked by the EFCC is now operational again,” one of the sources revealed.
“All the properties that the EFCC marked as confiscated—Jesam Michael has ordered his boys to remove the marks, and they have put them up for sale,” the source added.
Attempts to reach EFCC spokesman, Mr. Dele Oyewale, for comments on Jesam’s actions were unsuccessful, as he did not respond to calls.
Background
On February 18, 2025, SaharaReporters reported that Jesam appeared before the Federal Capital Territory High Court, Bwari Division, seeking bail as he faces charges of defrauding thousands of Nigerians and others worldwide.
Justice Mohammed Idris of the FCT High Court, Bwari Division, had earlier issued a restraining order against Jesam and ordered his immediate release through a motion ex parte.
Justice Idris also directed 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 produce Jesam in court at the next adjournment date.
SaharaReporters previously reported that Jesam, while being held at the Special Investigation Unit (SIU) of the Nigeria Police Force in Abuja, had been using his influential connections to push for his release.
The investigation into Jesam’s case has been mired in controversy. The officer initially handling the probe was reportedly removed by the Inspector General of Police, Kayode Egbetokun.
Sources informed SaharaReporters that Akin Fakorede, the Head of the IGP Monitoring Unit, had allegedly compromised the investigation. Fakorede was said to have assured investors at the Force Headquarters that Jesam was innocent.
“Fakorede told the investors at the Force Headquarters that Jesam didn’t commit any crime,” one of the sources said.
Sources also told SaharaReporters that Jesam appeared confident during a meeting with the police, openly invoking the IGP’s name 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 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, Jesam’s former associate, is one of the respondents in the suit.
“Meanwhile, 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,” one of the sources said.
An investigation by SaharaReporters had revealed how Nigerian police authorities had been protecting Jesam.
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.
The investigation also uncovered that Jesam had a close relationship with top police officer Effiong Asuquo during his tenure as head of the S.I.U.
“Jesam Michael is a close pal of a top police officer, Effiong Asuquo, when he was the head of Special Investigation Unit (S.I.U). The officers have been protecting him for years because he always gives them something anytime people complain about his fraudulent platform.
“This 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.
“This was until the head of SIU was changed in mid-2024 (around June),” 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.
“Many police officers call him ‘Odogwu’ and he is close to most of them. He is even seen as a philanthropist,” 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.
