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.
