Jesam Michael Ubi, the CEO of Afriq Arbitrage System (AAS), has unlawfully removed the seizure markings placed on his assets by the Economic and Financial Crimes Commission (EFCC) and is now attempting to sell them.
Sources familiar with the situation revealed on Wednesday that Jesam instructed his associates to erase the EFCC’s seizure marks from the properties that were previously confiscated by the agency.
Videos and photos obtained by SaharaReporters show that Jesam has now posted “For Sale” signs on several of the properties previously confiscated by the EFCC.
According to one of the sources, Jesam has also resumed operations in a lounge that had been seized by the EFCC.
“The lounge that was confiscated and marked by the EFCC is operational again,” the source said.
“Jesam Michael has ordered his associates to remove all the EFCC markings from the properties, and they have put them up for sale,” the source added.
Attempts to reach EFCC spokesperson Mr. Dele Oyewale for comment on Jesam’s actions were unsuccessful, as he did not respond to calls.
On February 18, 2025, Jesam appeared before the Federal Capital Territory High Court, Bwari Division, seeking bail in connection with charges of defrauding thousands of Nigerians and others globally.
Earlier, Justice Mohammed Idris of the FCT High Court had 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.
Jesam, while detained at the Special Investigation Unit (SIU) of the Nigeria Police Force in Abuja, had been leveraging his influential connections to push for his release.
The investigation into Jesam’s case has been embroiled in controversy, with the officer initially handling the probe reportedly removed by the Inspector General of Police, Kayode Egbetokun.
Jesam’s former associate, Mr. Abayomi Segun, is also a respondent in the case. According to sources, Abayomi has written a petition to the police IGP, detailing how his properties were allegedly shared among senior police officers, but the petition has been suppressed by the IGP.
This newspaper also discovered that Jesam’s wallet had been traced with approximately $1.6 billion, gathered from thousands of subscribers.
Jesam also defrauded investors in California, USA, after fleeing with funds from a US-based cryptocurrency platform that was subsequently shut down.
In May 2022, Jesam’s cryptocurrency firm, Cryptos OTC Trading Platform Limited, ceased processing investor withdrawals, citing technical issues. Shortly after, the platform shut down entirely.
