Jesam Michael Ubi, the CEO of Afriq Arbitrage System (AAS), has unlawfully eliminated the seizure markings positioned on his belongings by the {Economic} and {Financial} Crimes Fee (EFCC) and is now making an attempt to promote them.
Sources conversant in the state of affairs revealed on Wednesday that Jesam instructed his associates to erase the EFCC’s seizure marks from the properties that had been beforehand confiscated by the company.
Movies and pictures obtained by SaharaReporters present that Jesam has now posted “For Sale” indicators on a number of of the properties beforehand confiscated by the EFCC.
In response to one of many sources, Jesam has additionally resumed operations in a lounge that had been seized by the EFCC.
“The lounge that was confiscated and marked by the EFCC is operational once more,” the supply mentioned.
“Jesam Michael has ordered his associates to take away all of the EFCC markings from the properties, they usually have put them up on the market,” the supply added.
Makes an attempt to succeed in EFCC spokesperson Mr. Dele Oyewale for touch upon Jesam’s actions had been unsuccessful, as he didn’t reply to calls.
On February 18, 2025, Jesam appeared earlier than the Federal Capital Territory Excessive Courtroom, Bwari Division, searching for bail in reference to costs of defrauding 1000’s of Nigerians and others globally.
Earlier, Justice Mohammed Idris of the FCT Excessive Courtroom had issued a restraining order towards Jesam and ordered his instant launch by way of a movement ex parte.
Justice Idris additionally directed the first to third respondents — the Nigeria Police Drive, the Inspector Normal of Police (IGP), and Deputy Commissioner of Police Okezie Chikezie (Anti-Fraud Part) — to provide Jesam in court docket on the subsequent adjournment date.
Jesam, whereas detained on the Particular Investigation Unit (SIU) of the Nigeria Police Drive in Abuja, had been leveraging his influential connections to push for his launch.
The investigation into Jesam’s case has been embroiled in controversy, with the officer initially dealing with the probe reportedly eliminated by the Inspector Normal of Police, Kayode Egbetokun.
Jesam’s former affiliate, Mr. Abayomi Segun, can be a respondent within the case. In response to sources, Abayomi has written a petition to the police IGP, detailing how his properties had been allegedly shared amongst senior cops, however the petition has been suppressed by the IGP.
This newspaper additionally found that Jesam’s pockets had been traced with roughly $1.6 billion, gathered from 1000’s of subscribers.
Jesam additionally defrauded traders in California, USA, after fleeing with funds from a US-based cryptocurrency platform that was subsequently shut down.
In Might 2022, Jesam’s cryptocurrency agency, Cryptos OTC Buying and selling Platform Restricted, ceased processing investor withdrawals, citing technical points. Shortly after, the platform shut down totally.