- Jesam Michael, the CEO of Afriq Arbitrage System (AAS), has been secretly released from Kuje Correctional Centre despite his ongoing trial for a multi-million dollar Ponzi scheme.
- The release comes just weeks after the lead Economic and Financial Crimes Commission (EFCC) prosecutor, Geraldine Ofulue, resigned from the case, citing pressure from superiors to compromise the proceedings.
- Michael is accused of defrauding over 50,000 investors of approximately $854,000 and ₦590 million through an unauthorized cryptocurrency trading platform.
The Nigerian judicial system is facing fresh allegations of corruption following the “low-key” release of international fraudster Jesam Michael from Kuje Prison on Friday, March 13, 2026.
Michael, who had been in custody since June 2025, was granted a ₦300 million bail by a Federal High Court in Abuja in February, but he remained behind bars pending the fulfillment of his bail conditions.
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Sources now reveal that his exit from prison was managed quietly to avoid public outcry or potential re-arrest by the EFCC.
The timing of Michael’s release has raised significant red flags. In early February, lead prosecutor Geraldine Ofulue withdrew from the case.
Insiders allege that Ofulue, a veteran lawyer with 13 years of experience, stepped down to protect her reputation after being pressured by EFCC leadership to sabotage the trial.
While the EFCC has denied these claims, the sudden assignment of a new prosecutor, who some sources allege was “financially induced”, coincided with Michael’s successful push for freedom.
Jesam Michael’s legal troubles extend far beyond Nigerian borders. In 2022, the State of California ordered the shutdown of his firm, Cryptos OTC Trading Platform Limited (COTP), labeling it a scam.
According to U.S. regulators, Michael operated a pyramid scheme that promised investors a 3% daily return before vanishing with their funds.
In Nigeria, the EFCC’s seven-count charge alleges that his company, Afriq Arbitrage System, operated without a license and engaged in massive money laundering.
The case has been further complicated by allegations of deep-seated influence within the Nigeria Police Force.
Reports suggest that senior police officers previously protected Michael, ignoring victim complaints and even referring to him as a “philanthropist” or “Odogwu.”
Even while incarcerated, Michael allegedly used mobile devices to orchestrate police petitions against his former lawyer, bragging in leaked audio about his ability to bribe officials.
With over 50,000 victims seeking justice, the secret release of the AAS boss has sparked fears that the trial may be reaching a predetermined, compromised conclusion.
Justice Obiora Egwuatu had previously noted the “gravity of the charges” and the “volume of evidence” against Michael, but the recent administrative shifts within the EFCC and the prison system suggest that Michael’s vast financial resources and high-level connections may be tipping the scales of justice in his favor.
