The CEO of Afriq Arbitrage Systems Limited (AAS), Jesam Michael, has been arrested by the Special Investigation Unit (SIU) at Murtala Mohammed International Airport while attempting to board a flight to Europe.
Michael’s arrest follows an extensive investigation led by CSP Oyewale, who took command of the SIU and launched a probe into AAS’s operations. Authorities uncovered an elaborate scheme where investor deposits were funneled through multiple crypto wallet addresses before being mixed into a Binance hot wallet, making it difficult to trace the funds.
Further investigations also revealed alarming allegations of a “killer squad” allegedly linked to Michael, tasked with silencing individuals who questioned the legitimacy of AAS.
Michael is currently in custody as authorities continue their investigation into the activities of AAS and its financial dealings.