•Detained CEO, Jesam Michael
Tensions ran high at the FCT High Court in Jabi, Abuja, as a crowd of investors in the Afriq Arbitrage System (AAS) staged a peaceful protest, calling for transparency and justice in the ongoing investigation into the company’s financial collapse.
The demonstrators, numbering in the hundreds, carried placards and chanted slogans as they demanded a deeper probe into the disappearance of an estimated $87 million in investor funds, reports Vanguard.
Their primary demand: that the authorities widen the investigation and ensure that all parties involved in the alleged mismanagement are held accountable.
The protest was spurred by the continued detention of AAS founder and CEO, Mr. Jesam Michael, who is currently being held at the Kuje Correctional Centre following his arraignment by the Economic and Financial Crimes Commission (EFCC) on charges related to the financial controversy.
While the EFCC has commenced legal proceedings against Jesam, many of the protesters argued that he was not solely responsible for the financial losses, pointing instead to internal operational lapses and mismanagement by former associates.
Investor representatives at the protest claimed that Mr. Jesam had temporarily handed over administrative responsibilities during a period of medical recovery, and that critical decisions made during that time contributed significantly to the collapse of the business.
“We believe Jesam deserves a fair hearing,” said one protester, Albert Churchill.
“This issue is more complex than it appears, and there are individuals who also need to be questioned in the interest of justice.”
Another investor, Chibuzor Uche, stressed the need for authorities to recover lost assets and restore investor confidence. “What we seek is justice and recovery—not scapegoating. People put their savings into this system hoping for a better future.”
The protest also sparked significant attention online, with many Nigerians expressing support for a thorough and impartial investigation. A June 13 EFCC post about Jesam’s arraignment drew thousands of comments, many of them expressing skepticism about the fairness of the current proceedings and calling for more transparency in the probe.
Protest coordinator Tina Adebayo urged the authorities to remain focused on recovering funds and upholding the integrity of the justice system. “This is bigger than one individual,” she said. “It’s about investor protection, public trust, and ensuring due process.”
With court proceedings ongoing and public interest growing, attention now turns to the judiciary and law enforcement agencies to ensure that the matter is handled fairly and comprehensively.
For the thousands of affected investors, the protest marks the beginning of what they say will be a sustained effort to demand accountability and seek the recovery of their investments.
