FCT Court Throws Out Jesam Michael's Attempt to Nullify AAS Victims' Judgment

An Abuja High Court in Jabi has dismissed an application filed by Jesam Michael, the Chief Executive Officer of Afriq Arbitrage System (AAS) and an individual suspected of international fraud. Michael's application sought to overturn a previous judgment that had been issued against him in a legal action initiated by 276 investors. Justice A.A. Fashola delivered the ruling on Wednesday in Suit No. CV/49/88/2024, titled Michael Oko & 275 Others v. Jesam Michael & Another. The claimants were represented by Anselm Opara, while the defendants had no legal representation when the matter came up for judgment.

The court first addressed a preliminary objection from the claimants/respondents, deeming it an abuse of court process and subsequently dismissing it. Following this, the court proceeded to consider the defendants' motion on notice, which was dated July 18, 2025, and filed on July 24, 2025. This motion aimed to set aside the earlier judgment. The court also took into account the counter-affidavit submitted by the claimants on August 14, 2025.

In its decision, the court highlighted that the judgment Michael sought to invalidate was entered under the Undefended List Procedure. Justice Fashola clarified that such a judgment is considered to have been decided on its merits and, therefore, cannot be overturned by the trial court itself, but rather through an appeal. He further emphasized that a judgment delivered under the Undefended List Procedure cannot be set aside merely on the grounds of default.

Regarding the defendants' assertion that the judgment was a nullity, the court found their claims unsubstantiated. Specifically, they failed to demonstrate that their constitutional right to a fair hearing had been breached, that the initial court processes were not served on the first and second defendants, or that they did not receive relevant hearing notices and other processes relied upon in their application.

Concluding that the defendants' assertions lacked sufficient proof, the court ruled that the application was without merit and dismissed it entirely. Reacting to the ruling, one of the triumphant claimants remarked, "We won our case in court against Jesam Michael." Human rights lawyer Maxwell Opara represents some of the affected investors in this ongoing matter.

This latest legal success for the claimants occurs more than two years after a public confrontation involving Jesam Michael and lawyer Maxwell Opara at the Federal High Court premises in Abuja. In May 2024, Opara was reportedly assaulted shortly after a Federal High Court case, where Michael was the nominal complainant, was adjourned. This particular case stemmed from a petition Michael had sent to the Inspector-General of Police (IGP), accusing Humble Prince Eta, Donald Michael, Fifeyin Awajumo, and Michael Okoh of cyberbullying. Michael had alleged that these four individuals circulated messages about him on Facebook and WhatsApp bearing the caption: "Jesam Michael Refund Back our Money."

After the court proceedings, Opara began addressing journalists, but Michael interrupted him. Shortly after, a man standing behind Michael allegedly attacked the lawyer. A video of the incident showed Opara discussing individuals he identified as victims of an alleged cybercrime related to investments. He pointed to those standing with him, stating they were "some of the victims of the cybercrime" and among those who had invested over $100,000 in what he termed a "Ponzi scheme." "We are talking of over a $100,000, where someone used a particular platform to dupe Nigerians," Opara declared before the briefing was disrupted. As the confrontation escalated, Opara repeatedly urged journalists to continue filming, shouting, "Cover him!" The situation was eventually calmed, allowing both Michael and Opara to separately speak to the press.

Jesam Michael is also facing a separate criminal trial initiated by the Economic and Financial Crimes Commission (EFCC). He is being prosecuted on a seven-count charge, including obtaining money under false pretenses and operating an investment company without the necessary license. These charges are connected to the operations of Afriq Arbitrage System (AAS), an investment platform that has drawn numerous complaints from investors.

In April, several alleged victims of the AAS platform gave testimony before the Federal High Court in Abuja, detailing how they purportedly lost millions of dollars through the digital investment scheme promoted by Michael, the AAS founder. These testimonies were presented before Justice Obiora Egwuatu during Michael's ongoing trial by the EFCC for alleged investment fraud. Led by prosecution counsel Ekele Iheanacho, SAN, Prosecution Witnesses 12 to 16 recounted their devastating financial losses after investing in the platform.

Okoye Eugene, a welder identified as PW12, testified that he joined AAS after previously losing money in another failed investment, COTPS. He stated that Michael used social media and Telegram groups to assure investors that their funds were securely held in a Binance liquidity pool and inaccessible without authorization. Eugene added that Michael even shared personal family photographs to build trust among investors. "These gave me confidence," he told the court, revealing he invested over $82,000 for himself, friends, and family. The platform reportedly collapsed in April 2023, Michael initially blaming a "system glitch" before later claiming an individual named Abayomi stole $87 million from the platform's "interest pool." Despite continuous assurances that investors' capital was safe and withdrawable, Eugene confirmed he received neither his capital nor any returns.

Salihu Z. Ibrahim, a kitchenware trader from Auchi, Edo State, and PW13, similarly testified that he was promised secure investments. He described how the situation worsened when investors began demanding refunds. "We were removed from the Telegram group, threatened, and some people were even arrested," he stated, observing that figures displayed on the investment platform suddenly appeared to have been manipulated.

Johnson Veronica (PW14) gave an emotional account of selling her vehicles and properties to invest approximately $80,000 in AAS, stating, "Since the day I invested, my life has never remained the same." She attributed the financial loss to the breakdown of her marriage. She also questioned Michael's explanation of a biometric security breach causing the alleged theft of funds, recalling his earlier insistence that the platform was impenetrable, even to himself.

Ayam Sebastian Chinwendu (PW15), a civil servant, told the court that she obtained loans to invest over $3,000 in AAS and an additional token later introduced by Michael, but has not recovered any of the money.

Similarly, Okonkwo Leonard Emeka (PW16) testified that he invested over $37,000 in AAS and its associated token after his sister introduced him to the platform. "I have put in all I have into this and convinced others to invest, and now this is costing me my family," he lamented. "I don't want the return on investment anymore. I just want my capital back so I can take care of my family." He further challenged Michael's claims, noting that while investors were denied access to their funds, Michael allegedly continued to display wealth, including luxury vehicles and expensive properties.

All the witnesses confirmed that the AAS platform is no longer accessible and expressed skepticism that investors' funds were ever used for the advertised arbitrage trading activities.