The Nigeria Police Force has confirmed the arrest of Jesam Michael, the CEO of Afriq Arbitrage System (AAS), as part of an ongoing fraud investigation.
According to the police, Michael’s arrest follows a report he had previously filed with the Inspector-General of Police (IGP) Special Investigation Unit (SIU), in which he alleged that he was defrauded of $87 million by one Abayomi Segun Oluwasesan.
“Upon the arrest of Mr. Oluwasesan, he admitted to the charges but contested the amount involved, asserting it was significantly lower than claimed by Mr. Michael.”
According to reports, concerns emerged regarding a subsequent forfeiture agreement between the two parties, which led to the recovery of various assets from Mr. Oluwasesan. The suspicion arose from Mr. Michael’s decision to transfer the recovered properties into his personal name instead of that of his company, raising serious questions about his motives.
“In addition, numerous investors have reported their inability to withdraw their principal funds or the promised returns from AAS for over 18 months.”
This situation led to a preliminary investigation into the operations of the company. Despite repeated requests from the Nigeria Police Force, Michael failed to provide verifiable medical records for the alleged operation he underwent. He also did not present valid evidence of legitimate trading practices or a viable repayment plan for the affected investors.
“His lack of credible evidence, especially concerning his claimed health issues, which he suggests hindered his ability to grant full system access, raised serious questions about his credibility and the integrity of AAS.”
The Nigeria Police Force dismissed Michael’s claims of harassment, asserting that the genuine victims were the many innocent and unsuspecting investors who placed their trust and money in the Afriq Arbitrage System, only to face continued uncertainty and financial distress.
“Mr. Jesam Michael was apprehended today by operatives of the IGP SIU, and a comprehensive interview concerning these allegations, particularly regarding how he and AAS have managed investors’ funds, is currently underway.”
According to the Nigeria Police Force, they remain committed to serving the public interest and ensuring transparency and accountability throughout the investigation. The Force will continue to uphold its mandate, ensuring a thorough, unbiased inquiry aimed at protecting innocent citizens from fraud and financial exploitation.
The Force encourages any victims or individuals with information to come forward and assist in the investigation, as “collaboration is essential to achieving justice.”
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