NIGERIA POLICE ARREST CEO OF AFRIQ ARBITRAGE SYSTEM (AAS) OVER FRAUD ALLEGATIONS
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The Nigeria Police Force has announced the arrest of Mr. Jesam Michael, the Chief Executive Officer (CEO) of Afriq Arbitrage System (AAS), in connection with an ongoing fraud investigation. The arrest follows a report made by Mr. Michael himself to the Inspector-General of Police’s Special Investigation Unit (IGP SIU), in which he alleged that he had been defrauded of $87 million by Mr. Abayomi Segun Oluwasesan.
Upon his arrest, Mr. Oluwasesan admitted to the charges, but disputed the scale of the fraud, claiming the actual amount involved was far lower than Mr. Michael’s report. This discrepancy has raised further questions, particularly after a forfeiture agreement was reached between the two parties, leading to the recovery of various assets. However, investigators grew suspicious after Mr. Michael transferred these recovered assets into his own name, rather than to AAS, which is raising concerns over his personal motives.
Additionally, multiple investors have come forward with complaints regarding their inability to withdraw their initial investments or promised returns from AAS for over 18 months. This has prompted a deeper investigation into the company’s operations. Despite being asked repeatedly by the Nigeria Police Force to provide medical records for his alleged surgery and evidence of legitimate trading practices, Mr. Michael has failed to provide satisfactory documentation. His claims of health issues, which he suggests hampered his ability to provide full access to the AAS system, are now under intense scrutiny, further casting doubt on the credibility of the company’s operations.
The Nigeria Police Force has firmly rejected Mr. Michael’s claims of harassment, stating that the real victims in this case are the investors who have lost their money and faced continued uncertainty and financial hardship due to the lack of transparency and accountability at AAS.
Mr. Michael is currently undergoing questioning by the IGP SIU in relation to these fraud and financial exploitation allegations. Authorities are committed to ensuring a fair and thorough investigation to protect the public and hold those responsible for any fraudulent activity accountable.
ACP Olumuyiwa Adejobi, the Force Public Relations Officer, emphasized that the Nigeria Police Force will remain transparent throughout this investigation and urged any individuals with relevant information to come forward and assist in bringing justice to the victims.
The investigation continues, and the Nigeria Police Force assures the public that they are dedicated to upholding justice and protecting citizens from fraud and financial exploitation.
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