The Nigeria Police Force has confirmed the arrest of Mr. Jesam Michael, the Chief Executive Officer of Afriq Arbitrage System (AAS), as part of an ongoing fraud investigation. Michael’s arrest follows a petition he filed with the Inspector-General of Police (IGP) Special Investigation Unit (SIU), in which he claimed to have been defrauded of $87 million by Mr. Abayomi Segun Oluwasesan.
After Oluwasesan’s arrest, he admitted to the fraud charges but contested the amount involved, claiming it was much less. However, new concerns arose regarding a forfeiture agreement between the two parties, which led to the recovery of various assets. Investigators became suspicious when they discovered that Michael had transferred these recovered assets to his personal name instead of the company’s, prompting further investigation.
In addition to this, multiple investors in AAS have lodged complaints about their inability to withdraw capital and promised returns for over 18 months. As part of the ongoing investigation, the police conducted a preliminary probe into AAS’s operations. Michael allegedly failed to provide legitimate medical records for his claimed surgery, proof of genuine trading activities, or a solid repayment plan for investors. His inability to provide credible documentation, particularly regarding his health issues, raised further doubts about his transparency and the legitimacy of AAS.
In response to Michael’s claims of harassment, the Nigeria Police Force firmly dismissed the allegations, stating that the true victims were the many investors who had entrusted their funds to AAS and now face financial loss.
Michael was arrested by operatives from the IGP SIU, and the investigation into AAS’s financial practices is still ongoing. The Nigeria Police Force has assured the public that they are committed to conducting a fair and transparent investigation, urging any affected individuals or those with relevant information to come forward and assist in the probe.
The Nigeria Police reaffirmed its commitment to protecting citizens from financial fraud and exploitation, promising that justice will be served.
