The Nigeria Police Force has arrested Jesam Michael, CEO of Afriq Arbitrage System (AAS), as part of an ongoing investigation into alleged financial fraud and investor exploitation.
The arrest follows a report filed by Mr. Michael himself to the Inspector-General of Police (IGP) Special Investigation Unit (SIU), in which he claimed he had been defrauded of $87 million by Mr. Abayomi Segun Oluwasesan.
However, upon his own arrest, Mr. Oluwasesan admitted to the accusations but disputed the amount involved, stating it was significantly lower than what was alleged.
Further scrutiny of a forfeiture agreement between both parties raised red flags, particularly after it was discovered that Mr. Michael transferred recovered assets into his personal name instead of AAS’s corporate account. This action has intensified concerns over his handling of company funds.
Adding to the controversy, investors have complained of being unable to withdraw their principal funds or promised returns for over 18 months.
The police launched a preliminary investigation into AAS’s operations, but Mr. Michael failed to provide key documents, including medical records to substantiate claims of a health condition that allegedly prevented him from granting full system access, verifiable proof of AAS’s trading activities, or a concrete repayment plan for affected investors.
Dismissing allegations of harassment made by Mr. Michael, the Nigeria Police Force emphasized that the real victims are the investors who trusted AAS with their money.
Authorities have urged anyone with relevant information to come forward as they continue their investigation.
In a statement, issued out by the Force Public Relations Officer, Force Headquarters, Abuja, Olumuyiwa Adejobi, the Nigeria Police Force reaffirmed its commitment to ensuring transparency, accountability, and justice for those affected by the alleged fraud.