The Nigeria Police Force on Thursday confirmed it has arrested Jesam Michael, CEO of Afriq Arbitrage System (AAS), in connection with an ongoing fraud investigation.
The police said the arrest “followed report made earlier by Mr. Michael to the Inspector-General of Police (IGP) Special Investigation Unit (SIU), in which he alleged that he had been defrauded of the sum of USD 87 million by one Mr. 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.
“Notably, concerns have emerged regarding a subsequent forfeiture agreement between the 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 rather than 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.
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“This prompted a preliminary investigation into the operations of the company.
“Despite repeated requests from the Nigeria Police Force, Mr. Michael failed to provide verifiable medical records for the alleged operation he underwent, valid evidence of legitimate trading practices, and 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 firmly dismisses Mr. Michael’s claims of harassment, asserting that the genuine victims are 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.
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