Police Arrest CEO of Afriq Arbitrage System Over Alleged Fraud, Financial Exploitation
Operatives of the Nigeria Police Force (NPF) has arrested Jesam Michael, the Chief Executive Officer (CEO) of Afriq Arbitrage System (AAS), over allegations of fraud and financial misconduct. His arrest follows an investigation initiated after he reported to the Inspector-General of Police (IGP) Special Investigation Unit (SIU) that he had been defrauded of $87 million by one Abayomi Segun Oluwasesan.
Upon Mr. Oluwasesan’s arrest, he admitted to defrauding Mr. Michael but disputed the amount involved, claiming it was significantly less than stated. The case took a new turn when concerns arose over a forfeiture agreement between both parties, under which assets recovered from Mr. Oluwasesan were transferred into Mr. Michael’s personal name instead of AAS. This raised suspicions about his true intentions and financial dealings.
Further investigations revealed that numerous investors have been unable to withdraw their principal funds or promised returns from AAS for over 18 months. Despite requests from the police, Mr. Michael failed to provide verifiable evidence of medical treatment for an alleged operation, proof of legitimate trading activities, or a credible repayment plan for affected investors. His inability to substantiate these claims cast doubt on his credibility and the integrity of AAS.
In response to allegations of harassment, the Nigeria Police Force dismissed Mr. Michael’s claims, stating that the real victims are the investors who entrusted their funds to AAS and have since faced financial losses.
Mr. Jesam Michael was arrested by operatives of the IGP SIU and is currently undergoing interrogation regarding the handling of investors’ funds.
The Nigeria Police Force reaffirmed its commitment to transparency and accountability, urging affected investors and individuals with relevant information to come forward. The Force assured the public of a thorough, unbiased investigation aimed at ensuring justice for all parties involved.
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