THE Nigeria Police Force has arrested Jesam Michael, CEO of Afriq Arbitrage System (AAS), in connection with an ongoing fraud investigation.
His arrest follows an earlier report he made to the Inspector-General of Police (IGP) Special Investigation Unit (SIU), alleging that he had been defrauded of USD 87 million by Abayomi Segun Oluwasesan.
However, upon Mr. Oluwasesan’s arrest, he admitted guilt but contested the amount involved.
Concerns have since emerged over a forfeiture agreement between both parties, leading to the recovery of assets from Mr. Oluwasesan.
Suspicion arose when Mr. Michael transferred the recovered properties into his personal name rather than that of his company.
This move has raised questions about his intentions and the legitimacy of his financial dealings.
Further investigations revealed that numerous investors have been unable to withdraw funds or returns from AAS for over 18 months.
Despite multiple requests from the Nigeria Police, Mr. Michael failed to provide medical records for a claimed operation, evidence of legitimate trading practices, or a viable repayment plan for investors.
His lack of credible proof, especially regarding his health claims, has further cast doubt on his credibility and AAS’s operations.
The Nigeria Police have dismissed Mr. Michael’s claims of harassment, stating that the real victims are innocent investors who trusted AAS with their money.
Mr. Michael was arrested by the IGP SIU, and a comprehensive interview is currently underway to assess how he and AAS have managed investors’ funds.
Reaffirming its commitment to public interest and justice, the Nigeria Police Force has called on victims or anyone with relevant information to come forward.
The Force, in a statement by its image-maker, ACP Olumuyiwa Adejobi, assures a thorough, impartial investigation to safeguard citizens from fraud and financial exploitation.
