Police arrest CEO of Afriq Arbitrage System Jesam Michael

Jesam Michael

Published By: Michael Adesina

Michael Adesina

The Nigeria Police Force has taken a significant step in the ongoing fraud investigation involving Afriq Arbitrage System (AAS) by arresting its CEO, Mr. Jesam Michael.

This development comes after Michael had reported to the Inspector-General of Police (IGP) Special Investigation Unit (SIU) that he was defrauded of $87 million by Mr. Abayomi Segun Oluwasesan.

However, the story takes a complex turn as Oluwasesan admitted to the charges but disputed the amount involved.

Furthermore, a forfeiture agreement between the parties led to the recovery of various assets from Oluwasesan, but Michael’s decision to transfer these properties into his personal name raised suspicions about his motives.

Investigations revealed that numerous investors had been unable to withdraw their principal funds or promised returns from AAS for over 18 months, prompting a preliminary investigation into the company’s operations.

The Nigerian Police’s PRO Adejobi Olumuyiwa stated that Michael failed to provide verifiable medical records, evidence of legitimate trading practices, and a viable repayment plan for affected investors.

The police also dismissed Michael’s claims of harassment, emphasizing that the genuine victims are the innocent investors who trusted AAS with their money.

The investigation is ongoing, with the police urging affected investors to come forward with their investment records and documentation