ABUJA, January 29, 2025 – The Nigeria Police Force has arrested Mr. Jesam Michael, CEO of Afriq Arbitrage System (AAS), as part of an investigation into alleged investment fraud and financial exploitation, marking a dramatic turn in a complex case that began with Michael himself filing a fraud complaint.
Michael, who had earlier reported being defrauded of USD 87 million by Mr. Abayomi Segun Oluwasesan, now finds himself at the center of a wider investigation. According to police sources, while Oluwasesan admitted to fraud charges, he disputed the amount claimed by Michael. The investigation took an unexpected turn when authorities discovered irregularities in how Michael handled recovered assets from Oluwasesan, allegedly transferring them to his personal accounts rather than the company’s.
The case has drawn significant attention due to numerous complaints from AAS investors who report being unable to withdraw their funds or receive promised returns for over 18 months. Police officials say Michael failed to provide crucial documentation requested during the investigation, including verifiable medical records for a claimed operation and evidence of legitimate trading practices.
“The real victims in this case are the numerous investors who trusted AAS with their money,” said ACP Olumuyiwa Adejobi, Force Public Relations Officer. The police have dismissed Michael’s claims of harassment, emphasizing their commitment to protecting citizens from financial exploitation.
The IGP Special Investigation Unit is currently conducting a comprehensive interview with Michael regarding the management of investors’ funds. The police have called for public cooperation, urging anyone with relevant information to come forward to assist in the investigation.
This case highlights growing concerns about investment fraud in Nigeria’s financial sector, with authorities stepping up efforts to protect investors from sophisticated schemes that promise high returns but potentially leave them vulnerable to significant losses.
SOURCE: Nigeria Police Force Headquarters, Abuja
Reference: CZ.5300/FPRD/FHQ/ABJ/VOL.6/351
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