…dismisses harassment claims
By Nkechi Eze
The Nigeria Police Force has arrested Jesam Michael, CEO of Afriq Arbitrage System (AAS), as part of an ongoing fraud investigation. Interestingly, Michael had earlier reported to the authorities that he was defrauded of $87 million by Abayomi Segun Oluwasesan. However, it appears that Michael’s claim may have been a ruse to cover his own tracks.
According to reports, AAS was a Ponzi scheme that promised investors unusually high returns, with some investors claiming to have lost thousands of dollars. The scheme allegedly collapsed in May 2023, with Michael blaming the collapse on hackers, including Oluwasesan.
ACP Olumuyiwa Adejobi, the Force Public Relations Officer in a signed statement made available to newsmen, disclosed that; 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. 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.
The Nigeria Police Force remains committed to serving the public interest, ensuring transparency and accountability throughout this investigation. The Force will continue to uphold our mandate, ensuring a thorough, unbiased investigation aimed at protecting innocent citizens from fraud and financial exploitation. The Force hereby encourages any victims or individuals with information pertaining to these matters to come forward and assist in the investigation. Collaboration is essential to achieving justice.
