Police Nab Jesam Michael, Afriq Arbitrage System CEO Over Fraud

Jesam Michael, the chief executive officer of Afriq JM Arbitrage System (AAS) has been arrested by the Nigeria Police Force over allegations of fraud.

Michael had reported to the Inspector-General of Police (IGP) Special Investigation Unit (SIU) that he was defrauded of $87 million by one Mr. Abayomi Segun Oluwasesan. However, the matter took a new turn after Oluwasesan admitted to the charges but disputed the amount involved.

A statement by Force Spokesperson, Adejobi Olumuyiwa, on Thursday, said 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.”

The statement added that “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 Afriq Arbitrage System, 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 statement added.

Afriq JM Arbitrage System is a digital currency trading platform.