The Nigeria Police Force has arrested Jesam Michael, CEO of Afriq Arbitrage System (AAS), on Wednesday, February 29, on charges of serious financial m
The Nigeria Police Force has arrested Jesam Michael, CEO of Afriq Arbitrage System (AAS), on Wednesday, February 29, on charges of serious financial misconduct.
Michael, once seen as a successful entrepreneur promising high returns through his trading platform, now faces serious allegations after investors began raising concerns.
AAS had gained significant attention, attracting thousands of investors with promises of consistent profits.
However, the business started to unravel in July 2023, when Michael reported to the police that his employee, Abayomi Oluwasesan, had defrauded the company of $87 million.
This sparked an investigation that would eventually turn the focus onto Michael himself.
While Oluwasesan admitted to his involvement in the crime, he denied stealing the reported amount, which raised suspicions.
The situation took a more alarming turn when it was discovered that Michael had transferred some of the assets recovered from Oluwasesan into his account, rather than returning them to the company.
Further complaints from hundreds of AAS investors surfaced, revealing they had not received payments for over 18 months.
Evidence of financial mismanagement prompted a deeper investigation into the company’s activities.
The police found that Michael failed to provide adequate records of trades made with investor funds and offered no clear plan for repayment.
Additionally, he could not provide medical documentation for a supposed surgery he claimed to have undergone while Oluwasesan was embezzling money.
On Wednesday, January 29, Jesam Michael was arrested at the Murtala Mohammed International Airport in Lagos by the Special Investigation Unit.
He is currently in police custody, where authorities are continuing to interrogate him to unravel the full scope of the case.