• $87m
• Fraud
• Jesam Michael

NIGER DELTA YOUTH COUNCIL PROTESTS CEO’S DETENTION IN $87 MILLION FRAUD CASE

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  Nicolas Adekeye / 3 weeks
• 0
• 3 min read

The Niger Delta Youth Council (NDYC) has voiced its strong objection to the continued detention of Jesam Michael, CEO of Afriq Arbitrage System (AAS), a cryptocurrency investment firm, who reported a $87 million fraud to the police. Prince Michael Newgent Ekamon, President of the NDYC, expressed his frustration, stating, “My bitterness and my pains, and the people of the Niger Delta youth council, and Niger Delta, and my people, is that in this country, a complainant is arrested and has been detained for over three weeks. It is unlawful.” Michael had initially reported to the Inspector-General of Police (IGP) Special Investigation Unit (SIU) that his staff member, Abayomi Segun Olusesan, had hacked into the company’s system and misappropriated $87 million in investor funds. While Oluwasesan admitted to the hacking, he disputed the amount involved. A forfeiture agreement between the parties resulted in the recovery of some assets from Oluwasesan.However, the police investigation took a different turn when it was revealed that investors had been unable to access their funds or promised returns from AAS for over 18 months. This prompted a preliminary investigation into the company’s operations.Police Public Relations Officer Adejobi Olumuyiwa explained that Michael was detained because he failed to provide verifiable medical records, evidence of legitimate trading practices, and a viable repayment plan for the affected investors. The police also refuted Michael’s claims of harassment, asserting that the actual victims are the investors who entrusted their money to AAS. Despite Oluwasesan’s admission to the hacking, the NDYC questions why he is not in custody while Michael remains detained. Ekamon further alleged that Oluwasesan is “walking free and even parading armed police escort despite the evidence of his crimes as displayed by his lavish lifestyle,” raising concerns about potential bias in the investigation. “The group call on the IGP to look into the matter seriously. Ekamon claimed that the police seems to be having a bias in the matter.” Ekamon also stated that Michael’s health is deteriorating and that he was on his way abroad for medical treatment when he was arrested at Murtala Mohammed Airport. The NDYC is demanding that Michael be either granted bail or charged to court, as required by law, instead of being held in detention, which they claim is jeopardizing his health. “He affirmed that the Youths and the people of Niger Delta worldwide will not sit and fold their hands on this injustice.” The police investigation is ongoing, and they are encouraging affected investors to submit their investment records and documentation.