COURT JAILS TWO FOR N14.8M FRAUD IN MAIDUGURI. (PHOTO). #PRESS RELEASE.

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 Court Jails Two for N14.8m Fraud in Maiduguri Justice B.T Zannah of the Borno State High Court sitting in Maiduguri, on Monday, July 13, 2026 convicted and sentenced two to three years imprisonment. The convicts are: Babagana Bukar and Hauwa Chabri.  The convicts were arraigned on Monday, July 13, 2026 by the Maiduguri Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on a separate one -count charge for the offence of criminal misappropriation to the tune of N14,800,000.00 (Fourteen  Million, Eight Hundred Thousand Naira). The charge against Bukar reads: "That you, Babagana Bukar sometimes in 2025 at Maiduguri, Borno State within the jurisdiction of this honourable court, dishonestly misappropriated and converted to your own use the aggregate sum of N8,800,000.00 (Eight Million, Eight Hundred Thousand Naira)  money belonging to Bunu Gambo Liman, being amount given to you through Babakura Umar and Bello Adamu for the supplies of 100 bags of IRS...
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POLICE ARRESTS CEO OF AAS, COMMENCES INVESTIGATION INTO FRAUD, FINANCIAL EXPLOITATION.(PHOTO). #PRESS RELEASE.

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 PRESS RELEASE


POLICE ARRESTS CEO OF AAS, COMMENCES INVESTIGATION INTO FRAUD, FINANCIAL EXPLOITATION. 


Dismisses Harassment Claims.


The Nigeria Police Force hereby announce the arrest of one Mr. Jesam Michael, the CEO of Afriq Arbitrage System (AAS), in connection with an ongoing fraud investigation following a report made earlier by Mr. Michael to the Inspector-General of Police (IGP) Special Investigation Unit (SIU), in which he alleged that he had been defrauded of the sum of USD 87 million by one Mr. Abayomi Segun Oluwasesan.


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.


ACP OLUMUYIWA ADEJOBI, mnipr, mipra, fCAI

FORCE PUBLIC RELATIONS OFFICER

FORCE HEADQUARTERS,

ABUJA.


29TH JANUARY 2025.

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