Crime
$87m Fraud: Police Arrest Afriq Arbitrage CEO, Jesam Michael
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The Nigeria Police Force (NPF) has confirmed the arrest of Jesam Michael, the Chief Executive Officer of Afriq Arbitrage System (AAS), in connection with an ongoing fraud investigation.
According to the police, Michael’s arrest followed an earlier report he made to the Inspector-General of Police (IGP) Special Investigation Unit (SIU), in which he alleged that he had been defrauded of $87 million by one Mr. Abayomi Segun Oluwasesan.
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“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,” the police statement read.
Authorities disclosed that concerns later emerged regarding a forfeiture agreement between both parties, which resulted in the recovery of various assets from Oluwasesan.
Suspicion arose after Michael reportedly transferred the recovered properties into his personal name rather than that of his company, raising serious questions about his motives.
Additionally, numerous AAS investors have lodged complaints about their inability to withdraw their principal funds or promised returns for over 18 months, leading to a preliminary investigation into the company’s operations.
Despite multiple requests from law enforcement, Michael allegedly failed to provide verifiable medical records for an operation he claimed to have undergone, valid proof of legitimate trading activities, or a viable repayment plan for affected investors.
The police noted that his failure to provide credible evidence—especially regarding his health claims, which he said had prevented him from granting full system access—cast further doubt on 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,” the statement added.
Michael was arrested on Thursday by operatives of the IGP SIU and is currently undergoing interrogation regarding the management of investors’ funds.
The police reaffirmed their commitment to transparency and accountability throughout the 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 statement concluded.
Crime
Alleged N5.78b Fraud: Ex-Kwara Gov, Ahmed Diverted UBEC Funds-Witness
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The First Prosecution Witness (PW1), Abubakar Hassan in the trial of former governor of Kwara State, Alhaji Abdulfatah Ahmed, and his Commissioner for Finance, Ademola Banu on Monday, February 17, 2025, told Justice Mahmud Abdulgafar of the State High Court, sitting in Ilorin that the first defendant diverted to personal use, funds earmarked for Universal Basic Education Commission (UBEC) projects in the state.
The Ilorin Zonal Directorate of the Economic and Financial Crimes Commission, EFCC is prosecuting both defendants on a 12-count charge of mismanagement and misappropriation of public funds to the tune of N5.78 billion.
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The witness, an Assistant Director of Finance in UBEC, while being led in evidence by prosecution, Rotimi Jacobs, SAN, disclosed that a total of 51 UBEC projects approved under the 2013 Action Plan were abandoned under former Governor Ahmed due to a lack of funds. The projects, discovered by the UBEC Project Monitoring Committee in the state were abandoned despite UBEC’s approval for citing them in state and funds for their execution, released. According to the witness, the state government under the leadership of the defendant mismanaged the funds.
“My lord, the Projects Monitoring
Committee conducted investigations and found that many projects were either unexecuted or abandoned. We wrote to the then Kwara State governor, Alhaji Abdulfatah Ahmed, in May 2018 to address these issues. The projects were categorized into three: Early Care Education, Primary School Education, and Junior Secondary School Education, but we received no response,” he said.
He further explained that the abandoned projects were scattered all through the 16 Local Government Areas of the state and further revealed that on January 6, 2015, the sum N1 billion had to be loaned from the 2013 UBEC Matching Grant Account with Skye Bank Plc to pay staff salaries and pensions.
Addressing the utilization of the 2014 and 2015 State Counterpart Funds, he stated that the Kwara SUBEB illegally withdrew the sum of N1,829,054,054.06
(One Billion, Eight Hundred and Twenty-nine Million, Fifty-four Thousand, Fifty-four, Six Kobo) from funds lodged on February 18, 2016, stating that the withdrawn funds qualified the state to access the Federal Government’s UBE Matching Grants.
“State Matching Grants are not permitted to be borrowed or utilized for any purpose outside the approved action plan. The objectives of UBEC were undermined due to these infractions and the failure to implement the Action Plan,” he said.
Worried by the diversion of the funds, the witness disclosed that UBEC also had to send a letter of invitation to the state government, requesting a documentary evidence on Kwara State Government’s use of UBEC funds. Attached to the invite were
documents showing the lodgment of funds from UBEC to the Kwara SUBEB.
Justice Abdulgafar adjourned the matter until February 18, 2025, for cross-examination of the witness.
Crime
Court Backs Diezani’s Request To Amend Lawsuit Over EFCC’s Asset Forfeiture
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Former Petroleum Minister Diezani Alison-Madueke has been granted permission by the Federal High Court in Abuja to amend her suit challenging the final forfeiture of her assets by the Economic and Financial Crimes Commission (EFCC).
The court decision follows a motion filed by Alison-Madueke’s lawyer, Godwin Inyinbor, which was unopposed by the EFCC’s counsel, Divine Oguru.
Inyinbor informed the court that the motion had been duly filed and served, with no objections from the EFCC.
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Justice Inyang Ekwo then granted the request, allowing the former minister to amend her originating process.
Alison-Madueke has been given five days to file and serve the amended documents, while the EFCC has 14 days from the date of service to respond.
The case has been adjourned until March 17, 2025, for further mention.
Alison-Madueke’s legal battle revolves around the EFCC’s move to sell assets linked to her, which the commission claims were proceeds of criminal activities.
In her application, filed on January 6, 2023, the ex-minister challenged the validity of court orders issued for the forfeiture of her assets, asserting that they were made without proper jurisdiction and violated her constitutional rights.
“The various court orders issued in favour of the respondent and upon which the respondent issued the public notice were issued in breach of the applicant’s right to fair hearing as guaranteed by Section 36 (1) of the 1999 Constitution, as altered, and other similar constitutional provisions,” Alison-Madueke argued in her motion.
She further claimed that she had never been served with the charge sheet or summons related to the criminal charges against her.
Alison-Madueke also accused the courts of being misled into issuing the forfeiture orders, which she said were based on “gross misstatements, misrepresentations, non-disclosure, concealment, and suppression of material facts.”
“The court has the power to set aside same ex debito justitiae, as a void order is as good as if it was never made at all,” she added.
In its counter-response, the EFCC rejected Alison-Madueke’s claims. Rufus Zaki, an EFCC operative, deposed that the former minister was involved in a criminal conspiracy, money laundering, and official corruption.
Zaki argued that the final forfeiture orders had been lawfully made in 2017 and had not been overturned on appeal.
“The final forfeiture of the assets, which were subject to the present application, was ordered by the court in 2017 and that this was not set aside or upturned on appeal,” Zaki stated in his affidavit.
The EFCC further explained that the forfeiture proceedings followed due process, including the publication of a notice inviting parties to show cause why the properties should not be permanently forfeited.
In January 2023, the EFCC began plans for a public sale of assets, including properties believed to be linked to Alison-Madueke.
The commission has recovered over $153 million and more than 80 properties in connection with the ex-minister’s case.
Alison-Madueke, who served as Petroleum Minister from 2010 to 2015 under former President Goodluck Jonathan, is said to have fled to the United Kingdom after her tenure in office.
In addition to her current case regarding the forfeiture of assets, she has also filed a separate suit against the EFCC, seeking N100 billion in damages for alleged defamatory publications.
The case is scheduled to resume on March 17, 2025, for further consideration.
Crime
Kogi NSCDC Deputy Commandant Arrested Over Alleged ₦3bn Fraud
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The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arrested a Deputy Commandant of the Nigerian Security and Civil Defence Corps (NSCDC) in Kogi State, Adam Imam Yusuf, over an alleged ₦3 billion fraud.
In a statement released on its website, ICPC confirmed Yusuf’s arrest at his residence in Gwagwalada, Abuja, after he had been on the run.
The commission stated that he is now in custody and will face prosecution.
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“Yusuf, who was at large until now, was taken into custody from his Gwagwalada, Abuja residence and is set to face prosecution,” the statement read.
ICPC alleged that Yusuf conspired with a former Chief of Naval Staff, Vice Admiral Usman Jibrin (rtd.), and a former Brigadier General, Ishaya Bauka Gangum (rtd.), to orchestrate the fraud.
“ICPC investigations revealed that former Chief of Naval Staff, Vice Admiral Usman Jibrin (rtd.), allegedly orchestrated the fraud through Yusuf and former Brigadier General Ishaya Bauka Gangum (rtd.).
“The alleged scheme reportedly involved the diversion of public funds using 92 fictitious companies that were not registered with the Corporate Affairs Commission (CAC),” ICPC stated.
According to the commission, investigations traced the misappropriated funds to companies including Lahab Integrated and Gate Coast Properties, which were allegedly used to acquire at least 18 properties, including filling stations.
It further disclosed that four of the properties have already been forfeited to the government, while legal proceedings continue over the remaining assets.
The ICPC also stated that efforts are underway to apprehend other suspects who remain at large.