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$87m Theft Case: Abayomi Oluwasesan, Wife Re-arrested, Remanded In Prison As Court Demands Stringent Bail Conditions | Citizen NewsNG

ByCitizen NewsNG

Mar 29, 2024



Abayomi Segun Oluwasesan who allegedly committed the heinous crime of defrauding the leading global crypto space known as Afriq Arbitrage System has been Re-arrested alongside his wife and arraigned in Federal High court, Jabi in Abuja.


Abayomi and his wife were tracked to an estate in Lagos and brought back to Abuja on Sunday, March 24th, 2024 over the lingering financial scam to the tune of 87 million dollar and criminal activities he perpetrated against AAS and the CEO, Jesam Micheal.



The arraignment of Abayomi by the IG of police at the Federal High Court in Abuja witnessed a significant development on Thursday, March 28th, 2024, as the case involving the alleged theft of 87 million dollar by Abayomi OluwaSesan charged by the Inspector General of Police, Kayode Egbetokun, proceeded with significant deliberations.



The accused individuals were charged for purportedly accessing millions of subscribers’ investments at the Afriq Arbitrage Company’s online trading platform until October 9th, 2023.



In the courtroom presided over by Justice Ms. Idris, both parties, including the defendants’ lawyer and the complainant lawyer Sidi Abdulrasheed, were present alongside individuals whose investments were affected by the alleged fraud at the Afriq Arbitrage Company.



During the session,the defendants’ lawyer appealed for bail on behalf of Abayomi OluwaSesan citing their prolonged detention and promising their availability for trial if granted bail. However, the complainant lawyer, Sidi Abdulrasheed, opposed the bail request, highlighting previous instances where the defendants had allegedly fled after being granted bail.




Upon hearing arguments from both sides, Justice Ms. Idris urged the parties to come to a consensus before he delivers his ruling.



He emphasised the importance of punctuality and adherence to court proceedings if bail were to be granted to the defendants.



After a brief recess, court proceedings resumed at 2:38 pm, with Justice Ms. Idris adjourning the case until April 18th, 2024. The judge mandated that the suspects remain in police custody until the specified date unless they meet stringent bail conditions.




These conditions include providing two sureties each with 500 million Naira, owning property in Maitama, and also two directors in the federal civil service. Additionally, the sureties must deposit the title documents of their properties in court.




Justice Ms. Idris said the hearing will be April 29th and May 2nd 2024.

He reassured those present in the courtroom, including individuals affected by the case, of a fair and timely judgement. He affirmed his commitment to ensuring that the matter is resolved within the year, providing closure to those impacted by the alleged financial misconduct.



Speaking to Jesam Micheal the CEO of Afriq Arbitrage Company’s (AAC) after the court proceedings, he said he is Satisfied by the proceedings of the trial judge.

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