The FCT High Court sitting in Jabi, Abuja has adjourned the arraignment of Abayomi Oluwasesan till May 2nd, 2024.


Although the matter was mentioned for hearing, the trial could not go on because of the absence of the Defendant (Abayomi). The prosecutor reported to the court that the prison officers couldn’t bring him because of the recent prison break at the Suleja correctional centre. He further submitted that proper arrangements are serious ongoing to secure his presence in court in the next adjourned date…


The Defendant Counsel moved a motion for the review of Abayomi bail application, which is subject to the discretion of the court that must be exercised judiciously.


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 FCT High court, Jabi in Abuja on March 28th, 2024.



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 today, the defendants’ lawyer appealed for leniency on the stringent bail condition 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 adjourned the case until May 2nd, 2024.


It would be recalled that the conditions initially given included provision of 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.


Speaking to Jesam Micheal the CEO of Afriq Arbitrage Company’s (AAC) after the court proceedings, he clarified the wrong narratives by a session of the media propagated by one human rights group. He narrated how Abayomi who was entrusted with the platform while he went for liver transplant tempered with the systems and defrauded the community of the staggering sum of $87m. He said even the defendant’s counsel admitted he stole the money when he said some properties have been returned to the company.


Also, the complainant’s counsel, Barrister Obeten revealed that justice will be served at the court as the suspect has allegedly admitted to committing the crime and speaking too much on the issue is tantamount to contempt of the court.


Meanwhile, several investors in their hundreds stormed the court to show solidarity to the company and its board of directors. They affirmed that the Afriq Arbitrage System is legit as they benefited immensely from it before the unfortunate saga involving Abayomi. They all chanted their demands for justice.


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