N75b Fraud: IGP’s Arraignment Of Nigerian Staff Of Afriq Arbitrage Stalls Over Absence Of Suspects’ Lawyers

The Federal High Court sitting in Abuja on Wednesday adjourned the arraignment of Abayomi OluwaSesan and Onifade Adeniyi who were charged by the Inspector General of Police, Kayode Egbetokun, for gaining access to millions of subscribers’ investments at the Afriq Arbitrage Company online trading platform.

They were accused of stealing, diverting and converting the sum of $87,883,904 (N75b based on black market rate) USD to personal use.

In the charge sheet with Suit No: FHC/ABJ/CR/289, the IGP’s lawyer, Wisdom Madaki charged the duo and others now at large on 10 counts bordering on cybercrime, money laundering and advanced fee fraud, allegedly perpetrated against the trading platform.

The police alleged they were able to commit the offence by fraudulently changing the ownership credentials of the Company’s Chief Executive Officer, Jesam Michael, among other things.

When the matter was called up before Justice Binta Nyako, Wisdom Madaki asked that the charges be read to the defendants so they could take their plea.

But the judge observed that the defendants had no legal representation in court.

Abayomi told the judge he was yet to brief his lawyer and was not aware he was coming for arraignment.

Justice Nyako also observed that the address on the charges needed to be properly reflected by the prosecution.

Subsequently, the judge adjourned arraignment to July 24 while directing the defendants to get across to their lawyers.

After the court rose, the company’s CEO, Jesam Michael told some of the investors who besieged the court to make sure justice is done.

According to him, the blockchain trading platform was not hacked but was accessed by his staff whom the police have charged to court.

“We did not do anything wrong to come into Afriq Arbitrage System(AAS) or to see AAS as a platform to invest in. You have been in from the beginning following the process. There are a few things I want to air out. The rumour outside there that AAS blockchain was hacked; is not true. You cannot hack our blockchain, it’s not possible. He (one of the accused) came up with the lie. He had access to it because the code was given to him,” he said.

Part of the charge against them reads, :“That you Abayomi Oluwasesan ‘M’ of No 1 Nnamdi Azikiwe Golf Estate Lagos and Onifade Adeniyi ‘m’ of No. 5 Unity Close on or before October, in the jurisdiction of this Honourable Court did conspire among yourselves to commit felony to wit Computer related fraud and thereby committed an offence contrary to Section 27 and punishable under Section 14 of the Cybercrime (Prohibition, Prevention ETC Act) 2015.

“That you Abayomi Oluwasesan ‘m’ and Onifade Adeniyi m’ of the same place, date and time in the aforesaid judicial division did convert the sum of S87,883,904 USD property of Afriq Arbitrage Company to yourselves, property derived directly from proceed of theft with the aim of concealing or disguising the illicit origin or source of the money and thereby committed an offence contrary to Section 18(1) of the Money Laundering (Prohibition) Act LFN.

“That you Abayomi Oluwasesan ‘m’ and Onifade Adeniyi ‘m’ of the same place, date and time in the aforesaid judicial division did dishonestly misappropriate, convert to your own use the sum of $87,883,904 USD and thereby committed an offence punishable under Section 309 of the Penal Code.

“That you Abayomi Oluwasesan ‘m’ and Onifade Adeniyi ‘m’ of the same place, date and time in the aforesaid judicial division knowingly and without authority fraudulently change the ownership credentials of the Company Chief Executive Officer Afriq Arbitrage Company and gained access to millions of the subscriber’s investments and diverted the sum of $87,883,904 USD to yourselves and thereby committed an offence punishable under Section 14 of Cyber Crimes (Prohibition, Prevention Act )2015.

“That you Abayomi Oluwasesan ‘m’ and Onifade Adeniyi ‘m’ of the same place, date and time in the aforesaid judicial division did unlawfully destroy or abort Afriq Arbitrage electronic mail or process which money or valuable information is being conveyed and thereby committed an offence punishable under Section 9 of Cybercrimes (Prohibition, Prevention Act )2015.

“That you Abayomi Oluwasesan ‘m’ and Onifade Adeniyi m’ of the same place, date and time in the aforesaid judicial division did convert the sum of $87,883,904 USD to yourself property derived directly from proceed of theft with the aim of concealing or disguising the illicit origin or source of the money and thereby commit the Advance Fee Fraud and other Fraud related offences Act.”