Alleged Fraudster Accuses IGP Egbetokun of Demanding 30 Plots of Land

Jesam Michael, the Chief Executive Officer of the troubled investment platform Afriq Arbitrage System (AAS) and an accused international fraudster, has leveled serious allegations against the Inspector General of Police, Kayode Egbetokun. In a sworn statement, Michael claims that the IGP, acting through a senior police officer, demanded 30 plots of land or their cash equivalent from properties recovered during an investigation.

According to the statement made on March 17, 2025, and obtained by SaharaReporters, Michael alleges that the demand was made amid a dispute over assets linked to a former associate, Segun Abayomi, who is accused of stealing company funds.

Michael claims that a Chief Superintendent of Police (CSP) informed him that the IGP had directed her to collect the plots from the properties seized from Abayomi. He stated that when he refused, the officer called again five days later, insisting that the IGP wanted the demand converted to cash, with each plot valued at over ₦30 million.

“She sent for me when I came, she said the Inspector General of Police sent her to collect 30 plots of land from the land we collected from Abayomi but I told her we don’t have any land to give her or the Inspector General of Police because we are looking for money to pay investors,” Michael alleged.

He further claimed that the officer warned that if he did not comply, all recovered properties would be returned to the accused former associate. Michael stated that he has audio recordings and WhatsApp messages as evidence of the interactions.

Shortly after his refusal, Michael alleged that police officers stormed his residence, seized his vehicles, and detained his security personnel. He was later arrested, and his case file was eventually transferred to the Economic and Financial Crimes Commission (EFCC).

The allegations come as Michael faces an ongoing trial for fraud. He was recently granted bail in the sum of ₦300 million by a Federal High Court in Abuja. He is accused of running a fraudulent cryptocurrency trading scheme that allegedly defrauded investors of $854,416.36 and ₦590 million through his company, Afriq Arbitrage System Limited.

The EFCC has charged Michael with operating an unlicensed investment scheme and money laundering. In addition to the local charges, Michael is also linked to fraudulent activities in the United States, where his California-based firm, Cryptos OTC Trading Platform Limited (COTP), was flagged by regulators as a Ponzi scheme.