Afriq Arbitrage
$87m: Court adjourns computer-related theft case due to suspect’s absence
The trial of A. OluwaSesan, indicted in a computer-related theft case involving $87,883,904, has been adjourned by the Federal Capital Territory High Court, Abuja.
The Inspector General of Police, Kayode Egbetokun, sued the defendant for allegedly gaining unauthorized access to subscribers’ investments at the Afriq Arbitrage Company, an online trading platform, and stealing $87,883,904.
The prosecution alleges that the defendant committed cybercrime and money laundering against the trading platform by knowingly and without authority fraudulently changing the ownership credentials of the Chief Executive Officer of Afriq Arbitrage Company, thereby gaining access to millions of subscribers’ investments and diverting the sum of $87,883,904 to himself.
The defendant was arraigned before the court and pleaded not guilty. He was then granted bail pending the perfection of the bail conditions.
What transpired in court
At the resumed hearing on Monday, the prosecution’s legal team informed the court that the defendant could not be produced today.
The prosecution explained that with respect to the recent jailbreak at Suleja Correctional Center, there is no instruction from authorities to move inmates there to any court for now.
The defendant’s counsel, Ayotunde Ogunleye (SAN), seized the moment to seek varying of the bail conditions of his client, especially in the area of sureties.
- “This gentleman is presumed innocent. All of this matter, particularly the amount involved, still remains in the realm of allegation.
- “They (prosecution) have told us that there is a prison break, and it can lead to the death of the defendant,” he said.
The lawyer also told the court that the prosecution had recovered some properties from the defendant in line with an out-of-court agreement by the parties.
The Presiding Judge, Justice M.S. Idris, subsequently adjourned proceedings to May 2 for ruling and hearing following the absence of the defendant and the request by his lawyers that his bail conditions be varied.
The platform’s founder, Mr Jesam Micheal, told newsmen that his former staff “became so rich” after he gave him the credentials of his trading platform to manage in his absence.
More insights
- The IGP had sued the defendant in a similar case before the Federal High Court in suit no: FHC/ABJ/CR/289/2023.
- The blockchain trading platform reported the development to the police, alleging its platform was not hacked but was accessed by its staff.
- The police sued the defendant on behalf of the trading platform.
