Things like Ponzi schemes have never been any of my concerns ever until recently. The popular African proverb that “if someone’s corpse is being carried, it looks like a log of wood, until your family member’s own is carried”, this explains that until something happens to you, you won’t really feel or understand the pain.
The last two months till now have been one of the toughest periods of my life and that of my friends, reading, or focusing has been really hard. My friends and I have a corporate, commercial and advisory law firm, one of our focuses is commercial/ corporate-related consultancy and due diligence.
Several of my clients invested some money together with my company’s worth more than 160 million naira into one microfinance institution Imagine Global Solutions Ltd who claimed to be running a micro-lending service to small and medium businesses, offering 22 per cent as interest on loans received and 10 per cent returns to investors.
The problem started when we asked for the first instalment of the ROI, which was due last month, they promised to pay due to some delays, this lingered until we asked for the refund of the entire money which they promised a refund on the 8th of October 2021, since then there have been a lot of back and forth, until last week when their contact information stopped going through, I missed classes trying to meet with them, yet to no avail, yesterday Monday the 18th of October 2021, all their outlets were locked up and we got to know from other investors that the couple running the firm (Bamise and Elizabeth Ajetunmobi) has reportedly fled Nigeria with funds invested by thousands of customers. This was shocking and painful as well, my concern is basically with our clients, we have been on different calls since trying to know the way forward.
As I am writing this, the only hope left for us to recover the money now is prayer, we have been praying that they should at least return some money, because most of our plans were hinged on the ROI or the refund. The painful thing was that they are registered with all the law agencies including CBN, and we did our due diligence.