The Police have arrested Imu Ovaioza Yunusa, the CEO of Ovaioza Group of Companies, for alleged ponzi scheme. (Read More Here).
The suspect, popular on Facebook, is the (co)owner of Ovaioza Farm Produce Storage Business (OFPSB).
The company engages in processing, storage, distribution and retailing of farm produce such as garri and plantain.
Ovaioza, who got married earlier in the year, is accused of scamming hundreds of people’s money running into billions of Naira.
She was allegedly planning to leave the country with her husband, David, when the officers apprehended her in Abuja.
The case is being handled by the Force Criminal Investigations Department (FCID).
Ovaioza offered investors a huge return on investment. She once claimed to have bought a plaza in the nation’s capital for more than N500million.
According to her, she had registered OFPSB with the Corporate Affairs Commission (CAC) but claimed that she was not aware that she needed to also register with the Securities and Exchange Commission (SEC).
“However, I must admit my ignorance as to the extent of corporate compliance that is necessary for my buying and selling business, especially as the business grew, owing to funds sought from the public.
“I asked my lawyer to reach out to SEC to ensure the needful was done. I did this to ensure that my interest and the collective interest of my partners are protected by law.
“My lawyer duly reached out to SEC and reported back to me (I was not the one who went to SEC) that SEC said they don’t regulate buying and selling.
“I must also admit that maybe we should have made a written application requesting for SEC to register my business, but unfortunately we did not do so.
“This huge mistake on our part is particularly why are here battling to wriggle out of the SEC conundrum and not necessarily whether a petition was written against OFPSB or not.
“I say so because, without registration with SEC, it was only a matter of time before they come for us if we had carried on the business without registration,” she wrote.
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