News

INTERPOL DECLARES NIGERIAN BUSINESSMAN WANTED FOR MULTI-MILLION NAIRA PONZI SCHEME, INVESTMENT FRAUD

The Interpol National Central Bureau (NCB) of the Nigeria Police Force has declared a businessman, Francis Uju Adoms wanted over an alleged multi-million naira fraud.


Adoms was declared wanted for allegedly defrauded investors of N52 million and $28,000 (N11.5 million).


According to a warrant of arrest issued by the Lagos Division of the Federal High Court, Uju defrauded victims under his company, Addy Finance & Investment Limited, registered under the Fund Managers Association of Nigeria (FMAN).

FMAN represents the interest of all Securities and Exchange Commission (SEC) registered Funds and Portfolio Managers in Nigeria.


A notice by the interior stated, “He is wanted by the police for the offence of obtaining money under false pretences and investment fraud in Addy Finance & Investment Limited with the sum of fifty-two million naira only and twenty-eight thousand dollars respectively.”
The petition was initiated on behalf of the victims by CHIVE GPS, an intelligence research analysis firm based in Lagos.

Uju was declared wanted following a June 28 petition by Charles Mba and other investors. They transferred the funds into Uju’s company account after seeing an investment advert on the Internet, including social media platforms.

The total amount involved in the alleged fraud was unclear, but sources said Uju fleeced his victims to the tune of billions of naira.


Uju, however, through his company, did not pay back the investors’ fund and the expected returns on investment.

“Oblivious of the fraud ahead, our clients transferred the sum of fifty-two million naira and twenty-eight thousand dollars respectively at various times into the account of Addy Finance. The so-called investment was supposed to last for six months. However, Adoms of Addy Finance failed to pay them back the invested capital or return on investment and elected to be evasive,” the petition stated.

The victims argued that even though the company had been certified by the Securities and Exchange Commission, it is an organised Ponzi scheme packaged as a legitimate business.

“We believe this was simply an organised Ponzi scheme, packaged and promoted as a legitimate business, targeted at Nigerians all over the country who believed the falsehood of Adoms,” the victims added.

A representative of FMAN, Temitope Moshood told the newspaper that they were aware of the matter but said SEC should be contacted for comments.

Earlier in June, some investors yet to receive their return on investment took to the company’s Twitter page to lament their inability to log in to the platform, claiming that Addy Finance has also cut off other forms of communication.

However, on June 18, a user identified as @Rhymmz shared a screenshot of a message he received from the company.

“Kindly note that the delay in payment right now is due to the fact that our accounts have been put on PND (post no debit) because of the petition written by some investors, hence payment cannot be made for now,” it said.


SEC had in April and August, 2021 cautioned Nigerians against investing in unregistered online platforms claiming to be operating in partnership with Capital Market Operators registered with the commission.

The Director-General of SEC, Lamido Yuguda, while speaking at the second post-Capital Market Committee (CMC) in August, urged Nigerians to stay away from fake financial experts who promise to double their money within a short time.

He said the commission would intensify efforts to clamp down on promoters of these illegal investment outfits in the capital market, in addition to its commitment to zero tolerance for infractions.


According to him, the commission has adopted multi-level engagements with media platforms and regulators of publicity agencies to curb the activities of these illegal operators.

“While we continue our activities to resolve the complaints that have been forwarded to the commission through the official channels, it is important to reiterate to the investing public to be wary of unscrupulous schemes that promise unrealistic returns on investment.”

He assured investors that the commission will not hesitate to deal decisively with any operator who carries out any activity outside the function(s) approved for it by the regulator.

Yuguda described Ponzi schemes as a threat to market development, stating that the pervasiveness of Ponzi schemes impacts negatively on investors’ confidence.


“Every month, every day, many of our citizens lost huge monies to Ponzi scheme operators and the commission has adopted a variety of measures including putting up the list of the authorised operators on our website so that interested investors will check our website to confirm that the scheme they are intending to invest in is through a registered operator by the SEC.

“But unfortunately, many of these Ponzi scheme operators give mouth-watering promises and entice many gullible investors. In the end, monies are lost and these investors start flocking to our offices to complain.”




By Odoh Dominic Chukwuemeka

FOR ADVERT PLACEMENT CALL OR TEXT OUR WHATSAPP NUMBER; +886960917723, +886970840314

Click to Follow our website Dco-global-news.com

FB page; DCO Global News

DCO Global News Contacts;
For information on Press Releases, News, Advertisements, Videos, Photos, Events happenings, Promotional Events and Adverts, Share your stories with us, Please Call or Send a Text to our Whatsapp number; +886963563485, +886970840314.
Or send an email to; chionikdom02@yahoo.com, emydom29@gmail.com

(Like and Follow our Facebook Page; DCO Global News)
(Follow us on Twitter; @Dcoglobalnews)
(Follow us on LinkedIn; Dco Global News)
(Follow us on Tumblr; Dcoglobalnews)
(Follow us on Google +; Dco Global News TV)
(Subscribe to our YouTube Channel; DCO Global News TV)
Subscribe to DCO Global News.

Advertise with us.
Send us enquiries, Press releases.
DCO Global News Promotes the Values of Democracy, Human Rights, Values of Life and Freedom of Expression in a Region Where Genuine Media Freedom Remains Elusive and where many Media outlets remain Divided along Ethnic Lines.
Let’s 🚶 Walk the 🚶 Walk 🚶 Together.
Don’t miss a thing, get the latest updates to fuel your conversation daily.

For 2021, DCO Global News commit to another year of high-impact reporting that can counter misinformation and offer an authoritative, trustworthy source of news for everyone. With no shareholders or political owner, we set our own agenda and provide truth-seeking journalism that’s free from commercial and political influence. When it’s never mattered more, we can investigate and challenge without fear or favour.

(Support DCO Global News.)
LET’S HAVE YOUR SAY, LET’S KNOW YOUR THOUGHTS.
LIKE, SHARE AND COMMENT.
TEXT AD: To advertise here.
Call Dominic +886970840314…
© DGN NEWS MEDIA 2021.
All Rights Reserved.

Adoms

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s