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FRAUD: Ovaioza Group Boss arrested for running a Ponzi scheme

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FRAUD: Ovaioza Group Boss arrested for running a Ponzi scheme

 

The Nigeria Police has arrested one Imu Yunusa, 28, the CEO of Ovaioza Group of Companies, for allegedly being involved in a Ponzi scheme cum criminal breach of trust and cheating.

The suspect is reportedly co-owner of Ovaioza Farm Produce Storage Business (OFPSB), a company registered with CAC and very popular on social media. It deals with Farm products such as processing, storing, and distribution of Garri, plantains, etc.

Ovaioza Group Boss arrested for running a Ponzi scheme

Imu Yunusa, CEO of Ovaioza Group of Companies

She argues that having registered with the Corporate Affairs Commission (CAC), she was not aware that she was also required to register with the Securities and Exchange Commission (SEC).

Ovaioza Skills Acquisition Center (OSAC) and Relax & Chill are both co-owned by Ovaioza.

Ovaioza, who got married earlier in the year, is accused of scamming hundreds of people’s money running into billions of Naira.

Yunusa, who was arrested on Monday, April 18, and taken to the police headquarters, handled by the Force Criminal Investigations Department (FCID)

Yunusa is currently in police custody and will be transferred to the State Police Command on Tuesday, April 19, 2022, according to The Whistler.

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Trouble started for Yunusa after she allegedly created a partnership plan for her business that guaranteed investors a 70-80% return on investment on her Facebook page.

Following the introduction of this scheme, she was able to gain the heart of many of her followers, with the investing and entrusting their money to her while keeping them up to date on their investments on her verified Facebook page, gaining more attention and confidence from potential investors.

Yunusa, shortly after the investment scheme blossomed was accused of leading a lavish lifestyle, after the company expanded into new sectors last year.

She is alleged to have bought a house in the US for $400K. She applied for Investment Visa to get her Green Card in the US which costs about $1Million.

She bought her Plaza in Abuja for N600M Investor and spent millions buying trucks, infrastructure, and some other things.

She also spent millions buying cars for her friends and doing reckless giveaways.

Ovaioza who offered investors a huge return on investment claimed to have bought a plaza in the nation’s capital for more than N500million.

The same property was put on sale for N500million on a trading website after it expired.

According to reports gathered by Biztellers, Ovaioza allegedly collected N3Billion from investors.

In March 2022, Yunusa was accused of mismanaging investors’ funds, after the company went bankrupt, resulting in her inability to pay investors a return on their investments.

She, via her Facebook post on Saturday, April 16, 2022, assured investors that their money would be returned.

She was allegedly planning to leave the country with her husband, David when the officers apprehended her in Abuja on Monday.

A tweet, @EstherIjewere alleged that some investors put in as much as N36 million in Ovaioza’s care.

“How she managed to fool people on Facebook should be studied. Ovioza scammed people to the tune of 3billion naira with her storage PONZI scheme. I’m all about women supporting women but this sister right here didn’t show love to other women. Some invested up to N36M!!!”

A secondary schoolmate of Ovaioza identified as Okey Aliyu shared some information about her while they were in high school.

In his words: “On Ovaioza, I want to share a secret I have kept away for long.

“I guess most of you didn’t know that I knew Ovaioza right from our secondary school days. Her closest friends then were Hrh Henry Prosper and Blessing Duru. The name
“wire wire” was given to her by our Biology teacher Mr. Joseph.

“I know she might have defaulted in her business but she is not as bad as most of you painted her truth be told. She has a good heart and was ever ready to give even from her last penny.

“Before we wrote our WAEC, she struggled to pay her school fees because according to some of her closest friends, they said she was from a poor home. But that didn’t discourage her from taking school seriously. We wrote JAMB in the same center back then at Okene Kogi state before we lost contact.

“When i saw her pulling weight a few years ago online, I quickly did underground research. I went to her house at Lugbe when I visited Abuja for a contract. She personally came to the airport to drive Hilary Knox and me to our hotel room… Ehhh, na story wey no happen I won dey share now… I no Sabi the ekperima ooo

Born Ovaioza Yunusa on December 30, 1993, in the Okene Local Government Area of Kogi State.

She studied Arabic and Islamic Studies at the College of Arabic and Islamic Studies in Okene.

Ovaioza also reportedly attended the School of Nursing And Midwifery in Nasarawa State and Bayero University in Kano State.

NEWS

Reps Sets 14-Day Deadline For Dangote, BUA, Others To Attend Hearing

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The House of Representatives Joint Committee has issued a stern ultimatum to major cement industry players, including Dangote Cement, BUA, and IBETO, demanding their presence within 14 days to address soaring cement prices.

This ultimatum comes in response to their failure to attend a crucial investigative hearing on the matter on Tuesday.

The House’s Joint Committee, responsible for probing the sudden spike in cement prices, has summoned Minister of Solid Minerals Development, Dele Alake, to appear on Tuesday, May 21, following his absence from the initial hearing.

Meanwhile, major industry players, including Dangote, BUA, and IBETO, are ordered to appear before the committee on Monday, May 20, 2024, to address concerns about the price surge.

Chairman of the Joint Committee, Rep. Jonathan Gaza Gefwi, who also heads the Committee on Solid Minerals, criticized the companies for disregarding the invitation, stating that their actions demonstrate insensitivity to the challenges faced by Nigerians.

Rep. Gefwi emphasized in his opening statement that a comparative analysis of cement prices in countries such as Kenya, India, and Zambia in 2021 revealed that Nigeria had the highest cement prices when considering the official exchange rates of each nation.

He said, “Nigeria’s price of cement doubles that of India at a difference of 69%, similarily the price is 29% higher than that in Kenya and 39% higher in Zambia. Hence the need for us to come together and find out why. In order to bring succour to our citizens while protecting investors alike.

“Our concern is for all legitimate businesses especially cement production companies in Nigeria to thrive and deliver their objective and services to the people in such a manner that can foster development”.

The chairman of the Joint Committee stressed the significance of the public hearing and debunked the notion propagated by some companies involved in the investigation that parliamentary committees lack the authority to summon private entities.

He clarified, “There is no court order presented to restrain the committee from fulfilling its duties under section 88(2)(b) of the 1999 Constitution as Amended.”

He emphasized that parliamentary committees routinely conduct public hearings to gather evidence from the public, guiding their decisions on matters directly impacting citizens, such as the current inquiry.

He added “However, an entity recognised as private under the Law, does not oust in entirety the Powers of the Committee to investigate its affairs especially when the attainment of the objectives of said entity heavily relies on the Resources of the populace.

“Let me also reiterate the objectives of the Legislative Powers and Privilges Act sections 4,5,6 and 7 on the Powers of committees to invite, investigate and summon any person for the purpose of extracting evidence on any matter, whether its public or private. Most especially when the matter affects the citizens and the people for which they represent”

Chairman of the House Committee on Commerce, Rep. Ahmed Munir, expressed concern that the failure of any invited entity to attend the joint committee session would strengthen suspicions that the surge in cement prices was a deliberate move to burden Nigerians unnecessarily and hinder government efforts to alleviate the housing shortage in the nation.

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Adeleke, Sanwo-Olu Jaw-Jaw Over Lagos’ Deportation To Osun

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Osun State Governor, Senator Ademola Adeleke has been in strong conversations with his Lagos State counterpart, Babajide Sannwo-Olu over the alleged deportation of Osun indigenes from Lagos.

A statement from the government of Osun State highlighted that Sahara Reporters had on Saturday published a story about several luxury buses dropping hundreds of youth at Ilesa after allegedly rounding them up in several parts of Lagos State.

According to the statement, “The report was confirmed by an investigation team set up to confirm the veracity of the story by the Osun State Government.”

This, it was gathered has prompted strong conversations between the governors of the two states, which led to the Sanwo-Olu assuring that the matter would be thoroughly investigated.

On the authenticity of the report, Osun State, declared, “The state team reported that eye witness accounts confirmed the dropping of the youths in several luxurious buses by a team suspected to be from Lagos State.

“The state’s report showed that the youths were systematically dropped at Ilesa-Akure Express junction, Breweries; Ilesa – Ibodi – Iginla to Ife Express junction; Osun Ankara Express junction; Imelu Express junction; and Iperindo Express junction.”

It was gathered that Gov Adeleke expressed shock at the development, urging Governor Sanwoolu to look into the matter and put an end to it if the report is true.

Gov Adeleke said, “I spoke with my brother, Governor Sanwo-Olu on the matter. He too was surprised and he denied ever authorizing any such action.

“Governor Sanwo-Olu has promised immediate investigation to unravel the facts of the situation. The Lagos team will update us as quickly as possible.

“I am subsequently directing our security agencies in Osun to mount surveillance in and around Ilesa to track the deported youths and their destinations.

“I will update our people on this development. I urge residents to be calm while the security agencies carry out surveillance.”

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Chaos As Edo Speaker Suspends Shaibu’s Ally, Two Others

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In response to allegations of a conspiracy to impeach him and other high-ranking officials of the Assembly, Speaker Blessing Agbebaku of the Edo State House of Assembly took decisive action on Monday by suspending three lawmakers.

Among those suspended is Donald Okogbe, representing the PDP in Akoko-Edo II constituency, who notably refrained from endorsing the petition that resulted in the impeachment of Deputy Governor Philip Shaibu, a close ally.

The other two lawmakers he suspended are Addeh Emankhu Isibor of the APC representing Esan North-East I, and Iyamu Bright, representing the PDP in Orhionnwon II.

Agbebaku also alleged that the trio had arranged for the presence of traditional healers at the Assembly premises on May 1st, around 1 am, purportedly for ritualistic purposes.

Agbebaku declared the indefinite suspension of the three lawmakers, asserting that external influences were driving them to disrupt proceedings and oust the Assembly’s leadership.

However, the suspension sparked tension within the House as the affected lawmakers vehemently protested against their suspension.

During a chaotic session, the three suspended lawmakers vocally objected, arguing, “Mr. Speaker, you lack the authority to unilaterally suspend any member(s) of the house. You must put it to a vote. Let the members vote on the issue.”

Following the commotion, the Speaker abruptly adjourned the plenary session.

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