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.

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.