An ongoing report making rounds on social media claims that Piggyvest lost N2 billion in an alleged scam involving a micro-lending company Imagine Global Solution Limited.
The report alleged that Piggyvest and some other top organizations in Nigeria invested in the company, Imagine Lenders managed by Bamise Ajetunmobi and his wife, Elizabeth.
Piggyvest has issued a statement assuring its users that they will never compromise their funds and they should disregard any unverified information.
Backstory
According to information documented in the company’s investor pitch, Imagine Global Solution Limited founded by Bamise Ajetumobi and his wife Elizabeth Ajetunmobi is a microfinance institution duly registered and licensed in Nigeria with a focus on fostering financial inclusion, by providing working capital funding to market men and women.
The company had hoped to become a leading money lender that will eradicate poverty in Africa and the rest of the world by providing microloans to the unbanked, small and medium scale businesses and low-income earners. The company offered a loan disbursement range between 10k and 100k for a 30 – 40 days cycle and required a minimum of N100 million investment amount from investors with an interest rate of 6% to 36% depending on the capital amount paid monthly or as agreed.
It is alleged that the couple is currently on the run with billions of Naira in investors’ funds, while efforts are being made by some persons to track them down in the United Kingdom where they are believed to be hiding.
According to an Instagram user, @_trapselena_ “Just like MMM, Muyiwa and Glory Osei, MBA, etc, another financial fraud couple have struck again. Nigerians will never learn.
The whistleblower on Instagram, @_trapselena_ alleged that Bamise operates the micro-lending platform for small and medium-scale traders where he lends to traders at 22 percent interest then returns 10 percent of the profit to investors monthly.
It was also alleged that Elizabeth Ajetunmobi is one of the clique members of Naija brand chic and she runs a domestic staffing platform for hiring help. “For the past couple of months, investors have neither seen their money nor heard from them,” the whistleblower stated.
The couple is alleged to have gone into hiding and are possibly out of the country as they have investments outside Nigeria. They are also alleged to own property in Dubai and the UK, as well as citizenship to Antigua and Barbuda alongside their two kids.
“Total exposure from people that are known is currently to the tune of 22 billion Naira and more people are still coming out,” the accusation read, also stating that there is an ongoing recovery WhatsApp group and moves are underway to involve the EFCC and Interpol in locating the fraudulent couple.
What Piggyvest is saying
Piggyvest has issued a statement to discount suspicions that they may have also been scammed by the shady lending company.
“Our attention has been drawn to some rumours making rounds about Piggyvest. Please note that Piggyvest will never compromise the funds of any user in any way.
“All Piggyvest user funds remain safe and secure as always. No user fund has experienced any loss of any kind, nor will they experience anything of the kind,” they said.
The statement ended by assuring customers that their funds are safe.
The quest for making money at the detriment of others is now a regular affair and yet, people don’t learn from precedence. Like every other ponzi, they are often on the run usually around the last quarter of the year after they’ve garnered enough.
It is funny that Nairametrics popularized and encouraged these people on their website. It is funny how you people misled potential investors
Business
I have always suspected imagine lender from the 1st day a friend introduced them to me. just easy to see that it is a Ponzi scheme but they clouded their subscribers with some garments of legality such as registered business, presence of corporate head office, explainable profit model e t.c All these do not wash any entity from not being a Ponzi
You guys should also check out this BOND BIZ CONCEPT they closed there app with millions of funds of citizens …asking members to add new balance to withdraw there money on the platform …these Ponzi scheme in Nigeria and there way of siphoning wealth of poor citizens has to be looked at…..
Please I Need Help To Ster Bunesse,this Is My Acct No 1219531374,acct Name John Kaba Emmanuel Access Bank,my Phone Number 07046301314
In Nigeria before investing with “Hedge” fund ensure they have total compliance with regulatory affairs. Next ensure they have a diverse board of directors. And lastly their numbers add up. Check with the SEC and CBN. These are measures to ensure you are secure. The situation in the country is pushing many to financial gluttony and immorality!
I just came here to say this, stick to facts and not speculations. Piggyvest have sent emails to their clients that most of what is contained in this article is false and misleading. So in my opinion, this isn’t news anymore, it is gossip, and therefore worthless. People rely on you for information and sometimes take financial decisions based on said information, please provide information that is factual and stop spreading popular opinions.
Piggyvest was not involved in anyway with this imagine global situation and so could not possibly have lost 2 billion naira to it.
As long as evidence to substantiate the contrary is unavailable, this entire article should not exist.
I really am disappointed in the judgement of this editorial.
It’s really amazing how we don’t read in between the lines when statements are made by some big companies.
Clearly, Piggyvest didn’t say they never invested Imagine Global. Just given such blank and indirect statements makes me worry.
I don’t have investments in any of both Institutions, (as I manage my own funds through established financial institutions) but Piggyvest should give a direct statement that they don’t have a dine in the said failed Ponzi scheme
Im happy to share my experience on headline how i get my funds back