Earlier today, it was reported that Nigerians who invested in Piggyvest were left stranded after one Bamise and Elizabeth Ajetunmobi of micro-lending company Imagine Global Solution Limited allegedly fled Nigeria with monies deposited by thousands of consumers.
According to reports, the pair went into hiding after stealing up to N2 billion from investors.
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According to the article, Piggyvest and other notable Nigerian businesses invested in the company Imagine Lenders, which is run by Bamise Ajetunmobi and his wife, Elizabeth.
Piggyvest has recently issued a statement assuring its consumers that their monies will never be jeopardized and that they should reject any unsubstantiated information.
Our attention has been directed to various Piggyvest-related rumors. Please keep in mind that Piggyvest will never jeopardize any user’s funds in any manner.
“As always, all Piggyvest user monies are safe and secure.” “No user fund has suffered any loss, nor will they suffer any in the future,” they stated.
Imagine Global Solutions Ltd claimed to be a microlending service for small and medium-sized enterprises, promising 22% interest on loans and 10% returns to investors.
Several victims described their losses on social media, ranging from the low five digits to as much as N500 million. A WhatsApp group has been set up for those who have been harmed by the fraudulent scheme to pool their resources in order to recoup their investments. The investors also established a Nairaland forum.
Imagine Global, which was founded in 2017, claimed on its website to have 90,000 Nigerian customers, but it was unknown how many of them were able to reclaim their investments before the Ajetunmobis vanished. The couple allegedly fled to London, where an Imagine Global branch was established in August 2019.
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, according to information documented in the company’s investor pitch.
By providing microloans to the unbanked, small and medium-sized enterprises, and low-income workers, the company intended to become a prominent money lender that would reduce poverty in Africa and the rest of the globe. The company offered loan disbursements ranging from $10,000 to $100,000 on a 30-to-40-day cycle and required a minimum investment of N100 million from investors, with an interest rate ranging from 6% to 36% depending on the capital amount paid monthly or as negotiated.
The duo is said to be on the run with billions of Naira in investor monies, and some individuals are attempting to track them down in the United Kingdom, where they are believed to be hiding.
“Just like MMM, Muyiwa and Glory Osei, MBA, etc, another money fraud duo have hit again,” writes @ trapselena_ on Instagram. Nigerians are incapable of learning.
According to @ trapselena_, a whistleblower on Instagram, Bamise runs a micro-lending business for small and medium-scale traders, where he lends to traders at 22% interest and then returns 10% of the earnings to investors monthly.
Elizabeth Ajetunmobi is also said to be a part of the Naija brand chic clique and the owner of a domestic staffing portal for recruiting workers. “Investors haven’t seen their money or heard from them in a couple of months,” the whistleblower claimed.
The pair is said to have gone into hiding and may be out of the country due to their foreign investments. Along with their two children, they are said to own property in Dubai and the United Kingdom, as well as citizenship in Antigua and Barbuda.
“Total exposure from known people is currently to the tune of 22 billion Naira and more people are continually coming out,” the claim read, adding that a recovery WhatsApp group is active and that efforts are underway to enlist the help of the EFCC and Interpol in tracing the fraudulent duo.