Chinmark Investors Cry Out as Company is Unable to Meet Obligations
- Chimark investors are not happy over the inability of the company to pay them their monthly returns on investment
- Many of the investors took to social media to lash out at the Group MD/CEO, Marksman Ijiomah and others over their silence
- In a statement, the Chairman said about 4,966 people invested in the company and that they would be repaid in due course
Investors of Chinmak Group, an investment company, have cried out on social media that their investment is about to go up in flames as the company has failed to meet its obligations.
The investors who took to social media said they are miffed at the silence of the company over its failed plans to pay them their monthly returns as promised by the company.
Close to 5,000 investors cry foul
The Punch reports that about 45,000 aggrieved investors lashed out at the Chairman of the group, Marksman Ijiomah and social media influencer and the company’s brand ambassador, Amanda Chisom.
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Reports say the investors have called out the trio of Ijioma, Chisom and Harrison Gwamnishu, a social media promoter for luring them into what many of them say is another Ponzi Scheme.
Early on the morning of Monday, March 21, 2022, investors alleged that a leaked bank document showed that the company does not have up to N1 million in its account as most of them invested more than that amount.
Chairman/CEO speaks about failed obligations
In a statement on his Facebook page, the CEO, Ijiomah confirmed that about 4,966 people invested in his company, promising that the investors would be paid in due course.
He said the company has received petitions from government agencies over the its inability to meet its obligations.
“For all the inconveniences and frustrations that the delay in the repayment of this capital has caused you, we are very sorry and we apologize for all. We understand that people’s dreams and a lot of plans have been on hold by this delay, please accept our sincere apology.
“We have received lots of petitions from Government agencies by aggrieved partners, we truly understand how you feel; we humbly ask that you remain calm and exercise more patience while we sort out these repayments and pass-through this crisis as these petitions are affecting the timely execution of our business operations – which we depend on to make repayments.
“On behalf of our leadership team and all Chinmark Group employees, we thank you for your trust and ongoing support. Thank you for trusting the Chinmark Brand. We do not take it for granted, and once again, we reassure you that your funds are safe.”
It was learnt that the investors were promised juicy return on investment to commit their funds running into billions of naira into Chinmark said to be into real estate, logistics, hospitality, and food businesses.
FinAfrica Investment and Poyoyo investment are Ponzi schemes, SEC warns
Legit.ng has reported that Nigeria’s Securities and Exchange Commission (SEC) has warned the public over the operations of FinAfrica Investment Limited based in Enugu and Poyoyo Investment in Lagos that they are Ponzi schemes as they do not have viable business models.
The Exchange said the operations of the outfits are illegal as they are not recognised by Commission.
In the circular by the management of the SEC which was published on its website on Tuesday, December 27, 2021, the Commission said the operational style of the companies is not authorised by it.