How firm enticed traders with loans, won investors’ hearts- Why couple opted for Antigua and Barbuda
- UK branch dormant since 2020, had only 100 pounds as asset
- Director resigns in the wake of crisis
- We’re not aware of incident – Police
Since the beginning of the week, the social media has been buzzing with the infamous story of a couple, Bamise Samson Ajetumobi and his wife, Elizabeth, who allegedly fleeced unsuspecting investors of a whopping sum of N22 billion via a Ponzi scheme. INNOCENT DURU reports that the company had been dormant in the UK long before it unceremoniously wound up in Nigeria.
WHEN Bamise Samson and his wife Elizabeth Ajetumobi set out to start their business, they had, from every indication, put up solid structures and postures that could leave prospective investors with no iota of suspicion as to their real motive.
From presenting themselves as devout Christians who were sincerely out to use their ideas to change the face of the investment sector to moving from one market to another, giving loans to indigent traders, the couple raised people’s hopes that they were different from similar organisations that had fleeced people of their hard earned money.
“I make better sales. I have been doing business with your company for about three and a half years now. The loans have been helping my business,” Rukayat, a trader suspected to have benefitted from the loan scheme of the company, had said in a short video posted on the company’s facebook page.
“It is by God’s grace and the help of your loan that I am making good sales. We add the loan to what we have to get what customers want,” another trader said.
The page is riddled with public relations videos of what the company had been doing to boost the businesses of poor traders. The videos were viewed by hundreds of internet users some of who shared the ‘good works’ of the organisation on their walls or other platforms.
Aside giving loans to traders, checks on the page also revealed how the company engaged leadership experts to give top notch training to people in its exquisite office located in Lekki, one of the highbrow areas of Lagos State.
With such commendable gestures and campaigns coupled with consistent payment to investors, the couple attracted more investors who pumped in huge sums, hoping to reap bountifully within a space of time.
Many of them are however biting their fingers in regrets as they are faced with the reality of the saying that not all that glitters is gold. It has been lamentations galore from victims and the general public who were shocked by the development with some raining curses on the fleeing couple.
“Bamise Samson Ajetunmobi & Elizabeth Anuoluwapo Ajetunmobi…. you will never know peace, the FIRE OF GOD will burn you to ashes.
“Bamise, if you don’t restore all you have stolen, your journey to this earth will be a waste. Your efforts in life will be a waste. Peace, Joy, and Happiness will be a rarity in your linage,” an aggrieved individual suspected to be a victim posted online.
Findings revealed that the company was registered in 2019 in the UK but has been dormant since last year, 2020.
It has its office on 83 Lewisham High Street, 1st Floor, London, SE13 5JX with registration number 12164302.
According to information dug out by our correspondent from a website owned by Endole, a UK based organsation that provides business information for risk, sales and marketing and research, Imagine Global Solutions (UK) Limited is a dormant company incorporated on 19 August 2019 with the registered office located in London, Greater London. Imagine Global Solutions (UK) Limited has been running for 2 years. There are currently 2 active directors according to the latest confirmation statement submitted on 18th August 2020.”
Checks on the website revealed that the company had three directors but one of them, Mr Sanmi Oluwaseun Adegoke, a Briton born in January 1983, resigned recently. Record shows that he was a director from 11 August 2021 to 10 October 2021. Bamise’s record reads that he is a Nigerian born in January 1986 and an active director of the company.
The wife, Elizabeth, according to Endole, is a citizen of Antigua And Barbuda, England and was born in November 1983 and an active director of the company. The couple were alleged to have fled to Antigua And Barbuda, but the authorities have vowed to fish them out if they are found in their territory.
As at the financial Year ended August 2020, Endole put the financials of the company as follows:
Total Assets – £100
Total Liabilities – £0
Net Assets – £100
Cash in Bank – £100
Employees – Unreported
Turnover – Unreported
Debt Ratio (%) – 0%.
We’re not aware of incident- Police
The Lagos State Police Command told our correspondent yesterday that it was not aware of the awry incident. The Public Relations Officer, Ajisebutu Adekunle, said in a chat with The Nation: “I am not aware of what you are talking about. I have no idea. Find out if it has been reported at any police station and where.
“We don’t source our information from online. There are junks there. There are so many fake news online. It is strange to me what you are talking about.
“A good story will indicate whether it was reported at a police station and which station is handling it.”
Our correspondent also contacted the Economic and Financial Crimes Commission (EFCC), where the spokesperson, Wilson Uwujare, simply said, “I will find out.”
‘Blame greed for investors’ fate’
A former Chairman of the Chartered Institute of Bankers of Nigeria (CIBN), Mazi Okechukwu Unegbu, blamed greed on the part of the people as the reason why Ponzi schemes have continued to thrive.
He said: “The Ponzi scheme is thriving because of the greed of the people. There is one that comes to my system and it says when you pay N100,000 you will get N200,000 and people keep shouting about.
“People now will be enticed to put in half a million and get N1 million. It doesn’t work that way. That is a Ponzi scheme. It is a function of the greed of the people concerned and a function of not doing a proper analysis of some of these Ponzi schemes. Something that is too good to be true, people should avoid it.
“Ponzi scheme will spread. It is a function of capitalism. My concern is about the people. You can’t tell me that if I give you N100,000 you will give me N200,000 after some time. Where would you get the money from? I must be a greedy person to accept that such a thing happens.
“Ponzi schemes are thriving because people are interested in getting money that they did not work for. It is like doing 419 (fraud). In fact it is another 419 that they are doing to people.”
Asked what the government can do to check the activities of the fraudsters, he said: “The government can come in when you report a fraud. When you report a fraud, then it is a criminal offence and that is what will make it possible for the government to come in.
“But for the government to start checking these people, it is not possible. Funny enough, they get registered at the corporate affairs. When they get registered, they carry on as government approved businesses. It is when you report that the government can round up the fraudsters but it is even difficult to round them up because they don’t even have a definite location.”
Antigua and Barbuda authorities yet to react
The fleeing couple was alleged to have gone to seek refuge in Antigua and Barbuda said by Endole to be the wife’s country of origin. The authorities of that country are yet to respond to our email seeking information about the allegation.
Reports have it that Antigua and Barbuda Prime Minister, Gaston Browne, said the authorities would arrest the couple.
Antigua Observer reported that Browne spoke in response to claims that the Nigerian couple, Bamise and Elizabeth Ajetunmobi, had obtained citizenship from Antigua and Barbuda.
The Prime Minister said that while he was yet to verify the report, the alleged fraudsters would be captured if they entered the country.
He said he heard “that he and his wife obtained Antiguan and Barbudan passports, citizenship under the CIP programme and that person is now wanted for defrauding a number of Nigerians.
“I have already put systems in place to ensure that if he is not here as yet that they could capture him on his way here because Antigua and Barbuda is not gonna be a refuge for scamps,” Browne said.
Browne reiterated that the Citizenship by Investment Programme (CIP) is not meant to attract criminals, saying “our CIP programme is designed to attract and to incentivise investments, not to be a safe haven for crooks.
“This government will continue to do all in its power to ensure that those who violate and seek refuge here are eventually repatriated from whence they came. It’s just a matter of time. Some of them may get temporary refuge here but we have no doubt that ultimately, they will be repatriated.”
About the couple and their business
Bamise Ajetumobi, the fleeing Managing Director of Imagine Global Solution Limited, studied Banking and Finance at Madonna University Okija, after which he worked with Zenith International Bank for eight years as a relationship manager before he resigned in 2016 to start Imagine Lenders.
Bamise’s initial clients were his former co-workers, and he was able to persuade his bank colleagues to trust him with their cash in exchange for a 10% monthly ROI payout when he started his company in 2016.
A post by one Chukwudi Iwuchukwu on Facebook said commercial bank branch managers rushed to Bamise with their life savings. Many of them persuaded clients whose accounts they were managing to invest with Bamise.
With that, he had little need for media advertisements as the free referrals he got was sufficient, Chukwudi narrated, hinting that this may be why the company was able to operate under the radar of social media scrutiny. Chukwudi also claims that a number of Bamise’s previous colleagues from the bank joined Imagine Lenders, having been enticed with fatter paychecks than what the bank offered.
The company, which was founded in 2017, intended to become a major money lender by offering microloans to the unbanked, small and medium-sized companies and low-income workers throughout Africa and the rest of the globe.
The company offered loan disbursements ranging from N10,000 to N100,000 on a 30-to-40-day cycle and needed 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 company’s website (imaginelenders.com) has now been disabled online, as have most of the social media handles of both Bamise and his wife.
The company has long obtained citizenship by registration from Antigua and Barbuda. Pictures of their passports surfaced on social media and was first posted by Mr Jackson Ude, a social media influencer.
Elizabeth Ajetumobi
Elizabeth is an alumnus of the University of Nottingham, United Kingdom, Obafemi Awolowo University Ile-Ife, Park Royal, and Lagos Finishing School. She runs a staffing and placement agency alongside a training school for semi-skilled and domestic staff called Aymie Staffing Solutions.
The company which claims to provide “investment banking, advisory and micro-lending and brokerage services in Nigeria and Africa” according to Nairametrics, an online news medium, is said to have received over N20 billion from high yield-seeking investors, promising returns as much as 10% monthly.
Investors in the fund were told that the money was invested in a boutique of investments ranging from real estate to bonds, forex, equities, etc.
According to the online medium: “It appears the company may have been perpetuating a large-scale Ponzi scheme which by our records is on track to be one of the biggest in recent history.
“We gathered information from multiple sources, including victims of the alleged Ponzi scheme, revealing an enthralling tale of how the promise of higher returns found favour in the pockets of yield-seeking individuals and institutions.
“The first sign that things were going awry for investors started in August 2021 when Mr Ajetunmobi failed to pay investors any returns. In a country where returns on investment are mostly single digits, Imagine Global hardly missed payments of its monthly returns ranging between 5% to 10% per month. Even in the dark days of the Covid-19 lockdown, Mr Ajetunmobi never missed a payout.
“So, when investors did not see the accustomed alerts, they grew worried, prompting a showdown meeting with some of its major investors. Mr Ajetunmobi operated a sophisticated network of investors ranging from institutions that had billions in pooled funds invested to individuals. with tens of millions invested directly into the fund.
“The missed payment in August triggered an emergency meeting between Ajetunmobi and his largest investors who needed answers for smaller investors to whom they were answerable.
“At the meeting, investors probed the management of the company over the missed payments demanding that the company provide a statement showing where all the funds have been invested.
Ajetunmobi insisted that the missed payment was a blip and that things would quickly return to normal by September. For the first time, investors suspected something was terribly wrong but took solace in Ajetunmobi’s assurances of a return to normal in September. They had no choice but to wait.
“By September, the alerts once again did not drop, forcing yet another string of meetings with Mr Ajetunmobi. By then, it was obvious that the company was facing serious challenges in meeting its monthly payments.
“Still believing the funds were invested genuinely, investors suggested that he cut rates from 10% to about 3%, a logical sacrifice if it meant that they at least get their capital back. Mr Ajetunmobi cut the interest rate to 7%, promising to make things right by October 1st.
“By October 2nd it was obvious investors were on the hook for a third consecutive month of zero returns on their investment. An investor who could not stomach the excuses any longer got a few policemen and stormed the residence of Mr Ajetunmobi in an apartment in Ikoyi, a highbrow neighbourhood in Lagos often occupied by extremely rich people. The investor had over a billion in the scheme and wanted to apprehend him in a sting. Unfortunately, they could not breach his gate despite several attempts, giving Ajetunmobi heads up to make a move. That was the trigger Ajetunmobi needed, and realizing he was out of options, took off very early the next morning and has not been seen since then.”
Court freezes embattled company’s account
Commercial banks across the country have been barred by a Lagos State High Court in Ikoyi from releasing funds totalling N11.7 billion to Bamise and Elizabeth Ajetunmobi.
The couple was believed to have fled the country after duping investors of over N22 billion with their companies Imagine Global Holding Company Limited and Imagine Global Solutions Limited.
Justice Toyin Oyekan-Abdullai also granted an order restraining the couple and their companies pending the hearing and determination of the suit against them.
According to court papers, investors in the company Imagine Global sued the couple through their counsel Adetunji Adedoyin-Adeniyi.
Justice Oyekan-Abdullai also granted an order of mareva injunction freezing the assets following an ex parte application filed on October 15 by the applicants.
In the interim, the court also barred the banks from dealing in any manner whatsoever with any and all monies and/or whatsoever assets due to the defendants from any account whatsoever maintained by the couple, and all accounts with BVN: 22168443525 (linked to the third defendant – Bamise Ajetunmobi) and BVN:22141952749 (linked to the fourth defendant – Elizabeth Ajetunmobi), wherever situated up to the N11,795,090,000.
It further restrained the defendants from selling, transferring, assigning and/or dealing with the following properties: Apartment 7, Oakwood Residences; 23, Cooper Street, Ikoyi, Lagos; B4, Gate 3, Lafiaji Road, Victoria Crescent Estate; Olugborogon; Chevron; Lekki; Lagos, or any other properties in the name of the first, second, third, and fourth defendants, or that can be traced and located by applicants during the pendency of the suit.
The judge directed the banks to, within seven days, file and serve on the applicants’ counsel, an affidavit disclosing the balance contained in the defendants’ accounts.
The applicants, on their part, are to file an undertaking as to damage in case the order ought not to have been made by the court.
The case was adjourned till November 3.
(the Nation)
