“I made my first investment of One Million Naira on the 7th of February, 2021, with the hope of withdrawing either 1,985,983million naira (ROI) or 2,985,983million naira (Capital + ROI) on the 8th of August, 2021.”
Sola Gbelee, an investor whose money have been trapped since February, 2021.
The emergence of investment companies in Nigeria can be seen as one which should put smile on people’s faces, as a matter of fact, it should be a wonderful way to alleviate poverty in our country and make both the company and investor rich. A win-win situation where one has money and the other has multiple streams to make good use of the money and multiply it.
These investment companies come with different juicy offers to attract would-be investors with a promise of paying them back within a stipulated period of time, in which the Investor can chose to either withdraw his/her Return-On-Investment (ROI) or both ROI and Capital, to further keep Investors mind at rest, they make them sign a Memorandum of Understanding (MOU) at the beginning of their investment window.
Return-On-Investment is calculated using different percentages based on capital invested and timeframe of Investment, after which investors can go ahead to initiate their withdrawal.
For the reason of this article, we will be concentrating basically on one investment platform that has joined the league of rippers and refused to honor the terms of the MOU they signed with their investors.
Needless to say, many of these investment platforms have defrauded people and folded up without recourse on how to pay investors back what rightfully belongs to them. Sadly, what is supposed to be a platform to enrich both the investment company and the investor, what is meant to be a win-win situation built on trust has now become quite the opposite.
According to an Investor who have lost huge amount of money, one of many examples of investment companies who have defrauded many of their hard-earned money is OVest. According to their website, OVest is a registered and growing investment platform managed by a team of experienced and competent professionals in the finance and investment industry with impressive interest rates. In their own words, OVest is “secure, trusted and efficient.”
Some investors who had dealings with Ovest in Ekiti have raised a shocking alarm about how the company have ‘syphoned’ their money within months of investment.
Speaking with journalists on the issue, an investor, Sola Gbelee who is an Entertainment and I.T. Consultant, narrated his ordeal in the hands of Ovest, a company headed by one Mr David Oladejo.
In his words, Sola said; “At this point, I will like to speak for myself. I have known the CEO of OSource Empire, the owner of OSource Vestment Ltd (also known as Ovest) since he was a student of Federal University, Oye-Ekiti, Ekiti State. Despite knowing about other investment platforms, I’ve been skeptical about putting my money where I do not have confidence, that’s one reason why I never put a kobo in JoshFad Investment Company and as much as possible, I’ve never advised anyone for or against it, I stick to my points and my opinions are mine. when JoshFad had its issues, as much as I feel bad for both parties (the company and the investors), I’m not surprised at what happened.
“Call me a fool, but the only reason why I became an Ovestor was because I trusted the CEO, in a telephone conversation with him before I went ahead with the investment plan, I told him I’m merely banking on is integrity.
“I made my first investment of One Million Naira on the 7th of February, 2021, with the hope of withdrawing either 1,985,983million naira (ROI) or 2,985,983million naira (Capital + ROI) on the 8th of August, 2021, this was before Ovest made a downward review of their percentage on ROI. As my date for withdrawal draws nearer, I kept talking to Mr. David Oladejo (CEO, Ovest) and he never gave me a clue to not been able to meet up with paying my withdrawal.
“I remember calling Mr. David when Bitcoin crashed, I was really scared and concerned for the sustenance of the investment company and people’s money, he responded by assuring me there’s no reason for fear, he said he has invested in multiple sources of income to cushion the effects of any lose and non-payment of investors cannot happen.
“Alas, August 4, 2021 at exactly 5:35pm, I got an email from Ovest stating that they took trip to Ghana and made a withdrawal from their brokerage account into their normal bank account but based on different IPs of the country, the access to the account was seen as a security breach, they requested for time and promised that all pending payouts for the month of August will be deferred to exactly 4weeks, in my case, I should be paid on 8th of September, 2021.
“When I got the mail, I called David and pleaded that I can’t wait till 8th of September as I also have pending payments to make. I promised not to make withdrawal of my Capital+ROI but only ROI while I re-invest my capital with the hope that it’ll be a lot easier for him and since all I need at the moment is just my ROI, he promised that the delay won’t be up to that date.”
He narrated further that on September 3, 2021 at exactly 5:05pm, he got another mail from Ovest with a long list of explanation and ‘lame excuses’ of why the company cannot pay him what is due to him.
“In the concluding paragraph of the mail, they promised to start payment every weekend starting from 10th of September, 2021; however, this is another lie. In one of my many calls to Mr. David, he told me that he has sent several mails to his broker for them to free their account, all to no avail, however, he claimed that T.Pumpy Concept ( a Real Estate company) owes him money from lands he sold to him and he has not been taking his calls. I need to be enlightened, since I don’t know so much about how brokerage works, how hard is it to confirm KYC?”
“Days rolled into weeks and I started becoming uncomfortable, this is how JoshFad started before they went extinct and failed to pay their poor investors, this moved me to talk to people who I am sure are close to T. Pumpy to verify Mr. David’s claim, however, I found out from two different lawyers who are close to T. Pumpy that Mr. David’s claim is false.
“I was even told that Mr. David had been contacted to stop the false accusations against the CEO, T. Pumpy concept or risk being sued. Further investigations shows that Ovest has been owing its investors their payout since the month of July, 2021. I confronted Mr. David Oladejo on the 17, September, 2021, via a phone call informing him that I know of his lies and deceit and gave him an ultimatum to pay my withdrawal of 1,985,983million naira (ROI) on or before 11:59pm, 30th, September, 2021.”
According to Sola Gbelee, Ovest paid an Investor by the name Olumide Fasugba out of fear that he’s not as ‘gullible’ as he is and can cause problems and damages to Ovest and Mr. David’s name. “This is an investor that his payout lapsed on 24th of September, 2021 and got paid in 48hours!”
“My question is, why is Ovest not honoring the terms they signed in their MOU with their investors? Why does he have to lie and withhold payment to some investors and pay some other investors? Why did he pay Mr. Olumide Fasugba in just 48 hours and failed to pay me despite being patient and reasonable for over 52 days? Did I mention many FUOYE students that invested with him have also not been paid?
Another investor, Miss Ayoola Abigail Ayobami, a Fashion Wears Entrepreneur, who lives and work in Ekiti said that she paid a sum of One Hundred and Fifty Thousand Naira in January, 2021 to Ovest for an 11-month investment plan which is due to yield a sum One million naira in December 2021.
“I go to know Ovest through a friend. My first investment was on January 21, 2021 when I made a deposit of One Hundred and Fifty Thousand (N150,000) for an 11-month plan which is supposed to yield the sum of N1,114,000.00 by December, 2021. I deposited my second investment (N100,000) in February 2021 which has been due for collection since August 19, 2021. A sum of 298,000.00 is what is due to me after investing N100,000 for six months.
“In early August 2021, I received a mail from Ovest stating that owing to certain circumstances with their Broker, they won’t be able to pay me in August. I followed up afterwards with calls to Ovest and I was told by their Customer Care Agent that the issue is yet to be resolved. Mr David, the CEO is yet to return my calls and doesn’t reply my messages. He has been avoiding ever since,” she said.
While gathering this report, all efforts to reach Mr David to respond to these allegations proved abortive. WhatsApp messages, texts, and call were made to no avail.
While concluding his statement, Sola advised Nigerians being wooed by Ovest not to pay attention. “Don’t even listen to them. The truth is, I have made this mistake and learnt dearly from it,” he ended.