Francisa Echefu, commonly referred to as Franca Choice, failed to distribute over N30 million belonging to more than 300 investors who participated in her Every Kobo Ventures forum for an annual saving contribution.
When they raised concerns about non-payment and began airing their grievances on social media, Franca Choice’s lawyer wrote to them, saying that their “unguarded social media attacks have greatly distorted positive repayment arrangements”.
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According to them, some of Franca Choice’s business partners who could raise funds to clear the payment backlog have pulled out due to the social media scandal.
They did not state what happened to the funds invested, and neither did their client.
On December 25, she uploaded a video in which she apologised to her investors for failing to provide their funds, and even then, there was no mention of what had led to the unavailability of funds.
In late December, she began uploading receipts of payments made to investors on social media, but those yet to be paid do not have faith in her and continue to make calls for their monies.
“What she owes me is N120,000. Because I did cash-back of N10,000 monthly from January to December. All attempts to reach her have proven abortive; she blocked us from tagging her on social media as well,” an aggrieved investor told FIJ.
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Furthermore, her January 20 letter addressed to investors through Emmanuel Onyia and Co., her legal representatives, failed to inspire confidence in investors.
The letter reads in part:
“Our client has maintained its resolve to, within reasonable period, reduce the outstanding to zero-balance and we are putting in the required efforts needed for that to happen.
“Realistically speaking, our client cannot give a particular full-repayment date until the expected funds come in as being anticipated and which as our client assured us, won’t be long from now.
On Wednesday, FIJ called Franca Choice and sent her messages on WhatsApp, Instagram, and via email, but received no response.
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