Chukwuma (not real name), a banker based in Ibadan, Oyo State, has narrated how Sampresh Credit and Finance Ltd., an investment firm in the city, defrauded him to the tune of N1 million.

He told FIJ that a staff member of Sampresh Ltd. approached him in August 2020 and told him how multifaceted the company was, and that a scheme in December 2020 would provide a 10 percent return on investment.

“When the staff member had convinced me, I invested N1 million. They paid me my 10 percent monthly until March 2021. They gave various excuses, such as claiming the Central Bank of Nigeria (CBN) gave them a tough time,” he told FIJ.

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In April 2021, Sampresh said they could not meet up with the 10 percent ROI and would rather pay five percent, hence reneging on their initial statement. But the company would default again in May, and since then, they have not paid their investors a dime.

“They sent many emails, claiming they had issues. They promised to pay by October last year, but they never did. Now, I can’t get my money; it is stuck there,” Chukwuma remarked.

“They have serious challenges. I learned currently they are not in operation. All their offices, except the head office, are locked.”

A source, who asked not to be named, told FIJ he lost N350,000 to Sampresh. He said a friend had convinced him to invest in the platform. Five months after his investment in January 2021, Sampresh stopped paying him. He said he had not heard from the company since May 2021.

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“I was getting the returns for some months, say 5 months. Then it stopped. I got no mail, no communication,” he said.

His testimony is consistent with that of Obadeyi Obadina, who invested and lost N100,000 to Sampresh. Obadina said he invested a total of N100,000 in January and March 2021 but received his monthly ROI only twice, while the company disappeared with his capital.

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When FIJ contacted Sampresh Ltd. via their line, a call representative admitted that the company had not been paying investors as and when due.

“We will open our company again in February. Olatunji Samuel, the managing director, said he would brief the staff by then on how he would pay up the investors,” he said.