Marline Oluchi, a friend of Ovaioza, the CEO of Ovaioza Farm Produce Storage Business (OFPSB), has revealed “the truth” about her friend Imu Ovaioza Yunusa’s business after she failed to meet up with payment commitments to investors.
On Monday, Marline took to her Facebook page to explain and reveal all she had been able to gather about Ovaioza’s “business”.
Marline described herself as a partner who has N27.9 million in both corn and plantain, and the money belongs to a lot of people around her.
“Since all of this started, we as Ovaioza’s friends have held hope. We have believed her because, we saw her going to markets, storage facilities, milling factory, etc. Heck, my firm has drafted a lot of her business proposals, so, I’m very sure there is a business,” she wrote.
“However, with everything that has recently come to light, with our own monies hanging in the balance, we all became critical and came together to make our own findings. We got a hold of her account statements from her auditors and fact-checked a lot of her financial transactions.”
Marline stated that she and the likes of Chykah Bro, Ikechukwu Iyke, Kelechi Ejikeme visited Ovaioza on Sunday for seven-hour-long during which they discovered Ovaioza had been lying about a couple of things, like the number of partners in the business.
Also, they found out that about 80% of the money coming into her account was from partners, and there was no evidence of profit made at any point.
Additionally, she has not opened her book to anyone and had mismanaged funds over the past few years. Corroboration from her fronted market distributor also revealed that the business is not operating on a very large scale, compared to available funds.
“She mismanaged funds. There was no time she separated her personal account from her business account,” Marline said.
“All the assets she bought or fixed up, running into over a billion, were paid for directly with the same accounts used for business. We asked her how sure she was that the money she used was her 30% profit and not partners money, but she couldn’t clear this.”
At the end, Marline announced that every partner should try to get their money back. Already, Ovaioza plans to sell her plaza and prepare a payment plan, as requested by SEC.
“So, please, if you have your way to get your money, do what you can. While she might have been truthful about an intention to pay, I cannot vouch for that, at this point,” Marline wrote.
“I am making this post as partner and because every other partner out there has the right to know what’s happening to their money.”
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