Ayanlakin Joshua, an Abuja-based trader, has joined the investors accusing Oxfordgold Integrated Ltd., an investment company, of withholding their investment capital and returns.

Ayanlakin told FIJ that the investment company had continued to hold on to the N5 million capital he invested in the company’s Dregevest investment scheme. He had invested the money for a six-month period of maturity with 15 percent return on investment (ROI).

The Lugbe resident, who said he had joined the investment scheme to aid his sister’s career pursuit, told FIJ that all he wanted from the company now was his capital investment.

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“I did this investment to support my sister’s career pursuits,” Ayanlakin told FIJ.

According to the deed of agreement documents seen by FIJ, Ayanlakin invested in the scheme on December 22, 2021, and expected to have the ROI and the capital back by June 22, 2022.

But on the due date, the investment company reached out to Ayanlakin to appeal for an extension period for repayment. According to him, Olisah Aligbe, the company’s legal advisor, made the appeal.

“On June 22, 2022, I received a letter of appeal from the company signed by the head of the company’s legal team, Olisah Aligbe, where they sought an extension of my due date. They assured me that my payment would be made in or before September 2022,” the Abuja resident said.

To secure Ayanlakin’s confidence in the investment, a post-dated cheque in the sum of the capital deposit and the ROI was issued to him against the maturing dates of the investment.

The new promised date came and passed, but the investment company still made no repayment deposit to Ayanlakin. When the company eventually showed up a month after, it came with another plea. This time, the company sought for a 6-month extension “to carry out business to be able to repay”.

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“The date passed; I didn’t hear anything from them until October 24 when I received an email from one Adenidiran Seyi. He claimed to have taken over as the new executive officer of the company. He requested for six months, and then assured that payment would be made by then,” he said.

Ayanlakin became all jittery when, for the umpteenth time, the pledge made by the company’s new head fell through. By this time, it was a year and half since the investment, amounting to a clear breach of contract.

“The pledged six months elapsed and there was no update from the company,” he said. Ayanlakin then made an effort to reach the company. He was told the physical office of the company had been moved to another location unknown to him. Ayanlakin suspected this to be a move by the company to “frustrate him and other people who would want to claim their money”.

“Before the end of April 2023, I sent a letter and my documents through to them but I was told they had moved the legal unit to another location to claim they couldn’t receive the letters and to probably frustrate those who wanted to claim their money,” he said.

“All means of communicating with OxfordGold are blocked. I really need the money to take care of my family and do some other things as I am out of contract.”

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FIJ’s checks revealed that Oxfordgold Integrated Ltd. is a subsidiary of Oxford International Group.

Within the past few months, FIJ has published a series of articles on Oxfordgold’s delay in the payment of its investors’ return on investment and their capital.

READ ALSO: Oxfordgold Integrated Limited Tells Investor to ‘Be Patient’ After Holding Her N900,000 for Over a Year

Earlier, FIJ found that the so-called investment company is an illegal, non-licensed financial company.

FIJ reported how the company’s offices were shut down across the country by the authorities. The Securities Exchange Commission (SEC), the authority responsible for the regulation of companies, sealed Oxfordgold’s offices across the country in March 2022.

SEC sealed the company’s offices for conducting investment-related businesses without regulatory approval.

When contacted, Benjamin Sarumi, who had for long acted as the company’s head of corporate communication, said he had resigned from the company. He, however, said he would see what he could do to relay the complaint to the company. 

However, 72 hours after Benjamin’s assurance, FIJ has not heard from him.

“I have made it known several times that at this stage, I don’t even need the interest but just my capital,” Ayanlakin pleaded.