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Oxford International Group

31.05.2023 news Man Who Invested N10m Can No Longer Reach Oxfordgold Integrated Ltd

Published 31st May, 2023

By Ridhwan Abdullahi

Olawale Ogundipe, an Ibadan-based marketer, has joined the list of customers accusing Oxfordgold Integrated Ltd., an investment company, of withholding their money.

Ogundipe told FIJ that the investment company had continued to hold on to the N2 million capital and another N8 million he invested in the company’s agricultural scheme and real estate businesses respectively.

The two investments, according to documents seen by FIJ, were entered into in 2021. While the investment in the agribusiness reached maturity on February 12, the maturity due date for the N8 million investment in real estate was April 12, 2021.

READ ALSO: 5 Simple Ways to Avoid Bad Investments

“I invested N2 million in the company’s agric business on December 12, 2021, for 14 months, and N8 million in the real estate for 16 months,” Ogundipe told FIJ.

According to the binding documents on the two separate investments, copies of which were made available to FIJ, while investment in the company’s agricultural scheme would yield the investor “38% value return (VCR)” in addition to his invested capital of N2 million, his investment in the real estate business would earn him “45% value return” in addition to his invested N8 million.

READ ALSO: Ibadan Farmer’s N3.7m Still With Farm4Me Investment Company One Year After Due Date

To secure Ogundipe’s confidence in the investment, post-dated cheques in sums of the two separate invested capitals were issued to him against the maturing dates of the investment.

“Two post-dated cheques of N2 million with maturity date of February 12, 2023, and N8 million with maturity date of April 12, 2023, were issued. Agreements to this effect were also signed,” the Ibadan man explained.

However, Ogundipe felt all jittery when a few weeks ahead of the due dates, the company sent him an e-mail that he shouldn’t present the post-dated cheques in any bank as they would not be honoured.

READ ALSO: Social Worker Was Introduced to Farmsponsor Investment Company by Her Financial Coach. She Lost N4m

True to this, on the due dates, Ogundipe went to the banks, and he was turned down.

“A mail was sent in January 2023 that the post-dated cheques would not be honoured if presented for payment. And this was what happened upon my presentation of the cheques for payment after maturity,” he told FIJ.

Efforts by Ogundipe to plead his case with the company has since been frustrated as the company blocked all communication links.

READ ALSO: ‘I Lost N300,000’ — Another Victim of Agropartnerships Investment Company Comes Out

“OIG has since then blocked their email address, and the phone number of Barrister Olisah Aligbe who prepared the agreement is no longer reachable,” he said.

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

Within the past few months, FIJ has reported similar stories such as this, this and this, all about Oxfordgold’s delay in the payments of its investors’ return on investment and their capitals.

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

While the company has made a partial refund to some, other customers in Ogundipe’s category have been struggling to have their monies.

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

FIJ had reported how the company offices had been shut down across the county 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.

READ ALSO: PoS Withdrawal Failed, But Union Bank Didn’t Return N500,000 Deducted From Customer’s Account

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

When contacted, Benjamin Sarumi, the company’s head of corporate communication, said the issue would be looked into. He said Ogundipo would be reached.

However, 24 hours after Benjamin’s assurance, Ogundipe said he had yet to receive anything from the company.

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Published 31st May, 2023

By Ridhwan Abdullahi

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