Chinmark Group has failed to pay its almost 5,000 investors their returns despite promising payments on Saturday. The company is reported to be holding billions of naira belonging to investors.

However, Marksman Chinedu Ijiomah, the Chief Executive Officer of Chinmark Group, asked for patience on Saturday, promising to pay the company’s investors. He continues to reassure his partners that their money is safe, but a few facts contrast Ijiomah’s claims.

ILLEGAL INVESTMENT COMPANY

Chinmark Group and its associate, FINAFRICA Investment Ltd., were confirmed to be illegal investment companies in December.

A statement from the Securities and Exchange Commission (SEC) described FINAFRICA as an “illegal operator”.

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“The attention of the Securities and Exchange Commission, Nigeria (SEC), has been drawn to the activities of an Illegal Operator (FINAFRICA INVESTMENT LIMITED). The company claimed to be an investment company that engages in business development in commercial sectors of the economy and uses the funds in entities under Chimark Group,” SEC’s statement reads.

“The commission hereby notifies the investing public that neither FINAFRICA INVESTMENT LIMITED nor Chimark Group is registered by the SEC and the investment scheme promoted by these entities are also not authorized by the SEC.

“In view of the above, the general public is hereby WARNED that any person dealing with the within named company in any capital market related business is doing so at his/her own risk.”

‘MARKSMAN IS A COMMON CRIMINAL’

In the first few days of February, Chinmark came under fire for failing to pay its investors. One of the most damning statements against the organisation came from Honey G. Evarist.

“I have hard red facts that Marksman Ijeomah is a Common Criminal,” Honey wrote on Facebook. “He swindled a businessman of millions in the name of being into construction in the year 2015. He was arrested for fraud in 2015.

“I know the legal implications of coming out with this… I’m ready to back this up anywhere.”

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MARCH 19 DEADLINE

Chinmark Group released a statement on March 4, promising its partners their funds by March 19. The company claimed that it was experiencing some difficulty since SEC blocked its bank accounts in December.

According to a post on its social media, Chinmark published this message in a national newspaper too.

“On the 4th of March 2022, we made this publication in national dailies across the country to inform our clients of the current situation of the brand and our commitment not to fail our partners in our obligations.

“From the opening of Chinmark Paradise, it has been named Bridge Suites and Residence and nothing has changed. Chinmark group has 100% ownership.

“Finally, the 60 days we requested from our partners end on the 19th of March 2022. Chinmark group is 100% intact and all assets ours. Thank you for your patience and confidence,” the post reads.

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The company asked its investors and partners to believe it will meet the March 19 deadline. This statement was also made public to dissuade investors from believing rumours of the company losing its assets.

On March 19, Chinmark Group failed on its promise to pay all its investors their dues. Instead, the company released another statement that it had started paying investors, and imploring them to be more patient.

On Sunday, Ijiomah was live on Facebook. In a video, he assured his investors that he had not sold any Chinmark asset “yet”.