June 2021 was the first time Stanley Oguamanam, a graphic designer based in Enugu State, heard of Oxford International Group, an investment company, through his friend who was working with the company at the time.
Stanley told EQToday that he got a flyer from his friend, who presented Oxford International Group as a duly registered investment company dealing in mortgage, agriculture, and oil and gas.
Then, on June 16, he invested N1 million in one of the company’s subsidiaries, Oxford Peak Platinum Agrovest, through Oxford Green Farms Ltd.
Payment receipt
READ ALSO: Oxford International Group Cuts Off Lagos Banker After ‘Stealing’ N3m From Her
“The Oxford Agrovest deals in commodities, including turmeric, ginger and pepper, and gives investors the choice of investing in any of the commodities through weekly, annual and monthly investment contracts,” Stanley said.
“I chose the 12-month tenure plan and anticipated receiving their capital by June 2022, as well as the RoI of N323,750, following a 7.5 percent administrative charge deduction.”
This investment has thrown Stanley into disappointment, as the company withheld his RoI and investment capital of N1 million.
When Stanley invested in the company’s agroinvestment plan in 2021, he got a deed of agreement, a post-dated cheque and an email to confirm him as an investor.
The deed of agreement
Postdated cheque
The agreement stated that Stanley would cash the cheque on June 16, 2022, when his investment would have reached its maturity. But he was in for a jawbreaking surprise.
He described his efforts to cash the cheque and get his N1 million this way: “After taking the post-dated cheque to Fidelity Bank in Enugu State on June 17, 2022, one day after the maturity date, the cheque was rejected. I took it again to my bank, United Bank for Africa (UBA), and it was also rejected.
“I tried calling my friend who worked there and had introduced me to the investment, and he told me to check my emails. I found that I had received a message earlier, advising me not to deposit this cheque into the bank because there was a problem with the company and that my money would be paid when it was due,” Stanley told EQToday.
“My friend also told me that the company encountered issues with the Securities and Exchange Commission (SEC), the authority responsible for regulating companies in March 2022, and this prevented the company from being able to access its bank account and disburse funds to the investors after that time.
“After some days, I got an email saying that they employed some law firm to get the company out of the problem and that investors were promised payment within six months.
Appeal letter from Oxford International
READ ALSO: ‘I Want My N5m Back’ — Another Victim of Oxfordgold Investment Company Speaks
“Six months passed, yet I did not receive anything from them. When I called the lawyer who prepared the deed of agreement, he asked me to scan and forward the post-dated cheque, which I did, but I still got nothing. I also called and emailed them with many of their email contacts and numbers for help because I needed money to pay my rent.
“I also tried to reach the company through its solicitors, but it’s been excuses upon excuses. When I contacted all the numbers the company gave us to call for information, they told us they were not working there anymore.”
On January 9, 2023, Oxford International sent Stanley an email, which contained information about the company’s plan. The company said that it had engaged the services of an external solicitor called Diesel Solicitors regarding the repayment of investors.
Email from Oxford International Group in January 2023
Stanley said he also sent someone to Oxfordgold’s head office in Lagos twice and the person got some numbers. His calls to these numbers yielded no positive information on when he would be paid.
READ ALSO: 2 Years After Investing a Million Naira in Oxfordgold Company, Lagos Resident Gets Only N150,000
When EQToday called the three numbers affiliated with Diesel Solicitors on Thursday, two were switched off. Awa Okere Esq, the owner of the third number, answered the call but said he was no longer working for Diesel Solicitors.
Similarly, when EQToday called all the five numbers Stanley obtained from Oxfordgold’s head office, they were all switched off. An email was subsequently sent to the company’s email addresses, but no response has been received.
When EQToday contacted Olisah Aligbe, whose name and phone number appeared on the deed of agreement as the company’s legal advisor, via WhatsApp on Thursday, he said his firm had been disengaged by the investment company.
“Our firm has been debriefed of this matter by the company. We also sent a notice with respect to the debriefing as well,” he wrote.
The post 3 Years After Taking N1m, Oxford International Group Hasn’t Paid Investor appeared first on Foundation For Investigative Journalism.