Imo residents count losses to dubious investment firms

Some residents of Imo State have lamented the invasion of the state by fake investment firms that have duped thousands of people and made away with hundreds of millions of their hard-earned naira.

The residents spoke at an event to mark the first anniversary of the Owerri office of Returns Market Multipurpose Cooperative Society Limited (RMMPCL) on Akanchawa Road, Owerri at the weekend.

They poured out their hearts, lamenting that the dupes came like bandits offering up to 30 percent returns per month.

“They first of all pay well so people would believe. They, then cause a rush in the state capital and voom, they disappear. One group is back, offering grants and loans,” said a victim who asked not to be named.

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It was gathered that victims are crying to the offices where they last saw the fake firms, while some go to radio stations to make inquiries.

Onyeka Ekwurekwu, an anchor in one of the radio stations in the state, confirmed that many weeping citizens trooped to his place of work asking about the fleeing investors.

But consoling the investors who lost their money, Catherine Ogechi, a director in the Imo State Ministry of Commerce and Industry, advised citizens to “stop dumping funds with unregistered companies outside the knowledge of the state government”.

She said Returns Market Multipurpose Cooperative Society Limited (RMMCSL) is a legitimate registered cooperative society operating in the state.

The director, who said she came to the event to represent the state government, gave her personal testimony.

“I have fallen victim of ponzi schemes many times in the past but this one is no ponzi. Government of Imo State is solidly behind Returns Market Multipurpose Cooperative Society Limited. It’s fully registered with the Imo State government where all genuine operators are documented,” Ogechi said.

“You can invest for your retirement and you can save for the future of your children such that even if you retire, they will not suffer. This group is consistent in meeting their obligations; little drops every month. In Imo State, it is no more business as you usual. You are protected at Returns Market Multipurpose Cooperative Society Limited,” she said.

Suzzie Enebeli, who is conversant with regulations of the financial market, gave a rousing lecture on how to recognize ponzi schemes.

According to her, ponzi is a worldwide scheme but especially in poor countries where people have huge hunger for quick money.

Giving what she called the major signs of a ponzi scheme, Enebeli, who is also the CEO of Knebite Consult, mentioned high returns, complicated messaging, need for many downlines, much pressure from marketer (pressuring you to act now, now or you lose out), and use of big names, especially mega stars.

To avert disaster through loss of one’s savings, she said: “Ask questions until you are satisfied, verify every detail, do due diligence, and do assets match (if what they promise is way above what you are asked to invest).

“Do not regret not handing over your money for any such business offer. Know that money not invested is still in your pocket.”

Seemingly basking in confidence after many testimonies favourable to their group, the heads of the Owerri office of RMMPCSL, Tony Opiah and Lilian Maduabuchi, said business sustainability for five years is not an ordinary feat, paying dividends steadily for this period.

“Those offering high percentage dupe people fast. For Returns Market Multipurpose Cooperative Society Limited, it is about having faith and taking calculated risk,” they said.

On the achievements in the first one year in Imo State, Opiah said: “Winning the confidence of government, commissioners, local councils, royal fathers, etc is the key step. Many of them were present at the first anniversary. Delivering 10 percent for five years so far is a striking message here.

“Our message to the South-East is about ‘Nigeria without oil’. Our Owerri office caters for Owerri, Orlu, Okigwe, Umuahia (Abia State), Awka (Anambra State), and many more.

“Local councils and parastatals are now our clients. Over 1,000 members have joined from a mere 20 last year when we started, and from N10m contributions per month, we have increased to N500m as share capital.

“We made N30m in October 2020 when other companies were closing down. By 2022, one more branch is springing out of Owerri. We have full partnership with the Imo State government which is to help them pay salaries.

“More offices are coming in the area. Soon, Returns Market Multipurpose Cooperative Society Limited will be the number one in the South-East. Besides, we are awarding 100 scholarships to students of the area in federal universities.”

Inside sources said RMMPCSL has a roadmap about ‘Nigeria Beyond Oil’ which is predicated on opening offices in all geo-political zones including Asaba, Lagos, etc.

“Port Harcourt 2 is coming. Transportation business is coming, security, manufacturing, housing, etc, are all on the way,” Opiah said.

A financial expert, Emeka Anyanwu, who counselled participants at the event warned investors to follow the principles of money to arrive at what he called the place of financial abundance through carefully selected vehicles that deliver returns.

Walter C. A. Oyubu, president, Returns Market Multi-Purpose Cooperative Society Limited, made it clear that the group uses many trusted instruments to arrive at its decision to return 10 percent to members every month. He said he would not succumb to pressures to increase the percentage, adding that the group does not do things to impress anybody.

He said the financial market is not for everybody because of the intricacies involved, warning investors to always insist on seeing how anybody promising to give percentages makes the money he pays. He said Returns Market Multipurpose Cooperative Society Limited has at every point openly shown how the money is made. He outlined various plans coming out in the near future, including a Lagos entry.

Many members won prizes of phones, generators, and a grand prize of a brand-new car.