Oxford Worldwide Group (OIG) has refuted allegations of defrauding its shoppers and companions via its varied investments. The Group Head of Company Communications, Oxford Worldwide Group, Benjamin Sarumi, whereas reacting to social media trolls of defrauding shoppers and traders, stated the corporate, which existed since 2016, diversified into a number of companies that may generate extra earnings in preparation for the following 5 years.
He stated the corporate at no level defrauded its companions and shoppers of the monies they invested, as transparency and accountability have been ensured in all enterprise and transactions. Sarumi stated hassle began when the corporate’s steadiness sheet scaled to N2 billion, which made individuals tag the corporate as a scammer.
“When our steadiness sheet was N20 million, nobody thought of us fraudulent, once we pitched at N200 million it was the identical, on the level of scaling to N2 billion, the information fell on us as scammers. Our work trip is a narrative of progress and resilience,” he said.
Sarumi stated the corporate had a enterprise forecast since 2016 that was to final until 2021, however in 2020, most companies suffered from money circulation points, therefore the corporate’s choice to go the Data Expertise route as everybody went on-line.
He stated the corporate took a choice to take a piece of its portfolio in actual property and invested in agriculture, oil and gasoline and different companies that may generate extra earnings in preparation for the following 5 years.
Talking on the corporate’s points with the Safety and Change Fee (SEC), Sarumi stated the issue with the regulatory physique was using billboards, as entrepreneurs and referrals began pulling on a flier that confirmed extraordinarily excessive returns.
Recall that SEC had in March 2022 sealed the premises of Oxford Worldwide Group/Oxford Business Companies and two others for finishing up funding operations that fall throughout the ambit of fund administration with out registration with the apex regulator opposite to the provisions of the Investments and Securities Act 2007.
He stated, though, the corporate has manufacturers that enable for referrals, entrepreneurs posted unsuitable movies in addition to overzealous referrals all for his or her commissions.
He stated the corporate had a product on the time that learn 48 per cent returns, which is revenue from considered one of its companies, stating that individuals didn’t learn the length, which said 16 months and never 12 months.
“The second everybody noticed 48 per cent, they threw warning to the wind to examine what the length was as a result of it doesn’t sound practical, therefore, the conclusion that this enterprise, service or product is a rip-off,” he stated.
Sarumi stated no matter what the referrals or entrepreneurs should have stated, the corporate’s due course of permits for a signed settlement and never a verbal settlement, displaying “what was agreed upon, what we would like them to do with us, the interval and the exit technique.”
Sarumi additionally famous that the corporate divested into finance, which led to participating with SEC for an Asset Administration licence.
He stated sadly, the promoters of the actual property enterprise are the identical pushing for an Asset Administration license, by which SEC frowned on the billboards and excessive percentages, leading to halting the registration course of.
Sarumi additional debunked social media troll about aggrieved shoppers crying on the varied workplaces of the corporate, saying the providers of Exterior Solicitors have been employed to look into points which are a bit difficult in addition to the professionals and cons the place among the shoppers would settle for money or land in lieu of their funds.